Virginia Real Estate Exam Practice Question
What do you call the person or entity that oversees trust or escrow money?
Correct Answer: A
Rationale: The person or entity overseeing trust or escrow money is known as a "trustee" or "escrow agent," but none of the options directly reflect this role.
Option A, "Monthly installment," refers to regular payments made over time, not a governing role.
Option B, "Promissory note," is a financial document that outlines a promise to pay a specified amount, lacking the oversight function.
Option C, "Verbal assurance," indicates a spoken promise without legal backing, which does not pertain to financial oversight.
Option D, "Wired funds," pertains to electronic money transfers and does not imply supervision.
None of the options accurately describe the overseeing entity, highlighting a need for clarity in financial terminology.
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