A real estate agent is explaining TRID disclosures to a buyer. All of the following are on the Closing Disclosure EXCEPT.
Correct Answer
A) The real estate agent's personal commission split arrangement with their broker
The agent's personal commission split with their broker is not disclosed on the Closing Disclosure. The CD shows total real estate commissions but not how they are divided between agents and their brokerages.
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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?
- → A borrower is told by the lender that certain closing costs may change between the Loan Estimate and Closing Disclosure. Under TRID, which of the following fees has the strictest tolerance limit?
- → The Closing Disclosure includes an 'Other Costs' section. A borrower notices a charge for a home inspection that the borrower ordered independently. Who is responsible for this cost?
- → A borrower compares the Loan Estimate to the Closing Disclosure and notices that the recording fees increased by $50 from $350 to $400. Recording fees are set by the government. Under TRID tolerance rules, is this increase allowed?
- → A borrower receives a Loan Estimate and notices that the estimated title insurance fee is $1,200. At closing, the Closing Disclosure shows the title insurance fee is $1,400. The borrower was allowed to shop for title insurance from a list provided by the lender. Under TRID tolerance rules, is this increase permissible?
- → A lender's origination charge on the Loan Estimate is $2,000. At closing, the origination charge on the Closing Disclosure is $2,300. Under TRID, what must the lender do?