Hawaii Pre-Licensing National Practice Exam 2025 – Your Complete Prep Guide

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What is an "escrow period"?

The timeframe in which all conditions of a sale must be completed before the final transfer of property

An escrow period refers to the timeframe in which all conditions of a sale must be completed before the final transfer of property ownership occurs. During this period, various processes are completed, such as inspections, financing, and title checks. The escrow agent typically manages the funds and documents, ensuring that all agreed-upon terms are met before the transaction is finalized. This ensures a secure and structured transfer of property, safeguarding both the buyer's and seller's interests.

The other choices outline different processes or phases in real estate transactions but do not accurately describe the escrow period. Evaluating a property, processing a mortgage application, and the house-hunting phase are distinct from the specific, structured time frame designated for completing transaction conditions prior to closing.

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The time taken to evaluate a property

The duration for a mortgage application process

The period of house hunting before making an offer

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