Tennessee Real Estate Exam Practice Question
Because the listing broker will prepare the Loan Estimate the broker should
Correct Answer: B
Rationale: The listing broker should train licensees to collect information timely to ensure accurate and efficient preparation of the Loan Estimate. Timely information collection is crucial for compliance and to provide clients with reliable figures.
Option A, "do nothing," is incorrect as inaction can lead to delays and errors in the Loan Estimate process.
Option C, "because the lender has primacy," misrepresents the broker's role; while lenders are essential, brokers also play a critical part in gathering necessary data.
Option D, "because the broker will be primarily responsible for completing the Loan Estimate," is misleading; while brokers assist, the lender ultimately prepares the document.
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