Escrow & Title
An Arizona escrow agent who receives conflicting instructions from buyer and seller should:
AFollow the buyer's instructions since they are paying
BFollow the seller's instructions since they own the property
CInterplead the funds with the court until a resolution is reached✓ Correct
DClose the transaction and let the parties resolve their dispute later
Explanation
When an escrow agent receives conflicting, irreconcilable instructions, the proper remedy is interpleader—filing an action with the court to deposit the disputed funds and let the court determine to whom they belong.
Related Arizona Escrow & Title Questions
- In Arizona, a property tax lien has 'super-priority' over other liens because:
- A title insurance lender's policy (also called a mortgagee's policy) in Arizona protects:
- When a buyer 'assumes' an existing mortgage in Arizona, the buyer:
- In Arizona real estate, 'proration' at closing for property taxes paid in advance means the:
- Chain of title in Arizona real estate refers to:
- RESPA's kickback prohibition (Section 8) in Arizona prevents:
- A 'subordination, non-disturbance, and attornment agreement' (SNDA) in an Arizona commercial lease transaction protects:
- A release of lien in Arizona is used to:
Practice More Arizona Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Arizona Quiz →