Appraisal
After an appraisal is completed, how long does it typically take for the report to come back?
About one week.
Who is our preferred inspection company?
Housemasters
Who orders title work when a transaction goes under contract?
Transaction Coordinator
True or False: The buyer and seller can close in 2 separate locations.
True!
What should you be labeling all of your documents when you go under contract and they are fully executed?
FINAL
True or false: The loan officer directly hires the appraiser.
FALSE: The AMC (appraisal management company) hires the appraiser.
Who submits the first inspection response on a typical inspection?
Buyer
Who is our preferred title company (must spell it out)?
First National Land Transfer
What is the document called that breaks down all debits and credits or the transaction?
ALTA, Settlement Statement, or HUD
Who is the $395 charged to if it's not charged to the buyer and it is not an investment property?
The buyer's agent
What is it called when an appraisal comes in low and the listing/buyer agent gathers comparables in hopes to bring the price back up?
Contest
Which type of inspection can you have an inspection, but may NOT ask for repairs?
Sold "As-Is"
True or False: There is a lien on the property for over $1,000. Can this be paid off at closing in most cases?
True
Both buyer and seller have signed all documentation, but the funds will not be there until the next day. What type of closing is this?
A dry closing.
When should your buyer's agency agreement and green sheet be completed and in the correct loop?
A. After you send the emails.
B. Before you send out the emails.
C. Before the transaction closes.
B. Before you send out the emails.
What is it called when items are flagged on an appraisal that must be fixed before closing?
Conditions
The buyer signs a SD that states the roof does in fact leak. The property is being sold "as-is" and the buyer finds the roof does indeed leak and now wants to mutual release. In this case, who would most likely take the EM?
Seller
True or False: You can change title companies after being under contract for 10 or more days.
True. You can change title companies, however, this will most likely delay closing and could put you out of your timeframes.
What type of mobile notary has to be used when a buyer is paying cash?
A buyer does NOT have to use a notary if it is a cash deal, however, the seller ALWAYS has to use a notary since they will be signing the deed.
What is the name of our CRM and transaction management tool?
Sierra and Sisu
What is it called when a VA appraisal comes in low and the agents have 48 hours to gather comparables and submit them?
Tidewater
BIR #1 was submitted within their timeframe and expires on 3/23 (which in this case in a reasonable amount of time). The seller responds back to BIR #1 on 3/24. What does this mean?
The BIR #1 is now automatically accepted.
What schedule will you see if there are judgements, liens, or mortgages?
Schedule B
You are at closing with your client - name 3 things you should make sure have been completed specifically from your closing checklist.
Verify Settlement Statement is correct, verify SD has been signed by the seller, give your buyer the home warranty info and/or survey, confirm utilities have been called, confirm possession date, exchange keys, buyer/seller exchange contact info, confirm inspection completed and/or cashier's checks have been exchanged, verify commission check, ensure docs are being scanned to TC
FINAL JEOPARDY: A transaction closes with a $345,000 purchase price with a 2.75% BAC. There is a referral of 12.5% that goes to Natalie because it is her sphere. Your split is 50% and you were not able to get a buyer agency agreement signed that was not an investment property. How much is your commission?
$3,755.78