Escrow & TitleIntermediateDelaware Exam
Delaware is known as a(n) _____ state because an attorney must conduct the real estate closing.
AEscrow state
BAttorney closing stateCorrect
CTitle company state
DNotary state
Why Attorney closing state Is Correct
Answer B: Attorney closing state
Delaware is an attorney closing state, meaning a licensed attorney must preside over real estate closings. This distinguishes it from escrow states where title companies or escrow officers handle closings.
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
Key Escrow & Title Terms in This Question
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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