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Joe from Prep Agent discusses the concept of a trustee, emphasizing that its significance varies across states. A trust deed consists of three parties: trustor, trustee, and beneficiary. The trustor is the individual seeking a loan to buy a house, while the trustee and beneficiary play crucial roles in the trust deed. Understanding these parties is essential in comprehending the trustee's function. Be sure to consult your local state laws to determine the relevance of trustees in real estate transactions.