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How Many Days after opening Escrow does your client have to deposit their EMD?
3 Business Days
What is the max length of your BRBC ? (Without the extension)
How many Days can you extend it for?
90 days
90 days
When picking up a listing can you add additional compensation to the contract if the buyer coming in is unrepresented?
If yes, what's the only way you cant do it?
If no, say no =)
Yes you can! but you can not do it if its under dual agency
How many days after opening escrow does the Escrow company have to deliver escrow opening documents to all parites?
5 days after opening escrow
How many days after opening escrow does the seller have to deliver Seller disclosures?
7 Days
When are the disclosures due back to the seller?
17 days into escrow unless negotiated otherwise
What loan requires you to have a termite report & section 1 clearance?
VA
When marketing yourself on social media what are the 2 main things you should have on your content?
DRE# & Your company logo
When Negotiating for your compensation with the seller what form is needed?
SPBB Seller Payment for Buyers Broker
If a property is tenant occupied what from do you need to add to your offer?
TOPA = Tenant occupied property addendum
If a tenant needs 27 days after the close of escrow what form is needed?
TIP = Tenant in possession
What is the role of TOPA?
Its role is to protect the buyer as its separate contingency to ensure the tenant vacates the property 5 days prior to the close of escrow.
Name 5 different contingencies
1.) Investigation
2.) Appraisal
3.) Loan
4.) Contingency of property (buyers)
5.) SPRP seller replacement property (seller)
Ball Park this person......
If she makes $2,900 salary bi-weekly with $600 of monthly minimum debt on credit what does she qualify for?
FICO is 658
$317,708.33
What is the month and year we have to be past to be able to finance a manufactured in a park with MPower Mortgage.
We simply cant finance it unless its in permanent foundation
What is the FHA and VA county limit?
FHA - $644,000
VA - No limit
What lien can be subordinated?
Solar Panel liens
What are 5 easy visual items you should look out for as a realtor doing your due diligence for your buyer(s) during a showing/ inspection prior to their appraisal on FHA
1.) Smoke detectors
2.) carbon monoxide detectors
3.) Broken windows
4.) Is their a heating element
5.) Water heater double strapped
6.) chipped paint
7.) self closing fire proof door (garage door)
When reviewing a home inspection report what form do you need to address your clients concerns?
How does a seller respond?
Request for repairs (RR)
Sellers response and buyer reply to request for repair (RRRR)
for smarties sellers dont have to respond
How many days before contingencies are due can you give a NTP?
How long is a NTP good for?
2 days prior
2 days
What can you do after a Notice to perform to initiate closing?
How many days is that good for?
Send out a demand to close escrow.
3 days
How can a buyer legally remove full contingencies? (not by a CR)
What needs to occur?
Buyer has to acknowledge receipt of seller disclosures prior to opening escrow and remove full contingencies
What new law came out in July 2024 that changed part of the seller disclosures?
What has to be disclosed?
If there is a dollar amount what is it?
The new rule that any renovation done to a home above the cost of $500 has to be disclosed with contractor information to best describe the work completed in the home.
What is the form called that where buyers request pumping, well inspections and propane investigations to be performed?
It is the SWPI.... Septic, Well inspection, property monument and propane tank allocation of cost addendum.
What is on a Preliminary report?
What happens if these are attached to the property?
Liens
You cant close escrow until they are fully cleared/paid.