Question

Joe Broker prepares a mortgage for the buyer. The buyer has not signed it, but Joe keeps an unsigned copy in his transaction files. Has Joe violated the Rules?

A. Yes, Joe should have kept the signed copy in the files
B. No, because Joe is not required to keep a copy of the mortgage in his files
C. No, because Joe does not have to keep a signed copy in his files
D. Yes, because Joe cannot prepare a mortgage for the buyer

Answer 1

No, Joe has not violated any rules.

The correct answer is C. No, because Joe does not have to keep a signed copy in his files.

Joe Broker has not violated any rules by keeping an unsigned copy of the mortgage in his transaction files. The buyer's signature is not necessary for Joe to prepare the mortgage, and therefore he is not required to keep a signed copy in his files.

It is important to note that while Joe has not violated any rules by keeping an unsigned copy, it is always best practice to have a signed copy for documentation and legal purposes.