Applied Methods and Techniques Flashcards

An appraisal comes in below the purchase price. What is the TC's appropriate role?

Answer: Notify the agent right away, note the appraisal contingency deadline, and prepare any addendum the agents agree to

TCs support the process administratively; negotiating and giving advice belong to licensed agents.

Which naming convention technique improves document retrieval in a digital transaction file?

Answer: Consistent names such as property address, document type, and date

Standardized file names make documents quick to find and audit.

A TC sees that the buyer's name is spelled differently on the contract and the loan application. What should happen?

Answer: Raise the discrepancy with the agent and lender so it can be corrected before closing documents are drawn

Name mismatches can delay funding and title, so they should be fixed early through the proper parties.

What is the best technique for handling a buyer's inspection repair request?

Answer: Make sure it is on the proper form, delivered to the listing agent before the deadline, and that delivery is documented

Correct form, timely delivery, and documented delivery protect the buyer's contingency rights.

A TC is working with a seller whose property has an HOA. Which task should start early in escrow?

Answer: Ordering HOA resale documents or the estoppel, since they can take days or weeks

HOA documents often have long turnaround times and buyer review periods tied to delivery.

What does a 'clear to close' notification from the lender mean for the TC's workflow?

Answer: Underwriting conditions are satisfied, and the TC can confirm the signing appointment and closing logistics

Clear to close means the loan is approved for final documents, which triggers closing scheduling.

Under TRID rules, how soon before consummation must the borrower generally receive the Closing Disclosure?

Answer: At least 3 business days

TRID requires the Closing Disclosure to be received at least three business days before consummation.