Cornerstone Quiz #7 (Poa Special)

5 Questions | Total Attempts: 50

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Cornerstone Quiz #7 (Poa Special)

Questions and Answers
  • 1. 
    What makes a "Durable" Power of Attorney durable?
    • A. 

      That's a stupid question, it's named "Durable" in the title.

    • B. 

      There is a provision in the Power of Attorney that says "this is a durable power of attorney."

    • C. 

      There is a provision in the Power of Attorney that states this Power of Attorney shall remain in effect regardless of the capacity of the principal.

    • D. 

      The Power of Attorney is laminated so it cannot be destroyed.

  • 2. 
    Per underwriter and Cornerstone policy, which of the following statements regarding POA's are generally true (note: you may select multiple answers)?
    • A. 

      A POA must be specific.

    • B. 

      A POA must be durable.

    • C. 

      The use of the POA must be approved by Barbara prior to closing.

    • D. 

      Escrow must talk to the POA principal to determine why the POA's use is necessary.

    • E. 

      A POA principal must be physically unable to attend the closing.

  • 3. 
    Which of the following statements BEST describes how the POA agent should sign on behalf of the POA principal?
    • A. 

      The POA agent should simply sign the POA principal's name for the POA principal.

    • B. 

      The POA agent should just simply sign POA agent's name.

    • C. 

      The POA agent should sign the POA agent's name and then write "as his/her attorney-in-fact."

    • D. 

      The POA agent should sign the POA agent's name and then write "for [POA principal]."

    • E. 

      Escrow should always check with the lender to see if the lender has a preference for how the documents are signed by the POA agent.

  • 4. 
    A very good clients presents you with a copy of a General POA that was signed in 2012. You should:
    • A. 

      Refuse to close the POA because it is general and not specific.

    • B. 

      Refuse to close because the POA is not an original.

    • C. 

      Refuse to close because the POA is stale (over one year old).

    • D. 

      Contact the POA principal to find out if the principal can sign a new, specific POA.

  • 5. 
    Which employee has been at Cornerstone the longest?
    • A. 

      Debbie Weaver

    • B. 

      Regina Snow

    • C. 

      Jessie Simon-Buonocore

    • D. 

      Scott Manning

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