Transact
An agent creates a purchase-and-sale agreement as a standalone form, collects signatures, and only afterward creates the transaction file. What should the agent have done first to keep the file organized and allow information to populate throughout the forms?
What is create the transaction first, enter the property and parties, and then add the forms inside that transaction?
Before opening a door and showing a property to a prospective buyer, what agreement must the agent have completed?
What is a touring agreement or buyers rep.
The inspection and repair period is about to expire, but the buyer does not want to request any repairs and intends to continue with the purchase. What should the agent do?
What is send written notification that the repair contingency has been satisfied and the buyer is moving forward with the transaction?
An agent advertises a listing on Facebook Marketplace using only their name and phone number. What required information is missing?
What are the licensed real estate firm’s name and telephone number?
A buyer tells their agent, “I only want to live in a neighborhood with families like mine.” If the agent complies by directing the buyer toward or away from certain neighborhoods based on protected characteristics, what is this practice called?
What is steering?
A buyer’s name is misspelled throughout several forms in Transact. The forms have not been signed yet. What is the most efficient way to correct the mistake without editing every form separately?
What is correct the buyer’s information in the transaction contacts and refresh or repopulate the forms?
An agent is working with both the buyer and seller in the same transaction. Under our office policy, what agency relationship is prohibited?
What is dual agency?
The lender says the loan will not be ready by the contract’s closing date, but both parties want to continue with the transaction. What should the agent do?
What is prepare an amendment extending the closing date and obtain all parties’ signatures before the current deadline?
A home inspector offers to pay an agent $100 for every buyer the agent refers. What must the agent do before recommending that inspector?
What is disclose the referral fee or financial interest to the client? The agent must also have check made out to company and receive compensation through brokerage.
An agent knows that another offer has been submitted and tells their buyer the competing offer’s exact price without authorization from the seller. What ethical duty may the agent have violated?
What is the duty to protect confidential information and disclose the existence or terms of competing offers only as permitted by the seller?
A dispute occurs over whether a buyer received and signed a disclosure before making an offer. What records inside Transact and the electronic-signature system could help establish the order of events?
What are the transaction activity history, document versions, email or delivery records, signature certificate, timestamps, and electronic-signing audit trail?
A customer who is not represented by the agent asks, “What price should I offer, and which inspections do you think I need?” How should the agent respond under office policy?
What is explain that the agent cannot provide advice or advocacy to a non-client and offer the opportunity to establish a written agency relationship?
The appraisal comes in below the purchase price, and the buyer wants the seller to reduce the price. What should the buyer’s agent do? How many days?
What is send notification to listing agent immediately, 3 days to negotiate if on the 3rd day their is not resolution send notification to terminate or extend the deadline.
An agent purchases an investment property for themselves but submits the offer through an LLC. What disclosure must be made?
What is disclose in writing that the buyer is a licensed real estate agent and has a personal interest in the purchasing entity?
An agent’s role changes from designated agent to facilitator during a transaction. What must be completed?
What is written notification and confirmation of the change in agency status, signed or acknowledged by the both parties and disclosed to the other agent? The seller would have to agree first.
Fun fact, they don't have too!
One party successfully signs the documents, but the other party says they never received the signing invitation or cannot access it. What is the easiest way to correct this without making the first party sign again?
What is force-complete the original signing and resend the completed signing to the party who has not signed?
What document should an agent review with their client before closing to verify that commissions, transaction fees, credits, and other charges are correct, allowing time to fix any errors?
What is the Alta or Hud Statement from title company.
The contract requires earnest money to be delivered within the stated deadline, but the earnest money is not received. What should the agent do?
What is immediately notify the broker and the parties in writing that the earnest money was not received, document the missed deadline, and follow the contract regarding the seller’s available remedies? The agent cannot terminate the contract on their own.
A transaction closes successfully. How long must the brokerage preserve the transaction records under Tennessee law? Then what is the suggested time to hold files due to being able to be sued?
What is 3 and 7 years
An agent advertises a listing as “perfect for young couples with no children.” What protected class could this advertisement discriminate against?
What is familial status?
After a listing goes active or a property goes under contract, how long does the agent have to update the transaction status in Transact and submit the file for broker review?
What is within 48 hours?
A client is unavailable and tells the agent by text, “Go ahead and sign my name or initial the change for me.” What must the agent do?
What is refuse to sign for the client and send the document to the client for their own signature
A buyer submits a cash offer with a 30-day closing. Five days after the contract becomes binding, the buyer tells their agent they have decided to obtain a loan. What should the agent do?
What is send notification with updated information. The buyer may obtain a loan, but the contract remains a cash transaction with no financing contingency, and the buyer is still obligated to close by the agreed date.
A seller previously told their agent the lowest price they would accept. The listing later expires, and the agent begins working with a buyer interested in the property. What must the agent do with the seller’s confidential information?
What is continue protecting the former client’s confidential information and not disclose the seller’s lowest acceptable price without permission? The duty of confidentiality continues after the agency relationship ends.
A buyer brings a dog to a showing. The dog’s purpose is not obvious, and the agent needs to determine whether it is a service animal. What two questions may the agent legally ask?
Fun fact their is no certificate (do not ask)