Tennessee Realtor State Practice Exam

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Prepare for the Tennessee Realtor State Exam with questions and explanations designed to help you succeed. Master the principles and regulations of real estate in Tennessee. Ace your exam with confidence!

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What can a client expect to happen on the day of closing?

Final negotiations with the seller
Transfer of loan funds
Inspection of the property
Signing of the listing agreement

The correct answer is: Transfer of loan funds

On the day of closing, one of the key elements that clients can expect is the transfer of loan funds. This process is essential for completing the home purchase. Once all parties are present, the lender disburses the funds needed to buy the property. These funds are then typically transferred to the seller’s account, finalizing the financial transaction required for the transfer of ownership. The other options do not accurately represent what occurs on closing day. Final negotiations with the seller typically happen earlier in the transaction process, not at the closing. An inspection of the property is usually completed prior to closing, ensuring that the buyer is satisfied with the condition of the home before finalizing the sale. Signing the listing agreement also occurs much earlier in the process, as it pertains to the seller listing their property for sale rather than the closing of the sale itself.