CA Real Estate Practice > Ch 13 CA RE Practice > Flashcards

Ch 13 CA RE Practice Flashcards

(16 cards)

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1
Q

Escrow is a limited agency relationship…?
AT (True)
BF (False)

A

(True)

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2
Q 
Which of the following may be prorated between buyers and sellers at closing…?
ATaxes
BInsurance
CRents
DAll of the above
A

All of the above

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3
Q 
The division of certain settlement costs between a buyer and seller is known as…?
APartition
BSeparation
CProration
DClosing
A

Proration

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4
Q 
Which of the following prohibits kickbacks between lenders and real estate professionals…?
AECOA
BRESPA
CADA
DFair Housing Act
A

RESPA

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5
Q 
A condensed history, or summary of all transactions affecting a particular tract of land is known as…?
AClouded title
BAbstract of title
CMarketable title
DChain of title
A

Abstract of title

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6
Q 
Insurance to protect a real property owner or lender up to a specified amount against certain types of loss is known as…?
AHomeowners insurance
BProperty insurance
CHome warranty
DTitle insurance
A

Title insurance

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7
Q

Escrow fees are typically split between the buyer and seller…?
AT (True)
BF (False)

A

True

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8
Q 
Which of the following is considered a standard title policy…?
AALTA
BPETE
CPITI
DCLTA
A

CLTA

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9
Q 
Which of the following is considered an extended title policy…?
AALTA
BPETE
CPITI
DCLTA
A

ALTA

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10
Q

Pre-liens are not covered under a standard title policy…?
AT (True)
BF (False)

A

true

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11
Q 
Who typically pays for the documentary transfer tax…?
AThe buyer
BThe seller
CBoth the buyer and seller equally
DThe seller's attorney
A

seller

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12
Q 
In Northern California, escrow and title insurance are handled as…?
ABilateral Escrow Instructions
BUnilateral Escrow Instructions
CBroker Escrow Instructions
DAttorney Escrow Instructions
A

Unilateral Escrow Instructions

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13
Q 
In Southern California, escrow and title insurance are handled as…?
ABilateral Escrow Instructions
BUnilateral Escrow Instructions
CBroker Escrow Instructions
DAttorney Escrow Instructions
A

Bilateral Escrow Instructions

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14
Q

A real estate broker is not allowed to act as escrow to a real estate transaction…?
AT (True)
BF (False)

A

(False)

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15
Q 
Escrow agents act as a…?
ASingle agent
BDual agent
CUniversal agent
DGeneral agent
A

Dual agent

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16
Q

Escrow is a limited agency relationship…?
AT (True)
BF (False)

CA Real Estate Practice
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