OATHS & OBLIGATIONS
(Contracts & Compliance)
(Contracts & Compliance)
Who is responsible for delivering escrow deposits to the Title Company?
The buyer(s)
Name one lead source that doesn't require paid advertising.
Acceptable answers: Open Houses, Social Media, SOI, Networking
What is the purpose of a CMA (Comparative Market Analysis)?
To estimate the value of a property.
What is the minimum down payment for an FHA loan?
3.5% of purchase price
Name 4 of the 9 pieces of contact information that are used to make up a contact's health score in your Command database.
Acceptable answers: Name, Address, Email, Phone, Tag, DOB, Lead Source, Job Info, Social Media URL
When needing to access buyer or seller forms from DocuSign, what is the first step?
Create an Opportunity in Command
What's the most important thing to do after an Open House?
Follow-up with the visitors
What is a 'Net Sheet' used for?
To calculate a seller's potential proceeds.
Fun fact: you can use the FANAgent One app to calculate a net sheet and to estimate a buyer's estimated closing costs.
How can you get a blank purchase contract if you're unable to access DocuSign?
Form Simplicity or Transaction Desk - both are available through Stellar MLS.
Name the one place where you can find a list of KWSS Preferred Vendors, the Brokerage License number, your login for donotcallcompliance.com, the training calendar, KWSS logos and MUCH MORE.
What constitutes a fully executed contract?
When the contract and all riders and addenda added in paragraph 19 are signed/initialed by all parties.
Acceptable answers: financing, appraisal, inspection issues, ....
How does a seller concession benefit the buyer?
Acceptable answers:
It limits the buyer's out of pocket expenses
It could create more payment affordability for the buyer.
**** DAILY DOUBLE ****
How can you get paid at closing?
(3 part answer, all 3 must happen BEFORE closing day)
1. Contract docs are approved by complaince
2. Commission Request is submitted in Command
3. A signed DA is sent to the Title Company
What is the difference regarding inspections between the "AS IS" and the "Standard" versions of the Florida Residential Purchase Contract?
AS IS: buyer has the right to inspect and/or cancel during the inspection period (not a contingency)
STANDARD: buyer is required to perform inspections and the seller has agreed to repairs defined by the limit in the contract (is a contingency)
I've been contacted by a buyer who wants to see my listing. Am I required to get an Exclusive Buyer Broker Agreement signed?
No.
You are representing the seller and will not be working for the buyer so you can show it at will.
What is the title of the book simply known as "The Red Book" AND who is the author?
The Millionaire Real Estate Agent (MREA). Written by Gary Keller, it's a how-to manual for building a successful Real Estate business.
TRUE OR FALSE?
The maximum allowable seller credits for different loans are always as follows...
Conventional: 3% of purchase price
FHA: 6% of purchase price
VA: 4% of purchase price
FALSE
Though the maximum allowable credit for an FHA loan is always 6% of the purchase price, maximums for conventional and VA loans could vary depending on circumstances.
It applies when the seller is a 'foreign person' as defined by the Foreign Investment in Real Property Tax Act.
Seller might be required to provide additional cash at closing.
How soon after executing a contract or listing documents should you submit them to compliance for review?
Within 48 hours of execution of documents.
Give one example of a powerful closing line in a buyer consultation.
Judge to answer
Once a seller and Agent have signed a Listing Agreement, within what number of days are you required to make the listing active in MLS (if the seller hasn't requested a longer delay or to withold the listing from MLS)?
AND what action will prompt the timeframe to change to 24 hours?
5 days.
If the property is marketed to the public (social media, yard sign, etc) it must be active in the MLS within 24 hours.
What is a 'rate buy-down' and when might it make sense?
A seller concession that results in a lower interest rate for the buyer (either temporary or permanent) therefore creating savings and payment affordability.
It would make sense when the buyer needs a lower mortgage payment.
If a seller authorizes the listing Broker to offer 3% compensation to the Buyer's Broker, and the Listing Agent compensation is 3%, what amount should you place in the "Compensation" paragraph of the Listing Agreement?
6% AND check the appropriate box in the "Compensation to Buyer's Broker" paragraph where you specify 3%.