Arkansas Real Estate Practice Exam

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What must the principal broker or designated executive broker provide to a third party closing the transaction?

A personal guarantee
Financial backing
Written closing instructions and a review of the client's closing statement
A list of potential inspectors

The correct answer is: Written closing instructions and a review of the client's closing statement

The principal broker or designated executive broker is required to provide the third party with written closing instructions and review the client's closing statement. This is important because it ensures that all parties involved are on the same page and that the closing process is handled properly. Option A and B are incorrect because the principal broker or designated executive broker is not responsible for providing personal guarantees or financial backing for the transaction. Option D is also incorrect because while inspectors may be involved in the transaction, it is not the responsibility of the principal broker or designated executive broker to provide a list of potential inspectors.