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Escrow Sample Test – Questions & Verified Answers
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Escrow Sample Test – Questions & Verified AnswersAn escrow is an arrangement that: a) Holds documents, b) Holds funds, c)
Creates documents to affect a transfer of interest in property, d) is
responsible for guaranteeing funds. Correct Ans - A, B, C, E
When is it necessary to have closing documents recorded prior to
disbursement of escrow funds? a) it is not necessary, b) in almost all
situations, c) when instructed by one of the parties to the escrow, d) only
when the written instructions require recording. Correct Ans - B
Usury Law is defines as: a) the right to use the surface of real property, b) is
applicable to the prescriptive easement of ingress and egress, c) the
maximum amount of interest which can be charged on a security
instrument, d) the appurtenant right to use a right of way for ingress and
egress. Correct Ans - C
What characteristics should an escrow officer maintain? a) abstractor, b)
competent, c) legal advisor, d) impartial, e) has the right to foreclose, f)
follows instructions. Correct Ans - B, D, F
What is the minimum number of parties to an escrow? Correct Ans -
3
An Earnest Money Agreement usually does not reveal the following: a)
property address, b) buyers' and sellers' name, c) title exceptions, d)
improvements to the subject property, e) personal property to be included
in the sale. Correct Ans - C
An escrow agent has the responsibility to review the following, with the
parties involved in a real estate transaction: a) the Title Report, b) the
Earnest Money Agreement, c) the Owners' Policy, d) Certificate of
Apportionment, e) Letters of Testamentary. Correct Ans - A
What is a Bill of Sale? a) same as a warranty deed, b) instrument to transfer
mineral rights, c) used to convey personal property, d) a certificate
concerning well rights, e) instrument to convey a title policy. Correct
Ans - C
, On an assumption, the following information should be obtained from the
lender: a) payment history, b) FHA premium information, c) fire insurance
information, d) reserve (impound) balance, e) certificate of approval on
buyer, f) delinquent payment and late fees paid, g) marital status.
Correct Ans - B, C, D
Date of possession is used in the closing to determine: a) the date of the
closing, b) the date to be placed on the documents, c) the date used for
prorations, d) the date of recording. Correct Ans - C
A Title Report or Commitment contains the following information,
necessary for the closing: a) property address, b) zoning, c) encumbrances,
d) fire insurance information, e) tax information, f) vested owners.
Correct Ans - C, E, F
A licensed escrow agent has the authority to draw up the necessary
documents to the escrow by reason of: a) the Utah Bulk Sales Act, b)
Insurance Act, c) the Paralegal Act, d) the Utah Escrow Act. Correct Ans
- B
An escrow agent can determine liens against personal property by a)
obtaining a UCC II, b) searching the personal property index, c) checking
with the county treasurer, d) calling the state auditor. Correct Ans -
A
In an exchange escrow, an escrow agent: a) certifies that the escrow
qualifies for a 1031 tax free exchange, b) closes on more than one
transaction simultaneously, c) deals with foreign currency, d) prepares
duplicate settlement statements. Correct Ans - B
Any reservations pertaining to the surface of real property should appear
on: a) the promissory note, b) the bill of sale, c) the face of the Warranty
Deed, d) the UCC 3, e) Schedule A of the lenders title policy. Correct
Ans - C
It is the escrow agent's job to determine: a) liability in the event damage or
destruction of the property which is the subject of the escrow, b) any claim
on the title policy, c) the validity of all documents, d) when possession is
scheduled. Correct Ans - D
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