Sample Course Index

  Test Drive
Escrow Overview

•  What Is Escrow?
•  What Are The Requirements For Escrow?
•  Why Should I Open Escrow?
•  What Does An Escrow Officer Do?
•  How Does The Escrow Holder Get Paid?
•  Is There Such A Thing As A Timetable For The Typical Escrow?

Important Terms:

•  concurrent performance
•  escrow
•  escrow officer
•  escrow fee
•  judgment
•  liens
•  preliminary report
•  personal property
•  real property

  Lesson Two
Opening Escrow

•  What Is Involved In Opening Escrow?
•  How Should I Select My Escrow Agent?
•  What Information Will I Need To Open Escrow?
•  What Should A Purchase Agreement Include?
•  What Is A Real Estate Transfer Disclosure Statement?
•  What Should I Look For When Making My Own Inspection Of The Property?
•  Are There Any Other Disclosures That Have To Be Made?

Important Terms:

•  deposit
•  dual agent
•  escrow instructions
•  transfer disclosure
     statement
•  transaction broker

  Lesson Three
The Title Search

•  What Happens Right After Escrow Opens?
•  How Is The Title Search Performed?
•  What Kinds Of Things Does The Search Reveal?
•  What Should I Do With The Preliminary Report?
•  Should I Inspect The Property Again After Receiving The Report?
•  What Are CC&R's?
•  What Is An Easement?
•  What Are Liens And Encumbrances?
•  What Is A "Lis Pendens"?
•  Is It Possible To Take Title Subject To Certain Exceptions?
•  What Is An Attorney's Certificate Of Title?

Important Terms:

•  abstract of title
•  appurtenant easements
•  CC&R's
•  chain of title
•  defects
•  easement
•  easements in gross
•  egress
•  encumbrance
•  grantor
•  grantee
•  ingress
•  joint tenancy
•  judicial foreclosure
•  legal description
•  lis pendens
•  mechanic's lien
•  notice of completion
•  probate
•  title insurance
•  trust
•  zoning ordinances

  Lesson Four
Escrow Overview

•  Why Should I Be Concerned About Holding Title?
•  What Are The Most Common Ways To Hold Title?
•  What Is The Procedure For Completing And Recording A Quitclaim Deed?
•  May I Change The Way I Hold Title After Escrow Closes?
•  What Other Ways Are Available For People To Hold Title?
•  What Is A Living Trust? Can I Hold Title In A Living Trust?

Important Terms:

•  community property
•  corporations
•  joint venture
•  living trust
•  partnership
•  quitclaim deed
•  right of survivorship
•  sole tenancy
•  title
•  tenancy by entirety
•  tenancy-in-common

  Lesson Five
Insuring The Condition Of The Building

•  Termite Inspection and Clearance
•  Why Do Termite Reports Cause Problems In Escrow?
•  How Might I As A Seller Protect Myself From Outlandish Termite Repair Bills?
•  Are There Any Other Inspections One Might Order?
•  Can A Buyer Get Insurance Covering Other Potential Building Problems?

Important Terms:

•  building inspection
•  home warranty insurance policy
•  termite inspection

  Lesson Six
Finance Principles

•  Why Is Financing So Important And Why Should I Shop Around For Financing?
•  How Much Will A Lender Lend Me?
•  What Types Of Loans Are Available From Institutional Lenders?
•  How Should I Prepare To Get A Loan?
•  How Should I Go About Shopping For A Loan?
•  What Information Do Institutional Lenders Generally Require?
•  What Can I Do If I Have Bad Credit? Can I Still Qualify For A Loan?
•  Can I Still Qualify For A Loan If I Am Self-Employed?
•  How Do I Get Prequalified For A Loan?
•  Are There Going To Be Faster Ways To Quality And Obtain A Loan?
•  Are There Any Helpful Hints To Consider When Taking Out Loans?
•  How Might I Calculate How Much Cash I'll Need To Close My Escrow?
•  What Is A Note?
•  Why Is A Mortgage Deed Or A Deed Of Trust Used?
•  How Does A Foreclosure Work?>
•  What Is A Due On Sale Clause?
•  How Can I Tell Whether A Loan Is Assumable?
•  How Many I Obtain: "Short-Term" Financing To Help Me Through Escrow?
•  How May I Pay Off My Existing High-Interest Loan And Obtain A Newer Low-Interest Loan?

Important Terms:

•  amortization
•  appraisal
•  balloon payment
•  collateral
•  conventional loan
•  credit repositories
•  credit report
•  deed of trust
•  deficiency judgment
•  due-on-sale clause
•  Fannie Mae
•  FHA
•  foreclosure
•  fully amortized
•  installment note
•  loan fees
•  mortgage
•  non-conforming loan
•  notice of default
•  prepayment penalties
•  straight note
•  swing loan
•  trustee's deed
•  refinance
•  VA loan

  Lesson Seven
Finance Practice

•  How Does A Variable Or Adjustable-Rate Loan Work?
•  Besides Fixed-Rate Loans And Adjustable-Rate Loans, Are There Any Other Financing Arrangements Available Through Institutional Lenders?
•  Is There A Loan For A First Time Homebuyer?
•  What Is A "Jumbo" Loan?
•  How Does A Loan Approval Proceed?
•  What Loan Fees Do Lenders Charge?
•  What Is Private Mortgage Insurance And How Can It Help Me Buy A House?
•  How Do I Know Whether The Lender Is Computing Everything About The Loan Correctly?
•  When Does The Lender Submit Escrow Instructions?
•  With First Loan Approved, Where Might Obtain Additional Needed Financing?
•  What Is "Subject-To" Financing?
•  Are There Any Other Ways To Finance A Property Purchase?
•  How Do Assumptions Work?
•  How Does An Assumption Differ From A "Subject-To"?
•  What Is A Wraparound Loan?
•  Why Haven't Lenders Challenged The Use Of Wraparounds?
•  What's Happened On The Due-On-Sale Front Since Wellenkemp?
•  Why Should A Request For Notice Of Default Be Recorded?
•  Are Land Contracts "Creative Financing"?
•  Are There Any Guidelines For A Land Contract?
•  When I Pay Off A Loan, What Fees Must I Pay?
•  Is There Anything I Can Do To Avoid Paying The Reconveyance Fee?
•  Is There Anything I Can Do To Avoid A Prepayment Penalty?
•  What Does A Prepayment Clause Look Like?
•  How Do I Get The Payoff Information?
•  What Is A Home Equity Loan?

Important Terms:

•  annual percentage
       rate (APR)
•  assumption
•  convertable loans
•  creative financing
•  deed of reconveyance
•  Federal National
       Mortgage Association
       (Fannie Mae)
•  fixed-rate loan
•  graduated-payment
       mortgage (GPM)
•  grant deed
•  home equity loan
•  index rate
•  junior loan
•  land contract
•  loan application
•  mortgagee
•  mortgagor
•  negative amortization
•  non-conforming loan
•  points
•  portfolio lenders
•  private mortgage
        insurance (PMI)
•  rate caps
•  Regulation 'Z'
•  second mortgage
•  "subject to"
•  trustee
•  trustor
•  truth-in-lending law

  Appendix A—A State-By-State Guide To Closing Practices In The United States