Final answer:
The duty of an escrow agent is to stay impartial, holding funds or documents during a real estate transaction until all conditions are met but not to give legal advice or prepare loan documents.
Step-by-step explanation:
The student has asked about the duties of an escrow agent. An escrow agent is involved in the closing process of a real estate transaction.
The duty of an escrow agent is primarily to stay impartial and hold funds or documents on behalf of the parties involved in the transaction until specific conditions are met.
This can include making sure that the payment of home insurance and property taxes is taken care of, as part of the normal monthly payment.
However, it is not the duty of the escrow agent to explain and interpret forms under Regulation Z of the Truth in Lending Act, to give legal advice, or to prepare loan documents in conformity with RESPA.
These tasks would typically be handled by other professionals involved in the transaction, such as a loan officer or an attorney.