Earnest Money Excitement!
Earnest Money Essentials Quiz
Test your knowledge about earnest money and the documentation required for transactions! This quiz will help you understand the critical aspects of asset statements and payments in real estate.
- 7 engaging questions
- Multiple choice format with instant feedback
- Perfect for real estate professionals and enthusiasts
If you have a cleared check from 11/7 for $500 what asset statement do you need?
VOD dated after 11/7
Bank statement showing the balance before 11/7 AND VOD dated after 11/7 showing resulting balance
Bank statement dated before 11/7 with a balance of $250
VOD dated for 11/6 with an average balance of $498
If you have a bank statement dated 10/29 with a balance of $1000 what do you need for a check that cleared on 10/30 for $500?
Cleared check for 10/30 and reduce assets by $500
Cleared Check for 10/30 and use a full balance of $1000
Cleared check for 10/30 and VOD dated after 10/30
Cleared check for 10/30 and bank statement dated after 10/30
What is the only type of EM payment that requires a BEFORE and AFTER balance?
Cashier's check
Wire transfer
Personal Check
Money Order
You have a wire transfer for $1000 on 10/25. Which statement type could you use? Select all that apply
VOD after 10/25 with an average balance of $500
VOD dated after 10/25 with an average balance of $1000
Bank statement before 10/25 with a balance of at least $1000
Bank statement after 10/25 with a balance of $200
If you have a cashier's check dated 10/14 and a VOD dated 11/7, what additional documentation do you need?
A bank statement from October
A receipt from title
Statement showing withdrawal of funds to purchase the cashier's check
None of the above
What options do we have for showing the "cleared check"?
Cashier's Check
Front and bank of personal check showing the clearing date
Email from title DETAILING (dates, amts, names, etc) the cleared transaction
All of the above
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