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Chap 5 Quiz

QuestionAnswer
A seller paid her property taxes upfront for the year. In late September of that same year she sold her property. The seller is entitled to a _________ for roughly _______ months? Credit, 3 months
Private Mortgage Insurance: Protects the lender against borrower default
A homeowner who resides in Apache Wash Basin in North Phoenix suffers catastrophic damage to their home due to flooding from the 100 year floods in 2018. They would be covered if they had flood insurance which is backed by which government agency? FEMA
Which party in a transaction can claim a loss as a result in a title defect? The grantee is the person or entity to whom the property is being transfer to and they would be the pay that might differ due to a bad title
To further protect against large losses, a lessor might want to obtain what type of insurance policy that would cover them once their primary insurance is exhausted or runs out? Umbrella Policy
The CLUE Report provided by the seller would identify what type of defects: Previous Claims made to Insurance
During Escrow, the buyers main obligation is: To provide funds to purchase
When in Arizona does the ownership transfer to the new buyer? When deed is delivered to the buyer
What is the sellers duty in escrow? 1. Complete owner’s declaration and seller’s information sheet 2. Disclose mortgages or known liens 3. Provide marketable title
A seller would want to be able to prove that they have Marketable Title in order to show what? The ability of the escrow company to provide a title insurance policy
What is one type of closing cost for a buyer? 1. Escrow fees - Fees the escrow company earned in the transaction 2. Lender up front fee’s - Discount points, origination points etc 3. Up front Taxes and Insurance - Prepaid in the impound account 4. Lender’s Title Policy
What is one type of closing cost for a Seller? 1. Escrow fees - split between buyer & seller 2. Commissions - Normally paid real estate commission to agents & brokers 3. Taxes - Seller will pay any prorated taxes for time used 4. Owner’s Title Insurance Policy - Paid by seller to protect the buyers
Statutory Year has how many days? 360 days, each month has 30 days
Which document would be used to assist the county assessor in determining property values? Affidavit of Value
When in Arizona does the ownership transfer to the new buyer? When deed is delivered to the buyer
During a closing, which party would pay for the escrow fees due to the statutes? There are no statutes that state who would pay for escrow
When the IRS is owed money and takes it from personal property, this is referred to as a: Levy
Which of the following would most likely not be considered a cloud in a property's title? Title transfer from an LLC to an individual
Created by: jenlubers
 

 



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