Question 1

Choose the one most appropriate answer for each.
-federally related lenders are required to use this particular closing statement format

Accepted Answer

A) 30-day month 
B) beneficiary statement 
C) CC&Rs 
D) closing date 
E) closing meeting
F)deed delivery
G)dry closing
H)escrow agent
I)escrow closing
J)good faith estimate
K)HUD settlement statement (HUD-1)
L)loan escrow
M)offset statement
N)outside of the closing
O)prorate
P)RESPA
Q)settlement meeting
R)settlement statement
S)title closing
T)walk-through 
A) 30-day month 
B) beneficiary statement 
C) CC&Rs 
D) closing date 
E) closing meeting
F)deed delivery
G)dry closing
H)escrow agent
I)escrow closing
J)good faith estimate
K)HUD settlement statement (HUD-1)
L)loan escrow
M)offset statement
N)outside of the closing
O)prorate
P)RESPA
Q)settlement meeting
R)settlement statement
S)title closing
T)walk-through

Question 2

Prorations of items in a real estate closing are made usually as of the date of the signing of the contract.

Accepted Answer

A) True 
 B)False

Question 3

Details that must be handled between the time a purchase contract is signed and the closing typically include

Accepted Answer

A)  title search. 
B)  deed preparation. 
C)  loan arrangements. 
D)  all of the above. 
A)  title search. 
B)  deed preparation. 
C)  loan arrangements. 
D)  all of the above.

Question 4

The person placed in charge of an escrow is called an escrow ____________________.

Accepted Answer

The answer of The person placed in charge of an...

Question 5

Choose the one most appropriate answer for each.
-conditions, covenants, and restrictions of a condominium, cooperative, or a planned unit development

Accepted Answer

A) 30-day month 
B) beneficiary statement 
C) CC&Rs 
D) closing date 
E) closing meeting
F)deed delivery
G)dry closing
H)escrow agent
I)escrow closing
J)good faith estimate
K)HUD settlement statement (HUD-1)
L)loan escrow
M)offset statement
N)outside of the closing
O)prorate
P)RESPA
Q)settlement meeting
R)settlement statement
S)title closing
T)walk-through 
A) 30-day month 
B) beneficiary statement 
C) CC&Rs 
D) closing date 
E) closing meeting
F)deed delivery
G)dry closing
H)escrow agent
I)escrow closing
J)good faith estimate
K)HUD settlement statement (HUD-1)
L)loan escrow
M)offset statement
N)outside of the closing
O)prorate
P)RESPA
Q)settlement meeting
R)settlement statement
S)title closing
T)walk-through

Question 6

Among the items to be prorated at a settlement or escrow closing taxes and rents.

Accepted Answer

A) True 
 B)False

Question 7

In an escrow closing, funds are disbursed when all escrow papers have been signed and the buyer brings in the money.

Accepted Answer

A) True 
 B)False

Question 8

A local federal savings and loan makes a home loan. RESPA requires that

Accepted Answer

A)  a good faith estimate of closing costs be given to the borrower. 
B)  an HEW closing statement be used for the closing. 
C)  a credit application be filed with escrow. 
D)  a credit statement be given the borrower. 
A)  a good faith estimate of closing costs be given to the borrower. 
B)  an HEW closing statement be used for the closing. 
C)  a credit application be filed with escrow. 
D)  a credit statement be given the borrower.

Question 9

Outside of the closing means a party to the closing has paid someone directly and not through the closing.

Accepted Answer

A) True 
 B)False

Question 10

Choose the one most appropriate answer for each.
-a meeting at which the buyer pays for the property and receives a deed for it;also called a settlement meeting

Accepted Answer

A) 30-day month 
B) beneficiary statement 
C) CC&Rs 
D) closing date 
E) closing meeting
F)deed delivery
G)dry closing
H)escrow agent
I)escrow closing
J)good faith estimate
K)HUD settlement statement (HUD-1)
L)loan escrow
M)offset statement
N)outside of the closing
O)prorate
P)RESPA
Q)settlement meeting
R)settlement statement
S)title closing
T)walk-through 
A) 30-day month 
B) beneficiary statement 
C) CC&Rs 
D) closing date 
E) closing meeting
F)deed delivery
G)dry closing
H)escrow agent
I)escrow closing
J)good faith estimate
K)HUD settlement statement (HUD-1)
L)loan escrow
M)offset statement
N)outside of the closing
O)prorate
P)RESPA
Q)settlement meeting
R)settlement statement
S)title closing
T)walk-through

Question 11

Escrow closings cannot be used when refinancing a property.

Accepted Answer

A) True 
 B)False

Question 12

When a home is sold and a new loan by an institutional lender is required, the typical time between purchase contract signing and settlement will most likely be from 1 to 29 days.

Accepted Answer

A) True 
 B)False

Question 13

On the day of closing a real estate sale, existing property taxes and insurance are

Accepted Answer

A)  left as is. 
B)  paid by the bank out of the reserves. 
C)  prorated. 
D)  paid in full by the seller. 
A)  left as is. 
B)  paid by the bank out of the reserves. 
C)  prorated. 
D)  paid in full by the seller.

