Applied Methods and Techniques Flashcards

After closing, what is a key TC task for file completion?

Answer: Upload the final settlement statement and all executed documents for broker compliance review and retention

Brokerages must keep complete transaction records for review and for the retention periods regulators require.

Which technique helps a TC catch errors on the Closing Disclosure or settlement statement?

Answer: Comparing line items against the contract terms, such as price, credits, prorations, and earnest money

Line-by-line comparison to the contract finds credit, proration, and deposit errors.

A loan commitment deadline is approaching and the lender has not issued approval. What should the TC do?

Answer: Alert the buyer's agent in time to request an extension or decide how to handle the contingency

Early notice lets the agent protect the client's rights before the deadline passes.

What is the purpose of a transaction 'audit trail' in electronic signature platforms?

Answer: It records who signed, when, and from where, supporting enforceability and compliance

Audit trails document each signing event, which supports the validity of e-signatures under ESIGN and UETA.

Which approach is most effective for managing repeat tasks on every transaction?

Answer: Using standardized templates and task workflows that are triggered at contract acceptance

Templates make sure no routine step is skipped and keep quality consistent.

Both agents verbally agree to move the inspection deadline. What should the TC do?

Answer: Prepare a written addendum or extension for both parties to sign, then update the timeline

Real estate contract changes must be in writing and signed to be enforceable.

A final walk-through finds that an agreed repair was not finished. What is the TC's appropriate action?

Answer: Notify the agents right away so they can negotiate a fix, such as a credit, holdback, or delay, and document the result

The TC escalates promptly and documents whatever resolution the agents and parties agree on.