Transaction Management & Coordination Flashcards

A purchase agreement is signed by the buyer on Monday and countersigned by the seller on Wednesday, with the signed copy delivered to the buyer's agent that evening. What date should a transaction coordinator typically use to start contract deadlines?

Answer: Wednesday, when acceptance was communicated

Most contracts count deadlines from the effective (acceptance) date, when the final signature is communicated back to the offering party.

The inspection contingency period ends on a Saturday, and the contract says deadlines falling on weekends roll to the next business day. When does the period actually end?

Answer: Monday, the next business day

When the contract has a weekend/holiday roll-forward clause, the deadline moves to the next business day.

Which item is a transaction coordinator generally NOT permitted to do unless separately licensed and authorized?

Answer: Negotiate repair requests on behalf of the buyer

Negotiating terms is an activity that requires a real estate license and agency authority, which goes beyond administrative coordination.

Earnest money is due within three business days of acceptance, but the escrow company has not confirmed receipt by the end of day three. What is the TC's best first step?

Answer: Immediately notify the agent and request proof of deposit

A missed earnest money deadline can give the other side remedies, so the TC should promptly escalate to the agent and get proof of delivery.

Under TRID, how many business days before consummation must the borrower receive the Closing Disclosure?

Answer: Three business days

The CFPB's TRID rule requires the Closing Disclosure to be received at least three business days before consummation.

Which change after the initial Closing Disclosure triggers a NEW three-business-day waiting period?

Answer: Adding a prepayment penalty to the loan

A new waiting period is required if the APR becomes inaccurate, the loan product changes, or a prepayment penalty is added.

A transaction coordinator receives an email that appears to come from the title company with new wiring instructions for the buyer. What should happen first?

Answer: Verify the instructions by calling the title company at an independently confirmed phone number

Wire fraud prevention requires verifying any change in wiring instructions through a known, independently sourced phone number.