An escrow is an account which is established by a broker. It is explained under the provision of the license law. It is opened for the purpose of holding the fund on behalf of the broker’s principal or some other personality who takes part in the transaction. You can also assume it as an account opened by the borrower to pay back the loan or the insurance premium. As an escrow assistant you will have to keep the record of the escrow account in the some bank which provides the Escrow facility.
Some of the interview questions which can be asked from you on this behalf are as follows:
1. Tell us about yourself.
Just tell your name and few words about your job. Do not go in deep other wise it will be wastage of time.
2. For what is escrow best known in US?
Escrow is known for the real estate deals in United States. However all the big deals are carried out with the help of escrow.
3. What do you know about the escrow in judicial context?
As far as the judicial context is concerned, the defendant pays the whole amount of money listed in the deal to the court or the appointed escrow fund. The fun then distributes the money.
4. Give one example when the escrow is used in the field of automated banking and vending equipment.
One of the main and most popular examples is automated teller machine. It is the perfect application of the function which allows the machine to keep the money deposited by the client of the bank separately and if the client challenges the counting of the money then it returns the money to the client or the customer.
5. Give another name for the escrow agent.
The other name is Escrow officer.
6. Write one advantage of the Escrow account?
The main advantage is that you will not have to worry about the big taxes which you will have to pay at the end of every year. All the taxes are included in the original payment. In short you can say that there are some advantages in paying the taxes.
7. What job you will have to do as an Escrow assistant?
I will have to keep the record of various escrow accounts in the bank.
8. Do you feel that you need to be honest for this job?
Yes, lots of cash is involved and if the person is not honest enough then he will definitely be a failure.
9. How honest are you?
I can prove this only when I am selected.
These are some of the questions which can be asked from you. You need to prepare hard for this interview.
