If a dispute arises during escrow between the buyer and seller preventing the close of escrow, the escrow agent may:
a. cancel the escrow.
b. file an interpleader action.
c. arbitrate the dispute.
d. use their discretion to resolve the issue.
Answer: b. file an interpleader action.
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An investment of $100 today is worth $116.64 at the end of two years if it earns an annual interest rate of 8%. How much interest is earned in the first year and how much in the second year of this investment?
A) The interest earned in year one is $8.32 and the interest earned in year two is $8.32. B) The interest earned in year one is $8.00 and the interest earned in year two is $8.64. C) The interest earned in year one is $8.64 and the interest earned in year two is $8.00. D) There is not enough information to solve this problem.
In the reconciliation of a bank statement, "deposits in transit" should be:
a. added to the unadjusted book balance b. subtracted from the unadjusted bank balance c. added to the unadjusted bank balance d. subtracted from the unadjusted bank balance