1. What is the role of a Transaction Coordinator in an Escrow? What is an advantage of being a licensed TC versus being unlicensed?
2. Why is it important to have a detailed checklist of all required documentation for an Escrow Transaction file? What is the minimum number of years after closing a Brokers transaction file must be available for a Cal DRE audit?
3. An Escrow officer is said to what type of duty to their Principles? Why is having this type of duty important?
4. Describe the 6 elements that are critical for a valid Contract?
5. Explain the use of a Grant Deed and what are its two implied warranties? What is the importance of having Title Insurance and what does it cover?
6. 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)
7. What is the purpose of the Memo Sheet (Escrow worksheet)? What important document does a Memo sheet help prepare?
8. What is the purpose of collecting a Statement of Information from Client?
9. What is an Escrow Settlement Sheet (AKA HUD1 or Closing Document)? What is its role in an Escrow Transaction?
10. 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?