Communication and Documentation Flashcards

The appraisal comes in below the purchase price. Who should the TC notify promptly?

Answer: The buyer's and listing agents so they can advise their clients

Low appraisals affect financing and negotiation, so both agents must be informed quickly to advise their clients.

Which document is typically signed at closing to transfer ownership from seller to buyer?

Answer: Deed

The deed conveys title from the seller (grantor) to the buyer (grantee).

A party asks the TC to backdate an addendum to meet a missed deadline. What should the TC do?

Answer: Decline and escalate to the agent or broker

Backdating documents can be fraudulent, so a TC must refuse and escalate to the broker.

What is the purpose of a transaction checklist in file management?

Answer: To track required documents and tasks so nothing is missed

Checklists ensure every required document and step is completed and verified before closing.

After closing, what should the TC typically do with the transaction file?

Answer: Submit the complete file for broker compliance review and archive it

Closed files are submitted for broker review and archived per retention rules.

A seller emails a question that the TC does not know the answer to. What is the best response?

Answer: Acknowledge the question and commit to follow up after checking with the appropriate person

Prompt acknowledgment plus accurate follow-up maintains trust without spreading misinformation.

Which situation most clearly requires sending a written notice rather than a phone call?

Answer: Exercising a contract contingency to cancel

Contingency cancellations usually require a written notice delivered per contract terms to be effective.