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.   Moved locations.
B.   Paid the title representative for the closing.
C.   Paid the balance of the purchase price to the seller.
D.   Assured themselves that the conditions and contingencies of the purchase agreement have been met.
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.   Interpleader
B.   Principal
C.   De facto instructions
D.   Escrow
Question #3
Who closes on the cooperative brokerage agreement?
A.   The seller and the seller's agent
B.   The buyer and the title insurance representative
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 and seller meet with one another
C.   Buyer meets with buyer's agent and lender only
D.   Buyer meets with buyer's agent only
Question #5
Which option is defined as “the written conditions for delivery of the instruments of an escrow from one party to another”?
A.   Interpleader
B.   Escrow instructions
C.   Principals
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.   Compensation agreement
B.   Mortgage loan commitment
C.   Sale agreement
D.   Listing agreement
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.   Sales contract
B.   Creating escrow
C.   Real estate contract
D.   Unilateral agreement
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.   After acceptance of the down payment or earnest money offer
C.   The day prior to the closing
D.   At the closing

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