Exam (elaborations)
Closing And Escrow – Questions & Correct Answers
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Closing And Escrow – Questions & Correct Answers
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Closing And Escrow – Questions & Correct AnswersFor an escrow closing, the escrow agent prepares a document showing how
closing costs will be divided or assigned to the parties. What is this
document called?
Disclosure
Loan estimate
Settlement statement
Title statement Correct Ans - Settlement statement
Which statement is true regarding how a face-to-face closing is conducted?
All parties are present and physically meet to sign and exchange
documents.
The seller signs his or her documents separately from the buyer and the
closing is conducted by an escrow agent.
It's conducted by an escrow agent and only one party is present at a time.
It's conducted by a neutral third party who holds the funds, and the buyer
and seller don't meet. Correct Ans - All parties are present and
physically meet to sign and exchange documents.
How are closings typically conducted?
Over the phone
In person or through escrow
Over Skype
Via email correspondence Correct Ans - In person or through
escrow
What's true about an escrow closing?
The buyer and seller must be present.
The buyer's and the seller's attorneys must be present.
All settlement services are handled by a closing agent.
All settlement services are handled by the listing agent. Correct Ans -
All settlement services are handled by a closing agent.
Kim is conducting a closing, something she does several times a day. What's
Kim's role?
Buyer's agent
Broker's agent
Closing agent
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