In North Carolina, who typically handles real estate closings?
Why Licensed attorneys Is Correct
Answer C: Licensed attorneys
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
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
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Related North Carolina Questions
- North Carolina is an 'attorney closing state,' which means:Escrow & Title
- A North Carolina attorney issues a title opinion (certificate of title) to:Escrow & Title
- In North Carolina, real estate closings are typically conducted by:Escrow & Title
- A buyer and seller in North Carolina have signed a contract, but closing is delayed because the seller cannot produce clear title. This is an example of:Contracts
- In North Carolina, all newly licensed brokers begin on 'provisional' status. To remove provisional status, they must:North Carolina License Law
- In North Carolina, trust account funds (earnest money) must be deposited within:Escrow & Title
- A Broker-in-Charge in North Carolina must have been actively licensed as a broker for at least:North Carolina License Law
- Which state agency is responsible for licensing and regulating real estate brokers in North Carolina?North Carolina License Law
Key Terms to Know
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
DeedA 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.
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