Chapter 14 Quiz

Which of the following events would terminate an escrow?

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

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

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

What is the primary purpose of a settlement statement?

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

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

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

RESPA applies to all of the following except:

Which of the following is true about a settlement statement?

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

Where is prepaid interest noted on the settlement statement?

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

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?

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?