Communication and Documentation Flashcards

A buyer emails the transaction coordinator asking whether they should waive the inspection contingency. What is the most appropriate response?

Answer: Refer the question to their licensed agent or attorney

TCs must not give legal or real estate advice and should refer such questions to the licensed agent or an attorney.

Which document records an agreed change to the closing date after the purchase contract has been signed?

Answer: Addendum or amendment

Changes to terms after mutual acceptance are documented in a signed addendum or amendment.

When is a purchase contract generally considered mutually accepted for timeline purposes?

Answer: When the final acceptance is signed and delivered to the other party

Acceptance usually occurs when the last party signs and that acceptance is communicated or delivered, starting contract deadlines.

A TC notices that the seller's initials are missing on page 4 of an executed contract. What should the TC do first?

Answer: Notify the responsible agent and request the missing initials

Missing initials should be flagged to the agent so the party can complete them; a TC must never sign for a party.

What is the main purpose of a transaction timeline or calendar sent to all parties after acceptance?

Answer: To list critical contract deadlines and responsibilities

A timeline summarizes key dates such as contingency removals and closing so every party stays on schedule.

Which communication method best creates a verifiable record of a contingency removal notice?

Answer: Signed written notice delivered per the contract's notice terms

Contracts typically require written, signed notices delivered as specified, which also creates a clear record.

A TC receives wire instructions for earnest money that differ from those previously provided by the title company. What should the TC do?

Answer: Verify by calling the title company at a known, independently sourced phone number

Changed wire instructions are a classic fraud red flag and must be verified through a trusted, independent contact.