Question

Which of the following is not the responsibility of the broker who is the closing agent?

1) The broker must deliver a copy of the closing statement to the employing broker of all licensees.
2) Ensure that the title commitment is in order.
3) Prepare the closing documents.
4) Work with the lender to obtain the loan package.

Answer 1

The broker acting as a closing agent is not responsible for delivering a copy of the closing statement to the employing broker of all licensees. Their duties include ensuring the title commitment, preparing closing documents, and coordinating with the lender for the loan package.

Step-by-step explanation:

The student's question pertains to the responsibilities of a broker who acts as a closing agent in a real estate transaction. The option that is not the responsibility of the broker is the first one: delivering a copy of the closing statement to the employing broker of all licensees. The primary obligations of the closing agent typically involve ensuring the title commitment is in order (2), preparing the closing documents (3), and working with the lender to obtain the loan package (4). The closing agent's role is to facilitate the completion of the transaction by overseeing the final steps, which includes resolving any last-minute issues, confirming the transfer of funds, and ensuring that the property title is transferred correctly without encumbrances.