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

The possession date is when the buyer is entitled to take physical occupancy of the property, which may coincide with or follow the close of escrow depending on contract terms.

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

A 'clear to close' (CTC) from the lender indicates full loan approval and readiness to fund, meaning all underwriting conditions have been satisfied.

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

A TC should proactively flag timeline risks to relevant parties so corrective action can be taken before a deadline is missed and the closing is jeopardized.

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

Any modification to a contract term, including the closing date, must be documented in a written addendum or amendment signed by all parties to be legally effective.

Question 5

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

Accepted Answer

1–5 days before closing

Answer

The final walkthrough is scheduled 1–5 days before closing so the buyer can verify the property's condition, confirm repairs were made, and ensure nothing has changed since the inspection.

CTC - Certified Transaction Coordinator Practice Test

CTC - Certified Transaction Coordinator Practice Test

CTC Timeline Management & Deadline Tracking 3