California Real Estate Escrow and Title, Second Edition

d$.$ only attorneys.

$20.$

The term escrow, when used in the sale of real property, refers to

a$.$ handling monies in the transaction.

b$.$ handling documents in the transaction.

c$.$ monies held by a lender.

d$.$ all of these.

$21.$

Persons exempt from escrow license requirements include

a$.$ banks.

b$.$ attorneys not actively engaged in escrow agency.

c$.$ any person whose business is making title searches.

d$.$ all of these.

$22.$

Under California law an escrow agent must be a member of

a$.$ Escrow Agents' Fidelity Corporation.

b$.$ American Escrow Association.

c$.$ California Escrow Association.

d$.$ none of these.

$23.$

A fidelity bond may be required by the Department of Corporations and must provide coverage for each officer, director, trustee, and employee for no less than

a$.$ $$50,000.$

b$.$ $$100,000.$

c$.$ $$125,000.$

d$.$ $$150,000.$

$24.$

California law provides that it is illegal for an escrow agent to

a$.$ pay a real estate agent fees for the referral of services.

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