Question

In the process of finalizing a trade record sheet in a real estate transaction, what is the correct sequence for reviewing and initialing the document?

A) The broker of record reviews and initials the document first, followed by the salesperson's review and initials.
B) The document is initially reviewed by both the salesperson and the broker of record simultaneously.
C) Revisions to the document, after conditions are removed and the offer becomes binding, are made and initialed by the salesperson before submission to the broker of record for signature.
D) The broker of record initiates the revisions to the trade record sheet, which are then reviewed and initialed by the salesperson.

Answer 1

The correct sequence for reviewing and initialing a trade record sheet in a real estate transaction typically starts with the broker of record, followed by the salesperson's initials.

Step-by-step explanation:

In the process of finalizing a trade record sheet in a real estate transaction, the correct sequence for reviewing and initialing the document typically follows a standardized protocol. The answer depends on the specific procedures established by the real estate brokerage, but a common practice is option A) The broker of record reviews and initials the document first, followed by the salesperson's review and initials. This ensures that the broker, who holds ultimate responsibility for the transaction in the eyes of regulatory bodies, verifies the accuracy and completeness of the document before the salesperson adds their initials. Option C) also describes a process where the salesperson may make revisions and initial before submitting to the broker of record for signature, which may occur after the offer becomes binding and conditions are removed from the transaction. It is important for all parties involved to adhere strictly to their brokerage's policies and any applicable real estate laws when finalizing documentation.