Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Why did the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule impact real estate closing dates?

TRID eliminated the need for closing disclosures, shortening the process.

TRID introduced mandatory waiting periods between disclosure and closing, extending the timeline.

TRID required buyers to pay closing costs in advance, causing delays.

TRID allowed lenders to waive all documentation requirements, speeding up closings.

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Verified step by step guidance

Understand the purpose of the TILA-RESPA Integrated Disclosure (TRID) rule: TRID was implemented to improve transparency in the mortgage process by consolidating and simplifying disclosure forms for borrowers.

Recognize the key change introduced by TRID: It established mandatory waiting periods between the issuance of disclosures and the closing date to ensure borrowers have sufficient time to review the terms and costs of their loan.

Analyze the impact of mandatory waiting periods: These waiting periods inherently extend the timeline for real estate closings, as they prevent immediate progression to closing after disclosures are issued.

Clarify misconceptions: TRID did not eliminate the need for closing disclosures, require buyers to pay closing costs in advance, or allow lenders to waive documentation requirements. Instead, it focused on ensuring borrowers are well-informed.

Conclude the reasoning: The introduction of mandatory waiting periods is the primary reason TRID impacted real estate closing dates by extending the timeline.