45-HR. CA REAL ESTATE PRACTICE COURSE » Summer 2021 » Section 13 Unit 3 Exam

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Question #1
What's one of the things a licensee must do in order to prepare a client for closing?
A.   Perform a home inspection.
B.   Explain who will be at the closing and what to expect.
C.   Provide the Loan Estimate.
D.   Provide an abstract of title.
Question #2
How will the buyer or seller know where and when the closing is being held?
A.   Their agents will inform them of the date once it's set.
B.   The title insurance company will inform them of a date once the title search is complete.
C.   The lender will inform them according to MDIA rules and regulations.
D.   The seller will set the time and date and is responsible for notifying all parties.
Question #3
Prior to the closing, one final inspection should take place. This is also known as the final what?
A.   Loan commitment
B.   Title commitment
C.   Walk-through
D.   Secondary home inspection
Question #4
Who's responsible for verifying that a client knows what documentation to bring to closing?
A.   The licensee who's representing the client
B.   The title insurance representative
C.   The client
D.   The lender
Question #5
Who is responsible for reviewing the Closing Disclosure before closing?
A.   The buyer and the seller
B.   The seller only
C.   The buyer and the lender's attorney
D.   The buyer only
Question #6
Which type of insurance must a buyer obtain if a mortgage is involved?
A.   Auto insurance
B.   Homeowners fire and hazard insurance
C.   Life and casualty insurance
D.   Medical insurance
Question #7
Who is responsible making all home repairs and meeting other terms of the sales agreement regarding the home?
A.   The buyer
B.   The broker for the buyer
C.   The lender's attorney
D.   The seller
Question #8
Who is responsible for obtaining a home inspection?
A.   The seller
B.   The lender
C.   The buyer
D.   The title insurance company

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