TRID Glossary of Terms

Please purchase the course before starting the lesson.


Receiving Continuing Education (CE) Credits after you have successfully completed this course, you will receive three continuing education credit hours on your real estate license renewal transcript. To receive credit for the course, you must achieve 80 percent or better on each of the chapter quizzes and the final exam. If you do not pass a quiz or the exam, you will be given another quiz with new questions.

Course Completion Time

A Student has 1 year to complete any course from the date the student first started the course. After 1 year, the student’s privileges to access that course shall expire. Once you complete your course and have been certified, you will no longer have access to that course.

Certificate of Completion

Issued Immediately Online: upon completion of each course.


The Arizona Department of Real Estate will not allow a student to take more than 3 courses per day (9 hours of credit). Therefore, a student who completes 3 courses in a calendar day will not have access to their other courses until 12:00 a.m., which starts the next calendar day. You can only work on one course at a time, therefore, once you start a course, you must complete that course before you have access to your other courses.

Upon the successful completion of any course

You will receive a Certificate under your name, exactly as it appears when you first created your student account. Your certificate will be available to you immediately after passing your final exam by clicking a link. It is the student’s responsibility to then print the certificate from your computer. We do not fax or mail certificates to students.

Replacement Certificates

If you need a replacement certificate at a later date, duplicate certificates are also available online. In your student account, accessible to you with your username and password, you can access your course history and get course names and dates of completion.

Refund Policy

There is no charge to create a Student Account. This gives you the ability to order courses from us. However, once you order courses, there shall be no refunds of monies paid. All sales of courses are final. Dodd’s School Of Real Estate will refund any fees for courses if the course is discontinued by the school, preventing the student from completing the course.

shaneAbout the Instructor

Shane Dodd

Shane is an Active Designated Broker and is dedicated and committed to helping you succeed as a Realtor in today’s marketplace. He has been developing and instructing professional and business development courses since 2007. Shane and his staff regularly update these courses to help ensure students are receiving the latest in training and development.  We sincerely hope that you enjoy your training experience as you go through this course. If you have questions about course content, would like to provide feedback to help improve the course, or experience any technical difficulty while in the course, you are welcome to contact us by clicking the “Help” .


Linda Tummolo

Linda is an active Associate Broker and is also dedicated and committed to helping you succeed as a Realtor® in today’s market. Linda has been a mentor since 2007. Held a position as Managing Broker and has been developing and teaching new agents to be able to navigate their journey from the beginning to their first successful transaction and all the aspects in between from lead generating, searching, negotiating, accounting and the closing. Teaching has always been her passion.


Note: The Orientation part of this course is not part of the ADRE Continuing Education Requirement. This section is for informational purposes only regarding this website and information on the instructors. 

 Please Read:

You must complete the fill-in-the-blanks below in order to start the quiz. 


An application triggers an obligation to provide a Loan Estimate (LE). The strict six bucket definition of an application is:
A ‐ Address
L ‐ Loan Amount
I ‐ Income
E ‐ Estimated property value
N ‐ Name
S ‐ Social Security Number

NOTE: Once the broker received the six pieces of information listed above, there is an application as defined by TRID.
Quick Quiz

Fill in the Blank:
An triggers an obligation to provide a Loan Estimate (LE).

The new regulation imposes 2 separate definitions of business day.

Business Day (Loan Estimate):

A day on which the creditor’s (Lender) offices are open to the public for carrying on substantially all of its business functions. This means you WILL NOT include Saturdays in the count.

Business Day (Closing Disclosure):

All calendar days except Sundays and legal public holidays. This means you WILL include Saturdays in the count.

Changed Circumstance:

Lenders are generally bound by the LE, provided by the Broker to the consumer within three business days of the application, and may not issue revisions if they later discover technical errors, miscalculations, or underestimations of charges.

Lenders may issue a revised LE only with a valid changed circumstance defined as:

  • An extraordinary event beyond the control of any interested party or
    other unexpected events specific to the consumer or transaction.
  • Information specific to the consumer or transaction that the creditor relied
    upon when providing the Loan Estimate and that was inaccurate or changed
    after the disclosures were provided.
  • New information specific to the consumer or transaction that the creditor did
    not rely on when providing the Loan Estimate.
Quick Quiz

Fill in the Blank:
Lenders are bound by the LE, provided by the Broker to the consumer within three business days of the .

Closing Disclosure (CD):

The new closing document that replaces the final TIL and the HUD‐1.  The lender must provide to a consumer at least three (3) business days before closing.  There are three changes to disclosures that require a new waiting period if they become
inaccurate before consummation. The borrower must receive a new CD and an additional
three business day waiting period after receipt of the new form.

The 3 changes are as follows:

  • If the lender makes changes to the annual percentage rate (APR) greater than an
    1/8 to a fixed rate loan and a ¼ to an adjustable loan.
  • If the loan product changes; as an example from a fixed to an ARM or vice versa.
  •  If a prepayment penalty is added that causes the required prepayment penalty
    statement to become inaccurate.


The time that a consumer becomes contractually obligated on a credit transaction. (Not necessarily the same as close of escrow)

Delivery Methods for Disclosures:

  •  By Mail ‐ Placing the Loan Estimate in the mail within 3 business days complies
    with the regulation. The applicant is considered to have received the Loan Estimate 3 business days after it is placed in the mail. In the case of mail delivery, the creditor may consider the Loan Estimate delivered earlier than three days if
    the creditor has evidence of this. A signed receipt by the consumer for
    overnight delivery would be evidence that would support a claim of early
  • Electronic ‐ Electronic delivery means sending the disclosures using a secure email delivery method.
  • In Person – The disclosure may be delivered in person. The Loan Estimate must be delivered to the borrower within the 3-day requirement.

Close of Escrow:

The consummation of a real estate transaction, when the seller delivers title to the buyer in exchange for payment by the buyer of the purchase price. Pursuant to the Arizona Association of REALTORS® Residential Resale Real Estate Purchase Contract, close of escrow “shall occur when the deed is recorded at the appropriate county recorder’s office.”

Quick Quiz

Fill in the Blank:
The of a real estate transaction, when the seller delivers title to the buyer in exchange for payment by the buyer of the purchase .

Warning Please Read:

You must complete the fill-in-the-blanks above in order to start the quiz below.  It is required for the timer to run out before submitting the quiz for grading.

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