North Carolina is an 'attorney closing state,' which means:
Why Closings must be conducted or supervised by a licensed NC attorney Is Correct
Answer B: Closings must be conducted or supervised by a licensed NC attorney
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
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
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