In the old days, this was the method of exchanges that were done by only very senior and knowledgeable escrow officers.
What is Simultaneous Exchange?
100
Quite common type of transaction when loan balance exceeds market value
What is a Short Sale?
100
In the 80s, these items of equipment finally became affordable enough to be used widespread in small companies.
What are desk top computers?
100
Gradual repayment, decreasing or accounting for the principal and interest of a debt on an established schedule.
What is amortization?
200
The largest national trade association in the United States.
What is National Association of Realtors?
200
This landmark case paved the way for delayed exchanges.
What is Starker?
200
A type of loan created to reward the service men and women of our state.
What is Cal-Vet?
200
This machine enabled almost instantaneous return of documents between locations over a phone line.
What is a fax machine?
200
A directly delivered notification to a party, serving as in indisputable notice as opposed to constructive notice.
What is Actual Notice?
300
Enacted in 1974 and was originally designed to provide consumers with disclosure regarding the cost of their financing.
What is RESPA?
300
Multiple portions of an exchange transaction are called this.
What are legs?
300
A document used to create a future intended ownership relationship.
What is a land contract?
300
Many people are now able to stay in communication via voice and email while on the road using this item.
What is a smart phone?
300
The ability of a borrower to make mortgage payments.
What is capacity?
400
They shifted the burden of collecting funds for possible future taxation to the escrow holder.
Who is FTB? (Franchise Tax Board)
400
They are not regulated in spite of the millions of dollars held by these companies.
Who are Exchange Accomodators
400
A formerly common practice which enabled title to issue a policy even though no proof of payment of prior liens was of record.
What is an Indemnity Agreement from prior title insurer?
400
This machine is critical when desiring to create a paperless environment.
What is a scanner?
400
Used to evaluate the income of a property, this is a measure of the ration between net operating income divided by the original value of the property, usually expressed in a percentage..
What is Capitalization rate?
500
By virtue of being a member of your local chapter you are also a member of this group.
What is AEA? (American Escrow Association)
500
Exchange funds are generally kept in these.
What are interest bearing accounts?
500
An escrow that is for the purpose of making sure the buyer has no successor interest in seller's tax obligations or creditor accounts.
What is a Bulk Sale?
500
Almost everyone uses these as a primary means of communication these days, including children.
What is a cell phone?
500
A provision of mortgages that permits a borrower to change from an adjustable rate mortgage to a fixed rate mortgage at a specified time after loan origination or other stipulations are met.