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 an abstract of title.
D.   Provide the Loan Estimate.
Question #2
How will the buyer or seller know where and when the closing is being held?
A.   The lender will inform them according to MDIA rules and regulations.
B.   The seller will set the time and date and is responsible for notifying all parties.
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.   Title commitment
B.   Secondary home inspection
C.   Walk-through
D.   Loan commitment
Question #4
Who's responsible for verifying that a client knows what documentation to bring to closing?
A.   The title insurance representative
B.   The lender
C.   The licensee who's representing the client
D.   The client
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 only
D.   The buyer and the seller
Question #6
Which type of insurance must a buyer obtain if a mortgage is involved?
A.   Auto insurance
B.   Life and casualty insurance
C.   Homeowners fire and hazard 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 lender's attorney
C.   The broker for the buyer
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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