Tennessee Real Estate License Exam Practice Question
Rules for Truth in Lending and RESPA call for disclosure documents to borrowers. How can a managing broker best prepare associated licensees to manage these disclosures?
Correct Answer: D
Rationale: Option D emphasizes the vital role of the listing broker in completing the Loan Estimate, highlighting the need for licensees to gather necessary information promptly. This proactive approach ensures compliance and smooth transactions.
Option A, while useful for providing examples, does not address the necessity of timely information collection, which is crucial for compliance. Option B incorrectly suggests that the lender bears full responsibility, neglecting the collaborative role of brokers in ensuring proper disclosures. Option C misguides by implying that urging immediate acceptance of the Loan Estimate is a priority, rather than focusing on accurate and timely information gathering, which is essential for compliance.
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