Test Drive Quiz

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1.  Escrow would cover which of the following aspects:

  a)  -  an impartial third party brought into a transaction to see that the primary parties, the buyer and seller, perform as they agreed.
  b)  -  enable a buyer and seller to do business with minimum risk because the responsibility for handling the funds and documents is placed in the hands of someone who is not the least bit affected by the outcome.
  c)  -  a disinterested go-between for the parties involved in the transaction, one whose legal obligation is to safeguard the interests of everyone who is affected by the outcome.
  d)  -  all of the above.


2.  Escrow is most extensively used in:

  a)  -  the sale of real estate.
  b)  -  sale of business assets.
  c)  -  sales of notes.
  d)  -  sales of liquor licenses.