FIRPTA
What is the FIRPTA withholding percentage?
10%
15%
20%
25%
15%
What does LOI stand for?
Letter of Indemnity
ERT closing for the buyer and seller. Is a wire fee charged to send out seller proceeds?
No
Minnesota does not require a survey with every closing. They do require a similar less extensive product called a _____________________.
Plat Drawing
What was the first ERT office Claire worked in?
Blaine
Do we withhold for FIRPTA for a resident alien/green card?
No
Old mortgage on the title work? What needs to be recorded?
Satisfaction of Mortgage
OR Release of Mortgage
OR Certificate of Release
What percentage of closings in the title industry occurs on Fridays?
35%, 40%, 45%, 50%
40%
What are the two types of title insurance policies?
Owners
Lenders
How long has Chelsea worked for ERT?
8 years
A contractor has ________ days from the work start date to file a lien against a property.
90, 120, 150, or 180
120 days
Who is the President of Edina Realty Title?
Brad Fisher
What title tool provides instruction to clear title and to insure first lien position for the new lender?
Title Commitment
Dana has been with ERT for 21 years. How many offices has she worked out of during that time?
5
Maple Grove, Blaine, North Oaks, Monticello, and Highland Park
What year did FIRPTA Act start?
1970, 1975, 1980, or 1985
1980
Any work done in the last ______ months require a lien waiver from the contractor.
6 months
How many title offices does Edina Realty Title have? 21, 24, 27, or 30
21
The time period between the closing date and recording date is called?
Gap Period
On May 1, 2022, Jaclyn will have been with ERT for _______ years.
5
What does FIRPTA stand for?
Foreign Investment in Real Property Tax Act
An Attorney filed case to clear up a title issue is called a _______________?
Quiet title action - seller needs to hire an attorney
What amount will Edina Realty Title accept from a buyer via personal check?
Up to $4,000.00
Is title insurance paid annually?
No - paid at closing - one and done
Claire, Dana, Chelsea, and Jaclyn have a combined total of ________________ years title industry experience.
Claire - 6 years
Dana - 21 years
Jaclyn - 21 years
Chelsea