Assessment and Evaluation Flashcards

Which situation calls for the TC to escalate to the broker rather than handle it alone?

Answer: A party asks the TC whether they should cancel the contract

Advice on contract rights is beyond a TC's role and should go to the licensed agent or broker.

A wire transfer request arrives from a new email address claiming to be the title company and asking for changed wiring instructions. How should the TC assess it?

Answer: As a likely wire fraud attempt to verify by calling the title company at a known number

Last-minute changes to wiring instructions are a classic sign of wire fraud and must be verified independently.

When assessing a file's readiness to close, which status best indicates the lender is done?

Answer: Clear to close (CTC) issued

Clear to close means the underwriter has satisfied all conditions and the loan can fund.

A TC finds that the buyer's earnest money check was deposited two days past the contract deadline. What is the best next step?

Answer: Document it and notify the agents, since late deposit may be a contract default issue

Late earnest money can create a breach issue, so it must be accurately documented and reported.

Which KPI best reflects a TC's success at keeping deals together?

Answer: Percentage of files that close successfully versus cancel

The close-to-cancellation ratio shows how well transactions are carried through to completion.

A survey shows a fence that encroaches two feet onto the neighbor's lot. How should the TC treat this finding?

Answer: As a potential title and boundary issue to bring to the agents and title company

Encroachments can affect title insurability and buyer rights, so they need prompt attention.

When evaluating a new transaction management software, which factor matters most for compliance?

Answer: Audit trails, secure document storage, and checklist tracking

Audit trails and secure storage support recordkeeping and regulatory compliance.