Agency, Fiduciary Duties, & Disclosures
When representing a Seller exclusively, this form needs to be signed before advertising a listing.
What is SAER?
also acceptable - Limited Service agreement
What is any communication of the denial?
The last day to submit the PICRA and reports, or a release and termination, is called THIS
What is "Deadline"
What is 3 days
A judgement lien lasts THIS many years, unless it falls under the 10 year rule
What is 20 years
When representing a Buyer exclusively, the Buyer Broker form must be signed before doing this with the Buyer
What is Showing Properties?
Buyer needs to sell their property first in order to purchase a new property. When writing an offer on the new property, be sure to include verbiage in THIS section of the Agreement
What is Section 14 C - Other Contingencies
Keep an eye out for THIS in a septic inspection report to ensure the septic tank fits the needs of the number of bedrooms/people in the home.
What is capacity?
These are 3 major timelines in the Agreement that real estate agents should include on their task checklist.
What are... (any of these 3)
EMD delivery
PICRA Delivery Deadline
Ordering Appraisal
Termite Moisture Reports Delivery Deadline
THIS is a lien on a property that has not been properly satisfied or recorded
What is Unreleased Deed of Trust
Dual Agency can get tricky. Many agents opt for this type of relationship instead, keeping representation of both Buyer and Seller under the same brokerage but with two different agents.
What is Designated Agency?
Writing an addendum to extend the Settlement Date might be smart if your client needs the extension. But often, if you're extending because the other side has not yet upheld their end of the Agreement, it may be best to keep that party in THIS
What is breach?
Buyer cannot send a release and termination based on the home inspection contingency until THIS day
What is the "Additional Day"
Seller not completing THESE before the Settlement Date is not a valid reason to delay closing.
THESE two terms (both starting with E) are items to look out for on a survey...and just might be a way out of deal with no other contingencies
What are easements and encroachments
Once a brokerage agreement is signed, the real estate agent becomes THIS obligating them to act in the client's best interest (same with attorneys!)
What is Fiduciary
Any violations found in the HOA or Condo Package become THIS party's responsibility after Settlement (unless otherwise agreed to)
What is the Buyer?
Once a counter offer is made, the original offer is THIS, meaning the parties can no longer go back to it.
What is rejected, or terminated
If using a Buyer/Seller Possession Agreement, a strategy to help ensure the Buyer/Seller does not stay in possession of the property past the Move Out Date is to make THIS so high it wouldn't be worth it to the Buyer/Seller to stay
What is "Penalty Rent"
Death of a Seller does not void a ratified Agreement. Instead, we will look for THIS to see who is responsible for carrying out the sale
What is a will
Being in a buyer beware state, Sellers and their agent must disclose a material issue only if the seller did THIS
What is cover it up
A Seller wants to get out of a deal, but does not have the right to terminate. Instead you can send THIS form to ask if the Buyer would let them out anyway
What is Release?
"Rotted tree in backyard" is a poor way to write a PICRA request if your Buyer wants the tree removed. Make sure to include THESE to properly ask for a repair to be completed to your client's request
What are action words
Conducting THIS prior to the Settlement Date verifies the property is acceptable to your Buyer and is in substantially the same condition (or at least get in writing that your Buyer waived it!)
What is Walk through
THIS, as opposed to marketable title, is when title has known defects but a title company can insure over the matter
What is insurable title?