Valuation and Financing Practice Question
Question
A broker is supervising a transaction file involving TRID disclosures. Which statement is the most accurate exam answer? (Item 118)
Answer choices
- A. It applies only to commercial property and never to residential transactions.
- B. Recognize Loan Estimate and Closing Disclosure timing concepts.
- C. It is controlled only by local custom rather than by law, contract, or professional duty.
- D. It is valid only when the buyer pays cash and no lender is involved.
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