1. List and briefly describe what the book in CH3 refers to as The Six Main Escrow Tasks? (Hint: Book lists them as items A,B,C,D,E,&F or use Instructor notes for help)
2. What is the purpose of the Memo Sheet (Escrow worksheet)? What important document does a Memo sheet help prepare?
3. What is the purpose of collecting a Statement of Information from Client?
4. What is an Escrow Settlement Sheet (AKA HUD1 or Closing Document)? What is its role in an Escrow Transaction?
5. Why is it advisable, and the Lender will require as a condition of funding, the Buyer to obtain a Policy of Fire Insurance? What typically does a Fire Insurance cover against, and what two important items does a standard Fire Policy not cover?