Questions and Answers
What is synonymous with a preliminary report of title?
Easements grant the right to use portions of the property to whom?
When an escrow officer sends a check to pay off a loan, what must it include?
The reconveyance discharges the relationship between which parties?
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How should you determine the prorating of a three-year insurance policy?
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Which fees are included in loan fees?
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When is the commission for the real estate salesperson paid?
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When does calling for the buyer's funds typically occur?
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What must occur before calling for the buyer's funds?
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The final closing statements must be on a form approved by whom?
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Study Notes
Multiple Choice Questions Answers
- A preliminary report of title is synonymous with "both a and b," indicating that it can be referred to as the prelim or the title report.
- Easements grant the right to use portions of property to "all of the above," which includes persons, entities, and properties.
- When the escrow officer sends a check to pay off a loan, it must include "all of the above," which covers principal, interest, and interest to cover mailing time.
- The reconveyance discharges the relationship between "all of the above," involving the trustor, trustee, and beneficiary.
- To determine the prorating of a three-year insurance policy, you should "divide by 3, then 360" to arrive at the monthly cost.
- Loan fees encompass "all of the above," including loan origination fee, loan processing fee, and credit report.
- Commission for the real estate salesperson is paid under "neither a nor b," meaning it is dependent on specific circumstances around escrow.
- Calling for the buyer's funds typically occurs "near end of escrow," indicating a critical later-stage activity in the transaction.
- Calling for the buyer's funds takes place only after "all of the above" actions have been completed, such as drawing a new deed and receiving reports.
- The final closing statements must be on a form approved by "HUD," which implies adherence to federal guidelines for real estate transactions.
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Description
Test your knowledge on key concepts from Chapter 5 of real estate studies. This quiz covers essential topics such as title reports, easements, and escrow processes with multiple choice questions to enhance understanding.
