Exam (elaborations)
Legal Aspects of Real Estate Ch. 12 Escrow and Closings Questions and Answers 2024
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Legal Aspects of Real Estate Ch. 12 Escrow and Closings
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Legal Aspects of Real Estate Ch. 12 Escrow and ClosingsWhat describes written authorization and instructions for how an escrow agent will perform in a transaction? - answer Escrow instructions
Which part of a Loan Disclosure indicates whether or not the lender will allow a loan assumption on a future sale or transfer? - answer Assumption
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? - answer Chain of title
Which section of a Closing Disclosure includes names and addresses for both the borrowers and sellers and the lender's name? - answer The transaction information
Within how many days is a creditor generally required to provide the Loan Estimate of the receipt of the consumer's loan application? - answer 3 business days
What is an extended title coverage policy that insures against many of the items excluded in the CLTA standard policy? - answer The American Land Title Association (ALTA)
A quiet title suit is also called a suit to remove - answer a cloud.
Escrow doesn't officially close until the deed has been - answer recorded.
What refers to money that the buyer or seller needs to pay at closing? - answer A debit
What settlement process refers to signing and transferring all documents and distributing funds? - answer Closing
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? - answer Projected payments
What type of deed transfers title from the seller to the buyer? - answer A grant deed
Who must sign and acknowledge escrow instructions? - answer The seller and buyer
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