Questions and Answers
What is required to start an escrow?
How do private water companies typically divide their ownership?
Who can act on behalf of a person in the hospital?
Which escrow document indicates tenant interest in a property?
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Who may NOT fill out a power of attorney form?
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What can the escrow officer endorse on the back of the note to indicate?
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If buyers and sellers do not mention how fees are paid, what is the customary practice?
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What must the seller provide come escrow to inform about the rental statement?
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What does a recitation refer to?
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What document indicates the tenants' financial interest in a property?
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Study Notes
Escrow Fundamentals
- Starting escrow requires either a deposit receipt or an oral agreement.
- If no explicit agreement is made, local custom may dictate how fees are paid.
Ownership of Private Water Companies
- Ownership of private water companies is divided through shares of stock.
- No agreements are mentioned in the context of ownership division.
Power of Attorney
- A power of attorney allows an individual to act on behalf of someone else, particularly if they are incapacitated.
- An escrow officer cannot fill out a power of attorney form; it should be filled out by authorized individuals, such as an attorney.
Escrow Documents
- Tenants' interests in a property are documented using an offset statement.
- Sellers must provide the escrow with a rental statement that includes monthly rent, payment due dates, and security deposits along with first and last month's rent.
Recitation and Pro-Ration
- A recitation refers to how an item should be worded, as dictated by state law.
- An escrow officer may need to pro-rate both water and garbage collection bills at times to divide expenses appropriately.
Escrow Fundamentals
- Starting escrow requires either a deposit receipt or an oral agreement.
- If no explicit agreement is made, local custom may dictate how fees are paid.
Ownership of Private Water Companies
- Ownership of private water companies is divided through shares of stock.
- No agreements are mentioned in the context of ownership division.
Power of Attorney
- A power of attorney allows an individual to act on behalf of someone else, particularly if they are incapacitated.
- An escrow officer cannot fill out a power of attorney form; it should be filled out by authorized individuals, such as an attorney.
Escrow Documents
- Tenants' interests in a property are documented using an offset statement.
- Sellers must provide the escrow with a rental statement that includes monthly rent, payment due dates, and security deposits along with first and last month's rent.
Recitation and Pro-Ration
- A recitation refers to how an item should be worded, as dictated by state law.
- An escrow officer may need to pro-rate both water and garbage collection bills at times to divide expenses appropriately.
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Description
Test your knowledge with this engaging quiz based on Chapter 6 of Real Estate. Covering key concepts such as escrow requirements and ownership in private water companies, this quiz will assess your understanding of the material. Perfect for students looking to reinforce their learning!
