BOMI Asset Management Practice Test

The task that is not typically completed by a broker once the terms and conditions of the sale are finalized is preparing market surveys. Market surveys are typically conducted prior to a sale to gather information about property values, market conditions, and comparable properties. This data assists in guiding the pricing and marketing strategies for a property before it goes on the market.

Once the sale is finalized, the broker's focus shifts more towards the logistical aspects of the transaction, such as confirming closing documents, confirming the time and date of closing with the buyer, and coordinating with various parties involved in the closing process, which may include lenders and title companies. These tasks are essential to ensuring that the transaction proceeds smoothly and that all necessary paperwork is complete prior to the transfer of ownership.

In contrast, working with utility companies to prorate charges to the day of closing, while an important activity, also tends to occur ahead of the actual closing date. Ultimately, the preparation of market surveys is a pre-sale activity, making it the task that does not align with the responsibilities of a broker after the terms of sale are finalized.

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