Pango Way Training Assessment II

Quitclaim Deed: Used to convey a possible interest in real property by a party not on title.

Interspousal: Used by spouses involved in a settlement agreement and customarily drafted by an attorney.

Preliminary Change of Ownership Report: Notifies the Assessor of the transfer of title and instructs them how to reassess the tax bill.

FIRPTA Affidavit: Seller signs under penalty of perjury they are a US person.  Seller’s inability to sign this form triggers the requirement of foreign withholding.

1099 Information Form: Seller instructs escrow how the sale will be reported on their tax return

When a property is coming out of a Trust on a refinance, what documents are required?

On a bulk sale the seller’s proceeds must be distributed in the following order:

1. All obligations to the United States Government
2. Secured Claims
3. Broker and Escrow Fees
4. Wage Claims
5. All other Tax Claims
6. All other unsecured claims prorate

What title policy is most commonly paid for by the Buyer?

What title policy does the CAR RPA default to the seller providing to the buyer?

What are endorsements to the title policy?

When checking in a seller’s opening package, what determines whether state withholding applies?

What is the standard state withholding percent?

If standard state withholding applies on a sale of 400,000.00, how much would we send to the Franchise Tax Board?

For a foreign seller, what would the withholding amount be?

Who issues the seller’s closing disclosure and when?

On a Bulk sale, when is an escrow required by law?

When the seller is paying off a PACE/HERO loan that is attached to the tax bill how would you prorate the property taxes?

When prorating taxes on a transaction closing November 3, which is correct?

We are not able to release any funds on a bulk sale transaction with a liquor license prior to receiving the authorization to close.

When a lender requires certain debts to paid as a closing condition, what would you do?

If the last payment on a mortgage was made July 5, from what date would we charge interest when estimating the payoff amount?

Who are the true parties to an escrow:

According to the California Association of Realtors Residential Purchase Agreement, from whose proceeds is Buyer's Broker's commission paid?

If no boxes are checked in the initial deposit field of the California Association of Realtors Residential Purchase Agreement.  The default answer is: