Question 1 & Explain Answer Please

Rules for Truth in Lending and RESPA now call for new disclosure documents. How can a managing broker best prepare associated licensees to manage these new forms?

A - The broker can provide samples so that when the licensee and the borrower prepare the forms they are following a good example. B - The listing broker will be primarily responsible for completing the Loan Estimate to send to the lender, so the broker should train associated licensees to collect all the necessary information in a timely fashion. C - The Loan Estimate is a binding obligation by the lender to make the loan as described. The managing broker should train licensees to advise borrowers to accept it right away as all lenders are pretty much alike and there is really no reason to shop the loan. D - The lender has primary responsibility to provide these forms. The broker and licensees should understand the items required for the lender to comply and be prepared to guide the borrower in reviewing these forms following the loan application and prior to the closing.

Question 72

A seller calls a broker to request a listing consultation appointment. When the broker arrives to tour the home, the broker decides that she would be interested in purchasing the home for herself. How should the broker proceed?

A - Disclose her personal interest and intention to purchase. B - List the home and market it to ready, willing, and able buyers. C - Advise the seller of the market conditions and suggest a listing price. D - Keep her personal interest confidential until her offer is ready to present.