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Chapter 14 Quiz

Posted on March 2, 2023 by
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  1. Question 1 of 15
    1. Question

    Which of the following events would terminate an escrow?

  2. Question 2 of 15
    2. Question

    Under the Real Estate Settlement Procedures Act, a lender must provide the borrower with:

  3. Question 3 of 15
    3. Question

    Which of the following would not be prorated at closing on the sale of a rental property?

  4. Question 4 of 15
    4. Question

    The buyer’s good faith deposit appears on the settlement statement as a:

  5. Question 5 of 15
    5. Question

    What is the primary purpose of a settlement statement?

  6. Question 6 of 15
    6. Question

    The property appraisal cost $250. In a typical real estate transaction, this expense would be listed as a:

  7. Question 7 of 15
    7. Question

    Which of the following would normally be a debit to the buyer?

  8. Question 8 of 15
    8. Question

    A property is sold on a land contract. Where in the settlement statement would the contract price be noted?

  9. Question 9 of 15
    9. Question

    RESPA applies to all of the following except:

  10. Question 10 of 15
    10. Question

    Which of the following is true about a settlement statement?

  11. Question 11 of 15
    11. Question

    Under the Real Estate Settlement Procedures Act, how much can an escrow agent charge for preparation of the uniform settlement statement?

  12. Question 12 of 15
    12. Question

    Where is prepaid interest noted on the settlement statement?

  13. Question 13 of 15
    13. Question

    What kind of lawsuit would an escrow agent file if he found himself holding funds whose ownership was disputed by the two parties?

  14. Question 14 of 15
    14. Question

    Which of the following determines under what conditions and at what time the escrow agent will distribute the money and documents to the parties in a real estate transaction?

  15. Question 15 of 15
    15. Question

    A rental property is sold. The tenant paid the $900 monthly rent on the first of the month, and the transaction closed on the tenth of the month. Which of the following statements is true?

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