CTC Timeline Management & Deadline Tracking 3

Question 1

A 'possession date' in a real estate transaction most commonly refers to:

Accepted Answer

When the buyer takes physical possession of the property, often at or after close of escrow

Answer

When the buyer signs the purchase agreement

Answer

When the seller lists the property on the MLS

Answer

When the title company issues the title commitment

Question 2

Which milestone on a transaction timeline indicates that the lender has reviewed all documents and is ready to fund the loan?

Accepted Answer

Loan approval / clear to close (CTC)

Answer

Loan submission

Answer

Title commitment

Answer

Escrow opening

Question 3

If a contract is set to close in 30 days and the appraisal has not yet been ordered on day 10, what should the transaction coordinator do?

Accepted Answer

Immediately notify the agent and buyer's lender that the appraisal order is overdue

Answer

Wait for the agent to address it

Answer

Cancel the transaction on behalf of the seller

Answer

Extend the closing date unilaterally

Question 4

What document is used to officially record any agreed-upon changes to the original contract closing date?

Accepted Answer

A contract addendum or amendment

Answer

A disclosure statement

Answer

A counter-offer

Answer

A title insurance binder

Question 5

The 'final walkthrough' is typically scheduled how close to the closing date?

Accepted Answer

1–5 days before closing

Answer

30 days before closing

Answer

The same day the offer is accepted

Answer

Immediately after inspections are completed

Question 6

What does it mean when escrow instructs the buyer that funds must be 'wired' rather than sent by personal check?

Accepted Answer

The closing funds must be electronically transferred to escrow by the specified deadline, as personal checks are not accepted for closing

Answer

The buyer must mail a cashier's check two weeks early

Answer

The buyer's lender sends funds on behalf of the buyer automatically

Answer

The title company will collect funds at closing from both parties in cash

Question 7

Which of the following best describes a transaction coordinator's role regarding the 'recording' step at the end of a transaction?

Accepted Answer

The TC tracks whether the deed has been recorded by the county and notifies all parties that the transaction is officially closed

Answer

The TC records the deed personally at the county recorder's office

Answer

The TC issues the title policy once recording is confirmed

Answer

The TC disburses proceeds to the seller after recording