Industry Best Practices Flashcards

Which tool is most commonly used by TCs to obtain legally valid signatures remotely?

Answer: Electronic signature platforms compliant with the ESIGN Act and UETA

Federal ESIGN and state UETA laws recognize electronic signatures when proper e-signature platforms and consent procedures are used.

A seller's disclosure form is delivered to the buyer. What should the TC confirm next?

Answer: That the buyer has signed or acknowledged receipt within the time the contract or state law requires

Documenting buyer receipt and timing matters because disclosure delivery often starts review periods or rescission rights.

A buyer's earnest money deposit is due within three business days of acceptance. Best practice for the TC is to:

Answer: Obtain the escrow or title company's receipt confirming the deposit and store it in the file

A receipt from the escrow holder proves the deposit was made on time and is a common compliance requirement.

Under the TILA-RESPA Integrated Disclosure (TRID) rule, how many business days before consummation must the borrower generally receive the Closing Disclosure?

Answer: 3 business days

TRID requires the borrower to receive the Closing Disclosure at least three business days before consummation.

What is the best practice when an agent's own team member asks for the full file of a client they are not working with?

Answer: Share only what is authorized under brokerage policy and client confidentiality rules

Access to client information should follow brokerage policy and need-to-know principles.

Which is the best way to handle a document that arrives illegible or with pages cut off?

Answer: Request a clean, complete copy before marking the item received

Incomplete or illegible documents do not meet compliance standards and must be replaced with complete copies.

Why should a TC confirm the final walk-through is scheduled before closing?

Answer: It lets the buyer verify the property's condition and that agreed repairs were completed

The final walk-through confirms condition and agreed repairs before the buyer takes ownership.