Valuation and Financing Practice Question
Question
A listing agent notices a potential compliance issue involving TRID disclosures. Which statement is the most accurate exam answer? (Item 38)
Answer choices
- A. It can be ignored if the transaction is expected to close quickly.
- B. Recognize Loan Estimate and Closing Disclosure timing concepts.
- C. It requires the licensee to favor the other party over the licensee’s own client.
- D. It is primarily a tax rule with no effect on brokerage practice.
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