Core Concepts and Principles Flashcards

Two agents request the same file update at once, one by email and one by text. What best practice helps a TC avoid miscommunication?

Answer: Confirm key updates in writing and keep a communication log in the file

Written confirmation and a communication log create a clear, verifiable record.

What does 'consummation' mean under TRID?

Answer: The date the borrower becomes contractually obligated on the loan

Consummation is when the borrower becomes legally obligated to the creditor, usually at signing.

A buyer wants to cancel during the inspection period. What does a TC typically help prepare?

Answer: A release or cancellation form for agent review and party signatures

TCs prepare the cancellation or release paperwork, which agents review and parties sign.

What is the purpose of the final walk-through before closing?

Answer: To confirm the property's condition and agreed repairs before closing

The final walk-through confirms the property is in the agreed condition and repairs are done.

What does 'recording' the deed accomplish?

Answer: It gives public notice of the transfer of ownership

Recording the deed with the county gives public notice of the new owner.

A seller asks the TC to leave a known roof leak out of the disclosure. What should the TC do?

Answer: Decline and notify the supervising agent or broker, since known material defects must be disclosed

Hiding known material defects is misrepresentation, so the TC must not take part and should escalate.

Which item does a TC usually request from the HOA in a condo or planned community sale?

Answer: Resale certificate or HOA document package

HOA resale packages provide bylaws, dues, assessments, and rules buyers need to review.