Posted by WDMD on 8/2/09 5:31pm
Msg #298405

For Anyone Interested.........

Link is to a short quiz on closings from ALTA to test your knowledge.


http://www.homeclosing101.org/test.cfm

Reply by Jim/AL on 8/2/09 5:45pm
Msg #298407

Thanks for sharing, that was nifty, I missed one.

Reply by MW/VA on 8/2/09 5:48pm
Msg #298408

Kind of interesting. I also missed one (the one about owner's title insurance--it isn't included in this state). The content, of course, is mainly about title insurance.

Reply by Jim/AL on 8/2/09 6:00pm
Msg #298409

missed the same one and here (Alabama) also only lender requires a lenders policy but not owners policy. The way they worded it, I think we were both correct.

Good job!
Jim

Reply by Alice/MD on 8/2/09 6:34pm
Msg #298410

Thanks, I missed one. I appreciate your sharing .

Reply by LKT/CA on 8/2/09 8:45pm
Msg #298419

Fun quiz but the question I take exception to was "can you pay closing costs with a personal check". Several TC's have accepted a personal check - when the amount was under $2,000. Above that amount they required a cashier's check or wire. Bad question, bad question!! Heehee!!

Reply by Gary Boehm on 8/2/09 11:48pm
Msg #298429

For Anyone Interested.........

You beat me to it! I had a problem with that same question - my answer was "the brand name of adult diapers". But I was thinking that I hear $500 as the cut-off for personal check v.s. Cashiers's Check more often lately. TC's are getting nervous?

Reply by Linda_H/FL on 8/3/09 9:20am
Msg #298452

IME..the $500 cutoff for personal checks has been

the standard requirement from most lenders for quite some time...in my 25 years in CT, the rule of thumb from almost all lenders was "if it's over $500 we need a cashier's check"...

Maybe dual-state or multi-state experience comes in handy with this quiz...I got them all right.

Reply by MW/VA on 8/3/09 9:25am
Msg #298455

I've encountered a few that will accept personal checks under $1,000, but I think the general rule has always been certified funds.