A borrower is scheduled to close on a home purchase on Friday. Under TRID rules, when must the borrower receive the Closing Disclosure?
Correct Answer
B) At least three business days before the scheduled closing date
TRID requires the borrower to receive the Closing Disclosure at least three business days before the scheduled closing date. This gives the borrower time to review the final terms and costs before signing.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
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In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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