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Qualia Proficiency Assessment - Opening - Level 1

Welcome to your Qualia Proficiency Assessment - Opening - Level 1

Branch

Escrow Officer

How many minutes did the assessment take for the user to complete?

Escrow Number

9. In the Documents Folder - Look for Seller Opening Trust Package in Docs folder

11. Check the Processing Milestone for the Task Order Demand for Lis Pendens 

Due date is the date the assessment was taken
Task should be assigned to the person who took the assessment 

8. Check Section B for a Courtesy Credit to the Seller

The amount should be set to $-285.50 to the Seller.

Make sure the Aggregate Name and Label are set properly
The Name should be set to Escrow Fee
The Label should be set to Settlement Fee

4. Check the Other Contacts

Please make sure Walmart NHD has been changed to Pango NHD
There should not be 2 NHD companies on this file

2. Check the Buyer’s Screen

Make sure that Miss Piggy has been added as the spouse of Kermit the Frog

5. Check Section H in Charges for the following for the Pango NHD Payee

A $75.00 charge to Seller 

Add invoice/reference number of #57489 to payee card 

3. Check the vesting of Kermit and Miss Piggy.  

The vesting should read: Kermit The Frog and Miss Piggy, husband and wife, as community property


1. Check the Seller's Screen

Jack Jones and Jill Jones should be added as Trustees

Check the SSN's for each of them
Jack – 555-55-1234
Jill – 222-22-1234

Make sure the Addeess is set to: P.O Box 777  Glendale, CA 91201 

6. Check to make sure the following fees were entered properly.

Buyer’s EMD $25,000.00
Listing Agent and Selling Agent Commissions 3% each side
Owner’s Title Policy $2,200.00
Lender’s Title Policy $750.00
Sub escrow $125.00 split between Buyer and Seller50/50 
Recording Service Fee $20.00
Endorsement estimate $150.00
Recording Fees: Deed $55.00 / Trust Deed $175.00



7. Check to Section E - Taxes & Fees

Make sure Los Angeles is set as the Tax Authority

12. Open the Documents Folder, 

There should be a Signed Purchase Agreement in the (1) Escrow Instructions folder.
Please make sure everything is in the right order
Please make sure all extra files have been deleted
Confirm that the user did not use Adobe  (The Purchase Agreement should not show this icon)


13. Check in the (1) Escrow Instructions folder for Page 10.   

Confirm that the user did not use Adobe  (The Purchase Agreement should not show this icon)

10. Check the Accounting screen to make sure the EMD was properly reciepted in.

Look in the Closing Package Folder for a Copy of the Receipt with the proper watermark.

Your new question!

by Pango Group

Pango Way Training Assessment CV

Welcome to your Pango Way Training Assessment CV

Name Email

Explain the purpose of the following documents:

Grant Deed: Used to convey real property by an owner

Quitclaim Deed: Used to convey a possible interest in real property by a party not on title.

Preliminary Change of Ownership Report: Notifies the Assessor of the transfer of title and instructs them how to reassess the tax bill.

Interspousal: Used by spouses involved in a settlement agreement and customarily drafted by an attorney.

FIRPTA Affidavit: Seller signs under penalty of perjury they are a US person.  Seller’s inability to sign this form triggers the requirement of foreign withholding.

When a property is coming out of a Trust on a refinance, what documents are required?

1099 Information Form: Seller instructs escrow how the sale will be reported on their tax return

Who does the Listing Agent represent?

What title policy is most commonly paid for by the Buyer?

What title policy does the CAR RPA default to the seller providing to the buyer?

What are endorsements to the title policy?

When checking in a seller’s opening package, what determines whether state withholding applies?

What is the standard state withholding percent?

If standard state withholding applies on a sale of 400,000.00, how much would we send to the Franchise Tax Board?

For a foreign seller, what would the withholding amount be?

Who issues the seller’s closing disclosure and when?

On an FHA Payoff, how is interest calculated?

When the seller is paying off a PACE/HERO loan that is attached to the tax bill how would you prorate the property taxes?

When prorating taxes on a transaction closing November 3, which is correct?

Under what circumstances can we release a file for recording?

When a lender requires certain debts to paid as a closing condition, what would you do?

If the last payment on a mortgage was made July 5, from what date would you charge interest at the close of escrow?

Who are the true parties to an escrow:

According to the California Association of Realtors Residential Purchase Agreement, from whose proceeds is Buyer's Broker's commission paid?

If no boxes are checked in the initial deposit section of the California Association of Realtors Residential Purchase Agreement.  The default answer is:

by Pango Group

Pango Way Training Assessment II

Welcome to your Pango Way Training Assessment II

Name Email
Mark true or False for the following:

Notice to creditors for a bulk sale requires buyer’s signature.

Quitclaim Deed: Used to convey a possible interest in real property by a party not on title.

Interspousal: Used by spouses involved in a settlement agreement and customarily drafted by an attorney.

Preliminary Change of Ownership Report: Notifies the Assessor of the transfer of title and instructs them how to reassess the tax bill.

FIRPTA Affidavit: Seller signs under penalty of perjury they are a US person.  Seller’s inability to sign this form triggers the requirement of foreign withholding.

1099 Information Form: Seller instructs escrow how the sale will be reported on their tax return

When a property is coming out of a Trust on a refinance, what documents are required?

On a bulk sale the seller’s proceeds must be distributed in the following order:

  1. All obligations to the United States Government
  2. Secured Claims
  3. Broker and Escrow Fees
  4. Wage Claims
  5. All other Tax Claims
  6. All other unsecured claims prorate

What title policy is most commonly paid for by the Buyer?

What title policy does the CAR RPA default to the seller providing to the buyer?

What are endorsements to the title policy?

When checking in a seller’s opening package, what determines whether state withholding applies?

What is the standard state withholding percent?

If standard state withholding applies on a sale of 400,000.00, how much would we send to the Franchise Tax Board?

For a foreign seller, what would the withholding amount be?

Who issues the seller’s closing disclosure and when?

On a Bulk sale, when is an escrow required by law?

When the seller is paying off a PACE/HERO loan that is attached to the tax bill how would you prorate the property taxes?

When prorating taxes on a transaction closing November 3, which is correct?

We are not able to release any funds on a bulk sale transaction with a liquor license prior to receiving the authorization to close.

When a lender requires certain debts to paid as a closing condition, what would you do?

If the last payment on a mortgage was made July 5, from what date would we charge interest when estimating the payoff amount?

Who are the true parties to an escrow:

According to the California Association of Realtors Residential Purchase Agreement, from whose proceeds is Buyer's Broker's commission paid?

If no boxes are checked in the initial deposit field of the California Association of Realtors Residential Purchase Agreement.  The default answer is:

by Pango Group