Quiz 12 - Legal Aspects of Real Estate Lesson 12 Cumulative...

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Legal Aspects of Real Estate Lesson 12 Cumulative Quiz 1. Which of the following is not a requirement for a valid escrow? A. Enforceable contract B. Irrevocable deposit C. Neutral escrow agent D. Payment of escrow fee D 2. An escrow agent is a: A. dual agent and a general agent B. dual agent and a special agent C. single agent and a general agent D. single agent and a special agent B 3. Which of the following would need to be licensed as an escrow agent? A. Employee of insurance company that provides escrow services B. Independent escrow company C. Lawyer who provides escrow services as part of a client's transaction D. Real estate broker who provides escrow services in transaction where he was an agent B 4. Which of the following is an escrow company not required to do? A. Join the Escrow Agents' Fidelity Corporation B. Maintain a minimum of at least $1,000,000 in liquid assets C. Maintain a trust account D. Supply the Department of Corporations with annual independent audits B 5. Escrow instructions are usually: A. oral instructions, issued jointly by buyer and seller B. oral instructions, issued separately by buyer and seller C. written instructions, issued jointly by buyer and seller D. written instructions, issued separately by buyer and seller
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Quiz 12 - Legal Aspects of Real Estate Lesson 12 Cumulative...

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