CONTRACT LAW
Should rumors of criminal activity in the surrounding area be disclosed? Also, if the seller elects not to disclose, is that decision binding on the listing agent, or does the listing agent have his or her own disclosure obligation? -
No, even if the seller or listing agent had actual knowledge that the property itself had been used in furtherance of drug trafficking activities, neither the seller nor the listing agent would be obligated to disclose such information.
What is required on Signs
Fair Housing Etc.
Broker Logo must be prominent
What is the maximum water pressure aloud before a regulator should be installed?
A60
B70
C80
D90
Other than being the Black Hole of Paperwork…What is escrow’s main purpose?
Other than being the Black Hole of Paper work…What is escrow’s main purpose?
Minimum down payment for a second home?
10%
The buyer and seller executed an AAR Residential Resale Real Estate Purchase Contract. After the home inspection, the buyer requested that certain roof repairs be made. In the Buyer’s Inspection Notice and Seller’s Response (“BINSR”), the seller agreed to repair the roof. The bid for the roof repair is $2,500.
ISSUE: Must the seller use a licensed contractor for the roof repairs?
In Arizona “it is unlawful for any person” or entity to submit a bid or provide construction services without a contractor license. A.R.S. § 32-1151. There is a commonly cited handyman exemption to this rule which allows an unlicensed handyman to perform work “for which the aggregate contract price … is less than $1,000.” Accordingly, because the work, in this case, exceeds $1,000 and is not casual or minor in nature, a licensed contractor must be utilized. -
The broker posted on Facebook that “I would like to send you a $50 reward for referring new clients.” Is this advertising allowed?
No......
A non-licensee cannot be paid a referral fee from a broker for referring a potential client to the broker.
GFCI
What is the purpose of Title Insurance?
To Insure free and clear title to the Buyer/ and or the lender
For an FHA loan, how many years after a chapter 7 BK has been discharged can you purchase a home?
2 years from discharge date
Does the brokerage owe a duty to the buyer 18 years after the close of escrow to help resolve the dispute?
No. Because the transaction closed approximately 18 years ago, no common law or statutory duties are owed by the brokerage to the buyer. It is generally recognized that, absent an agreement to the contrary, the fiduciary duties owed by a brokerage to its client end at the close of escrow
If you are marketing someone else's listing what must you put on all of your marketing pieces?
You must have: "Courtesy of BROKERAGE NAME"
. It must be in the description of your posts if on social media and in the link itself once someone clicks on it.
It must be on all marketing including print marketing.
This value is required on all hot water heaters to plumbed to the exterior or into a bucket.
What is a PRV value
Where does escrow take their instructions from?
The purchase contract, Buyer and Seller and always in writing.
What is the cutoff year to finance a manufactured home?
1976
Can you do coming soon? What is the brokerage requirement for this?
You must have a fully executed listing agreement with a coming soon start date.
Your sign must not have a MLS logo on it.
You must explain the pros and cons of doing a coming soon.
What is required on your FB business page?
You must identify yourself and your company and it should be either in your page name or in the cover photo of your page.
You must have the fair housing logo, you must state you are a REALTOR® or Broker. MLS is for marketing but should be on all listings shared if they are in the MLS.
This fan is required in all bathrooms without an operable window?
What is an exhaust fan
Can an Escrow and Title Company help you verify who owns the property, what liens are on the property, provide maps and/or surveys and much more info about the property?
Yes
For every $1000 financed how much does it change the P&I payment?
Approximately $5
The seller sent a counteroffer to Buyer Tanya that expired on Monday at 6:00 p.m. On Tuesday, the seller accepted an offer from Buyer Tony. Around 2:00 p.m. on Tuesday, Tanya accepted the seller’s counteroffer.
ISSUE: Does Buyer Tanya and the seller have a binding contract?
No.
Lines 13-15 of the AAR Counter Offer provide that if acceptance of the Counter Offer is not signed by all parties and delivered to the seller’s broker by the time specified in the Counter Offer, then the Counter Offer is considered withdrawn. Therefore, the seller’s counteroffer was considered withdrawn as of 6:01 p.m. on Monday. As a result, there was no counteroffer for Buyer Tanya to accept on Tuesday and there is no binding contract between Buyer Tanya and the seller.
What needs to be on every RE marketing piece shared on FB or social media?
You must always identify yourself and the company you work for.
Agent Name
Company
Who you are....REALTOR® or Broker
Fair housing logo
This device should be installed if your water pressure is too high?
What is a regulator.
What title company has been around since April 1924?
Lawyers Title
What is the max percentage allowed for seller concessions for conventional, FHA, and an investment property?
Conventional = 3%
FHA = 6%
Investment = 2%