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This Chapter Quiz includes 15 multiple-choice questions. You must answer 10 out of 15 questions correctly (70%) in order to pass.

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1. Which participant’s interests align most closely with the buyer’s at closing?

2. Jane is buying a house. Big Bank Company is lending her the money. At the closing, Jane will sign a mortgage granting Big Bank Company the right to foreclose on her property and sell it from under her if she defaults on her loan payments. Why would Jane agree to this provision?

3. Which of the following is not part of the bundle of rights that title includes?

4. By which category are land records least likely to be indexed?

5. Horace is searching a title for a property belonging to Jones. He has found deeds from Trainer to Eastwood, from Eastwood to Dillinger, from Cuthbert to Trainer, from Smith to Kensington, and from Kensington to Jones. How is the chain of title?

6. Why does RESPA require the Loan Estimate to follow a specific format?

7. How many pages is a Closing Disclosure?

8. Which form does the IRS require settlement agents to file after closing?

9. Bob the buyer, Sally the Seller, and Morty the Mortgage Lender are at the closing on a house sale. No one else is present or expected to come. Who is most likely to be responsible for filing Form 1099-S?

10. To find the amount of interest paid per diem, you must divide the annual interest by…?

11. If a sales contract includes a contingency…?

12. A licensee who represents one party may perform ministerial acts for the other party. Which of the following is not an example of a “ministerial act”?

13. Georgia law requires a closing to be handled by…?

14. Typically, in a residential closing in Georgia an attorney representing the …......... will conduct the settlement.

15. A document used to swear that there are no suits, judgments, or liens against him or her or pending against him or her is a…?