At the NC closing table, the closing attorney is responsible for all EXCEPT:
Why Setting the listing broker's commission rate Is Correct
Answer C: Setting the listing broker's commission rate
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
Key Escrow & Title Terms in This Question
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- Under a North Carolina listing agreement, the broker earns a commission when:Contracts
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Key Terms to Know
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
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