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

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