Question 14

A buyer and a seller are likely to shake hands upon completion of a real estate transaction involving an escrow closing.

Accepted Answer

A) True 
 B)False

Question 15

A settlement meeting may take place in the offices of

Accepted Answer

A)  the real estate agent. 
B)  an attorney. 
C)  a title company. 
D)  any of the above. 
A)  the real estate agent. 
B)  an attorney. 
C)  a title company. 
D)  any of the above.

Question 16

Choose the one most appropriate answer for each.
-a custom in some states of using a 30-day month to simplify proration calculations

Accepted Answer

A) 30-day month 
B) beneficiary statement 
C) CC&Rs 
D) closing date 
E) closing meeting
F)deed delivery
G)dry closing
H)escrow agent
I)escrow closing
J)good faith estimate
K)HUD settlement statement (HUD-1)
L)loan escrow
M)offset statement
N)outside of the closing
O)prorate
P)RESPA
Q)settlement meeting
R)settlement statement
S)title closing
T)walk-through 
A) 30-day month 
B) beneficiary statement 
C) CC&Rs 
D) closing date 
E) closing meeting
F)deed delivery
G)dry closing
H)escrow agent
I)escrow closing
J)good faith estimate
K)HUD settlement statement (HUD-1)
L)loan escrow
M)offset statement
N)outside of the closing
O)prorate
P)RESPA
Q)settlement meeting
R)settlement statement
S)title closing
T)walk-through

Question 17

When a real estate settlement is held in escrow

Accepted Answer

A)  there is no closing meeting. 
B)  the closing process may be conducted by mail. 
C)  both a and b. 
D)  neither a nor b. 
A)  there is no closing meeting. 
B)  the closing process may be conducted by mail. 
C)  both a and b. 
D)  neither a nor b.

Question 18

The property tax year runs from January 1 through December 31. The taxes on a certain house are $1,440 this year and have not yet been paid. If the house sells and the closing date is December 10ᵗʰ, the

Accepted Answer

A)  buyer owes the seller $82.85. 
B)  buyer owes the seller $1,357.15. 
C)  seller owes the buyer $82.85. 
D)  seller owes the buyer $1,357.15. 
A)  buyer owes the seller $82.85. 
B)  buyer owes the seller $1,357.15. 
C)  seller owes the buyer $82.85. 
D)  seller owes the buyer $1,357.15.

Question 19

In a situation where all the documents are not yet available but it would be difficult to reschedule the closing meeting, the parties may agree to a ____________________ closing.

Accepted Answer

The answer of In a situation where all the documents...

Question 20

A ____________________ statement is a statement of the unpaid balance on a note secured by a trust deed.

Accepted Answer

The answer of A ____________________ statement is a statement of...

Exam 15: Title Closing and Escrow

Choose the one most appropriate answer for each. -federally related lenders are required to use this particular closing statement format

Prorations of items in a real estate closing are made usually as of the date of the signing of the contract.

Details that must be handled between the time a purchase contract is signed and the closing typically include

The person placed in charge of an escrow is called an escrow ____________________.

Choose the one most appropriate answer for each. -conditions, covenants, and restrictions of a condominium, cooperative, or a planned unit development

Among the items to be prorated at a settlement or escrow closing taxes and rents.

In an escrow closing, funds are disbursed when all escrow papers have been signed and the buyer brings in the money.

A local federal savings and loan makes a home loan. RESPA requires that

Outside of the closing means a party to the closing has paid someone directly and not through the closing.

Choose the one most appropriate answer for each. -a meeting at which the buyer pays for the property and receives a deed for it;also called a settlement meeting

Escrow closings cannot be used when refinancing a property.

When a home is sold and a new loan by an institutional lender is required, the typical time between purchase contract signing and settlement will most likely be from 1 to 29 days.

On the day of closing a real estate sale, existing property taxes and insurance are

A buyer and a seller are likely to shake hands upon completion of a real estate transaction involving an escrow closing.

A settlement meeting may take place in the offices of

Choose the one most appropriate answer for each. -a custom in some states of using a 30-day month to simplify proration calculations

When a real estate settlement is held in escrow

The property tax year runs from January 1 through December 31. The taxes on a certain house are $1,440 this year and have not yet been paid. If the house sells and the closing date is December 10ᵗʰ, the

In a situation where all the documents are not yet available but it would be difficult to reschedule the closing meeting, the parties may agree to a ____________________ closing.

A ____________________ statement is a statement of the unpaid balance on a note secured by a trust deed.

Nature and Description of Real Estate

Rights and Interests in Land

Forms of Ownership

Transferring Title

Recordation Abstracts and Title Insurance

Contract Law

Real Estate Sales Contracts

Mortgage and Note

Deed of Trust

Lending Practices

The Loan and the Consumer

Sources of Financing

Types of Financing

Taxes and Assessments

Real Estate Leases

Real Estate Appraisal

Licensing Laws and Professional Affiliation

The Principal-Broker Relationship: Employment

The Principal-Broker Relationship: Agency

Fair Housing, Ada, Equal Credit, and Community Reinvestment

Condominiums, Cooperatives, Puds, and Timeshares

Property Insurance

Land-Use Control

Real Estate and the Economy

Investing in Real Estate

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