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Quiz 12

admin 2019.05.15 18:25 Views : 9155

1 of 25 - When can licensees recommend specific individuals or companies to their clients and accept a referral fee?
When there is a dual agency created
 
Never
When the licensee is also acting as an escrow agent
When the licensee is acting as a transaction broker
You answered correctly
2 of 25 - A quiet title suit is also called a suit to remove
an assignment.
a defect.
 
a cloud.
a contingency.
You answered correctly
3 of 25 - In a real estate transaction what party chooses the escrow holder?
The seller
 
Either party
The buyer
The lender
You answered correctly
4 of 25 - Within how many days is a creditor generally required to provide the Loan Estimate of the receipt of the consumer's loan application?
10 business days
30 business days
7 business days
 
3 business days
You answered correctly
5 of 25 - What refers to the succession of property owners of record dating back to the original grant of title from the state to a private party?
Deed-in-lieu
Clouded title
Eminent domain
 
Chain of title
You answered correctly
6 of 25 - Which section of a Closing Disclosure shows the actual payments the borrower will make for principal and interest and mortgage insurance, an estimated amount for the escrow payment, and the total estimated monthly mortgage payment?
Loan terms
Calculations
 
Projected payments
Descriptions
You answered correctly
7 of 25 - What is an extended title coverage policy that insures against many of the items excluded in the CLTA standard policy?
The Mortgage Title Insurance Policy
 
The American Land Title Association (ALTA)
 
The Real Property Title Association (RPTA)
The California Title Association
You answered incorrectly
The American Land Title Association (ALTA) policy is an extended coverage policy that insures against many of the items excluded in the CLTA standard policy.
8 of 25 - What is the standard title policy in California?
The California Home Title Policy
The First American Land Title Policy (FALTP)
 
The American Title Association
 
The California Land Title Association (CLTA)
You answered incorrectly
The standard policy in California is the California Land Title Association (CLTA) policy.
9 of 25 - Escrow doesn't officially close until the deed has been
signed.
 
recorded.
transferred.
 
conveyed.
You answered incorrectly
The escrow doesn’t officially close until the deed has been recorded.
10 of 25 - Which part of a Loan Disclosure indicates whether or not the lender will allow a loan assumption on a future sale or transfer?
Demand feature
 
Assumption
Escrow Account
Other disclosures
You answered correctly
11 of 25 - What term describes the process in which a disinterested third party holds all money and documents relating to a transaction until all terms and conditions have been satisfied?
Transference
Recording
 
Escrow
Modification
You answered correctly
12 of 25 - What settlement process refers to signing and transferring all documents and distributing funds?
Commitment
Conveyance
Servicing
 
Closing
You answered correctly
13 of 25 - What describes written authorization and instructions for how an escrow agent will perform in a transaction?
Escrow analysis
Performance instructions
 
Agent authorization
 
Escrow instructions
You answered incorrectly
Escrow instructions are the written authorization and instructions for how an escrow agent will perform in the transaction.
14 of 25 - Who is RESPA administered by?
The Office of Fair Housing (OFH)
 
The Consumer Financial Protection Bureau (CFPB)
The Office of Equal Opportunity (OEO)
 
The Department of Housing and Urban Development (HUD)
You answered incorrectly
RESPA is administered by the Consumer Financial Protection Bureau (CFPB).
15 of 25 - Items that are paid in advance such as property taxes are called
credits.
 
prepaid expenses.
prorations.
advancements.
You answered correctly
16 of 25 - Who must sign and acknowledge escrow instructions?
The buyer
The broker
 
The seller and buyer
The seller
You answered correctly
17 of 25 - What refers to money that the buyer or seller needs to pay at closing?
A fee
A credit
 
A settlement
 
A debit
You answered incorrectly
A debit is money that the buyer or seller needs to pay at closing.
18 of 25 - What was created in 1974 to ensure that a buyer and seller in a residential real estate transaction have knowledge of all settlement costs?
The Real Estate Acquisition Act (REAA)
The Residential Real Estate Act
 
The Real Estate Settlement and Procedures Act (RESPA)
 
The Settlement and Real Estate Transaction Act
You answered incorrectly
The Real Estate Settlement and Procedures Act (RESPA) of 1974 was created to ensure that the buyer and seller in a residential real estate transaction have knowledge of all settlement costs.
19 of 25 - Which section of a Closing Disclosure includes names and addresses for both the borrowers and sellers and the lender's name?
The closing information
The loan information
 
The summary information
 
The transaction information
You answered incorrectly
Transaction information includes names and addresses for both the borrowers and sellers and the lender’s name.
20 of 25 - What type of deed transfers title from the seller to the buyer?
A deed of reconveyance
A deed of trust
 
A grant deed
A specific deed
You answered correctly
21 of 25 - Interest is always paid
 
in advance.
by the lender.
 
in arrears.
before closing.
You answered incorrectly
Interest is payable in arrears.
22 of 25 - The two methods that are typically used when closing agents and lenders calculate items that need to be prorated are the 12-month/360 day method and the
 
365 day method.
half year method.
prorated calculation method.
6-month/180 day method.
You answered correctly
23 of 25 - What is a contract of indemnity where an insurance company agrees to compensate the insured, either a homeowner or a lender, for financial losses that the insured has incurred because of defects to the title of the property?
A transfer of ownership
 
A title insurance policy
A title report
Hazard insurance
You answered correctly
24 of 25 - What describes expenses that the seller incurred but have not yet been billed for at the time of closing?
Settlement expenses
Mortgage expenses
 
Accrued expenses
 
Estimated expenses
You answered incorrectly
"Accrued expenses are those expenses that the seller incurred but have not yet been billed for at the time of closing. These items are paid in arrears."
25 of 25 - What type of special title insurance policy is used when a property is being purchased through a land sales contract, purchase money mortgage, or purchase money trust deed?
 
A leaseholder policy
An early issue endorsement
 
A vendee policy
An oil and gas interest policy
You answered incorrectly
A vendee policy is used when a property is being purchased through a land sales contract, purchase money mortgage, or purchase money trust deed.
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