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The exception here is mortgage interest. The other three answer selections are related in that monies are accumulated in the impound account against an annual or semi-annual payment.
During a sales escrow, the escrow officer receives two structural pest control reports. The escrow officer is to
notify the buyer and seller of the discrepancy and obtain written instructions as to which report to use.
The California Land Title Association (CLTA) standard policy and the American Land Title Association (ALTA) policy does not protect the insured against
encumbrances which are created or become encumbrances after issuance of the policy.
A writ of execution is issued for a (n)
Escrow closes on the 16th day of February (28 days). The seller receives $500 in rent for the month of February. The seller
owes the buyer $250.
The words “time, title, interest and possession” are most closely related to which of the following concepts
An offer based on a $300,000 loan assumption was made and accepted. During escrow, it was discovered the loan was for $290,000, not $300,000. What is the most probable outcome?
The buyer can void the contract.
Sara and Marshal are joint tenants. Marshal obtains a loan from a lender secured by his interest in the property. When Marshal dies
Sara owns the property free and clear of the encumbrance.
To establish title by adverse possession, an occupant must show
they have paid all taxes assessed against the property during their occupancy.
The annual property taxes an owner of a home needs to pay are determined by
assessing the land and improvements separately, then multiplying the total by one tax rate.
All of the following may be added to the original cost basis of real property to arrive at an adjusted basis for federal income tax purposes, except:
the monthly mortgage payments.
Which of the following will not terminate an escrow?
The broker’s order to terminate escrow.
A person holding title to real property in severalty
has sole ownership of the property.
A standard policy of title insurance does not cover
All of the above.
A deed is recorded and indexed based on
the grantor and grantee names alphabetically.