chapter 20 - Chapter Twenty/Page 1 MULTIPLE CHOICE...

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Chapter Twenty/Page 1 MULTIPLE CHOICE QUESTIONS - CHAPTER 20 1. Nell agrees to purchase Gail's property for $85,500. Nell deposits the purchase price with the title company and Gail deposits a warranty deed for the property with the title company. The title company is instructed to record the deed in Nell's favor when Gail shows good title to the property. The title company is also instructed to pay the purchase price, less some agreed prorations, to Gail when Nell has received the deed. This transaction is called a. provisional closing. b. conditional closing. c. escrow closing. d. installment closing. 2. At the closing, the seller's attorney informed him that he would be giving credit to the buyer for certain accrued items. These items represent a. bills related to the real estate that have already been paid by the seller. b. bills related to the real estate that have not been paid as of the time of the closing. c. all of the seller's outstanding bills. d. all of the buyer's outstanding bills. 3. RESPA applies to the activities of a. real estate brokers in commercial transactions. b.
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This note was uploaded on 01/16/2009 for the course REAL 1301 taught by Professor Murray during the Fall '07 term at Blinn College.

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chapter 20 - Chapter Twenty/Page 1 MULTIPLE CHOICE...

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