45-HR. CA REAL ESTATE PRACTICE COURSE » Summer 2021 » Section 13 Unit 1 Exam

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Question #1
Prior to signing the closing documents, what should the parties have already done?
A.   Assured themselves that the conditions and contingencies of the purchase agreement have been met.
B.   Moved locations.
C.   Paid the title representative for the closing.
D.   Paid the balance of the purchase price to the seller.
Question #2
Which option is defined as a neutral third party holding a thing of value on behalf of one party to a transaction for the benefit of the other party?
A.   Escrow
B.   Principal
C.   Interpleader
D.   De facto instructions
Question #3
Who closes on the cooperative brokerage agreement?
A.   The buyer and the title insurance representative
B.   The seller and the seller's agent
C.   The lender's attorney and the seller's agent brokerage
D.   The agents for the buyer and seller
Question #4
In a face-to-face closing, who meets with whom?
A.   Closing agent meets with one party or the other
B.   Buyer meets with buyer's agent only
C.   Buyer meets with buyer's agent and lender only
D.   Buyer and seller meet with one another
Question #5
Which option is defined as “the written conditions for delivery of the instruments of an escrow from one party to another”?
A.   Principals
B.   Escrow instructions
C.   Interpleader
D.   Escrow
Question #6
Which type of contract allows a buyer to legally possess the property after all of the terms and conditions have been met?
A.   Listing agreement
B.   Sale agreement
C.   Compensation agreement
D.   Mortgage loan commitment
Question #7
Karen and Vince have provided Ginger with their clear, unambiguous instructions for the sale and transfer of real property. What is another term for this?
A.   Unilateral agreement
B.   Real estate contract
C.   Creating escrow
D.   Sales contract
Question #8
When is the seller paid the full amount of the purchase price for the property?
A.   The day after transferring title to the buyer
B.   At the closing
C.   After acceptance of the down payment or earnest money offer
D.   The day prior to the closing

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