A listing agent tells a buyer that the home has 2,400 square feet based on the seller's verbal estimate. County records show only 1,900 square feet. The buyer relies on the agent's statement and overpays. What liability theory applies to the agent?
Correct Answer
A) Negligent misrepresentation
The agent carelessly repeated inaccurate factual information without verifying it against available records. This careless failure to provide accurate material information fits negligent misrepresentation.
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What is the primary purpose of the Loan Estimate form under TRID?
The Closing Disclosure must be provided to the borrower at least three business days before closing. If the closing is scheduled for Friday, and Saturdays and Sundays are not business days for this lender, when is the latest the borrower can receive the Closing Disclosure?
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- → What is the 'Annual Percentage Rate' (APR) as disclosed on the Loan Estimate and Closing Disclosure?
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- → Under TRID, all of the following are included on Page 1 of the Loan Estimate EXCEPT.
- → Under TRID, all of the following pieces of information trigger the lender's obligation to provide a Loan Estimate EXCEPT.
- → A borrower wants to waive the three-business-day waiting period after receiving the Closing Disclosure because an emergency requires the borrower to move into the property immediately. Under TRID, can the borrower waive the waiting period?
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