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What is the most important document in a seller's signing package that shows the transfer of ownership from the seller to the buyer and is always included in the signing package?
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Deed of Trust
Certification of Trust
Grant Deed
Natural Hazard Disclosure Report
If you had to call a borrower and didn’t have their telephone number. Which one of the documents listed below would you most likely find the contact information that you’re searching for?
Home Owners Title Insurance Affidavit
Notice of Right to Cancel
PCOR
1003
What does the acronym LOE stand for when it comes to loan documents?
Letter of Explanation
Lender Owner Escrow
Lower Opportunity Equalization
Last Opportunity Extension
If a signer incorrectly writes the wrong date on a form. What must the signer do in order for the document to be corrected properly?
Don't worry about it. The lender will fix it.
Scribble out the mistake, change and initial.
Cross a line out through the mistake, make the change and initial.
Cross it out and make the change.
What is another name for the Request for Transcript of Tax Return form?
W-9
503-C
401k
4506-T
When refinancing a property, which of these options DOES NOT come with a 3 day notice of right to cancel?
Investment property
2nd home
Primary residence
Reverse Mortgage of Primary Residence
What does the acronym ECOA stand for?
Equal Credit Opportunity Act
Environmental Commercial Overhead Assessment
Eventual Change of Ownership Acquisition
Every Client Opportunity Affirmation
What's does the acronym PCOR stand for?
Preliminary Change of Ownership Report
Please Check Owners Report
Primary Change of Owner's Residence
Purchase Correction of Owners Report
[Mark all that apply.] What days count as a business day in consideration to the Notice of Right to Cancel?
Saturday
Sunday
Christmas
Friday
What is the name of the specific document included in a signing packet of a real estate transaction when a property is owned by a Living Trust?
Deed of Trust
The Revocable Living Trust addendum
Certification of Trust
Trust Identification
[Based on this picture.] What is this form commonly referred to as?
Closing Disclosure
Estimated Borrowers Settlement Statement
First Payment Letter
Notice of Right to Cancel
[Based on this picture.] How much is the PMI payment for this loan?
$1,723.20
$598
$93
$2,414
[Based on this picture.] What is the estimated amount collected for taxes and hazard insurance?
$598
$1723.20
$2,414
$93
The document described as the, "Borrower's Promise to Pay" is called the what?
Closing Disclose
Temporary Payment Coupon
First Payment Letter
Note
[Based on this picture.] What is the correct answer for blank B?
The date that the notarization took place.
The date of the loan docs.
The city that the signing is being performed in.
The birthdate of the person signing the document.
[Based on this picture.] What is the correct answer for blank E?
The signature of the signer whose being notarized.
The name of the notary.
The signature of the notary.
The name of the signer.
[Based on this picture.] What is the correct answer for blank C?
Jonathan Quincy Public, Notary Public
John Q. Public
John Q. Public, Notary Public
The name of the person whose signature is being notarized.
[Based on this picture.] What is the correct answer for blank D?
The signature of the signer.
The name of the signer as printed on the document being notarized.
The signature of the notary performing the notarization.
The name of the notary performing the notarization.
[Based on this picture.] What is the correct answer for blank A?
The county where the notarization is taking place.
Los Angeles County
The county the notary is commissioned in.
The date.
What is another name for the form 1003?
Request for Transcript of Tax Return
Request for Tax Payer Identification Number and Certification
Uniform Residential Loan Application
Closing Disclosure
Of the options listed below. Which document can you show to the borrower to let them know how much money they need to come in with to close escrow?
Note
Deed of Trust
Estimated Borrowers Settlement Statement
Initial Escrow Account Disclosure Statement
On the application, what MUST the primary borrower do on page 1 if there are multiple applicants?
Check the box acknowledging that they are applying for a joint application.
Circle the name of the person who they are applying for a joint application with.
Nothing.
Initial the line acknowledging that they are applying for a joint application.
Which company's mission statement is... "To be the nations largest provider of quality, independant, mobile notary & Loan Signing Agents to the general public, legal and mortgage industries?
Signature Closers
Signature Signings
Successful Signings
Successful Signature Closers Signings
If the loan package has a Notice of Right to Cancel form but the dates are blank, what do you do?
Don't do anything. The lender will fill it out later.
Refer to your Recession Calendar, fill in the dates and have the borrower initial next to both dates.
Refer to your Recession Calendar and fill in the dates.
Call the Title, Escrow or Signing service that hired you and let them know that the form is blank.