Valuation and Financing Practice Question
Question
An investor is comparing two properties involving TRID disclosures. Which statement is the most accurate exam answer? (Item 138)
Answer choices
- A. It makes oral promises enforceable in every real estate transaction.
- B. Recognize Loan Estimate and Closing Disclosure timing concepts.
- C. It is optional whenever both parties verbally agree to proceed.
- D. It allows a salesperson to act independently of the responsible broker.
Correct Answer
B. Recognize Loan Estimate and Closing Disclosure timing concepts.
Explanation
The correct answer is B because TRID disclosures requires candidates to recognize Loan Estimate and Closing Disclosure timing concepts. The other options overstate the effect of custom, oral agreement, escrow, or independent salesperson action and do not reflect safe California exam practice.
Question details
- Difficulty: medium
- Domain: Valuation and Financing
- Objective: TRID disclosures