Earnest Money Excitement!

a detailed illustration of a real estate transaction involving earnest money, featuring checks, bank statements, and a happy family examining paperwork in a modern office setting

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

7 Questions2 MinutesCreated by CheckingDollar24

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

Earnest Money Excitement!

Earnest Money Essentials Quiz

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