Escrow & Title
What is a beneficiary statement in Nevada real estate?
AA statement from the buyer's lender about the loan amount
BA payoff statement provided by the lender (beneficiary) showing the outstanding loan balance, per diem interest, and conditions for paying off a deed of trust✓ Correct
CA title insurance policy benefiting the buyer
DA statement from the escrow officer to the seller's benefit
Explanation
A beneficiary statement (or payoff statement) is obtained from the current lender (beneficiary of the deed of trust). It states the exact amount needed to pay off the loan, including the principal balance, accrued interest, prepayment penalty (if any), and conditions for release. Required at closing.
Related Nevada Escrow & Title Questions
- What is a 'dry closing' in Nevada real estate?
- What is an abstract of title in Nevada real estate?
- In Nevada, 'abstract of title' is:
- What is title insurance designed to protect against in Nevada?
- What is the purpose of a preliminary title report in a Nevada real estate transaction?
- A lis pendens recorded against a property provides notice that:
- What is a 'short sale' and how does it differ from a foreclosure in Nevada?
- What is the Nevada law requiring sellers to disclose death or murder on the property?
Practice More Nevada Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nevada Quiz →