Contracts
What items are covered under the CAP?
Which term defines a company which is licensed to conduct real estate activities in a given jurisdiction? All agents must be affiliated with (“hang their license at”) this place in order to practice real estate.
Brokerage
In real estate law, this term refers to the process by which the government takes private property for public use, with fair compensation to the property owner.
eminent domain
This term describes the charge for borrowing money that is typically expressed as an annual percentage of the loan
Interest
How many children does Emily have?
4
What addendum must be included in a contract if you did a virtual showing and the client decides to write an offer?
No Physical Inspection Addendum
Which term defines a tool that real estate agents use to estimate the value of a specific property by evaluating similar ones that have recently sold in the same area?
CMA (comparetive market analysis)
When a property owner fails to make mortgage payments, the lender may take possession of the property through this legal process.
foreclosure
This type of mortgage maintains the same interest rate for the entire repayment term, making it to a popular choice for homeowners seeking stability?
what is a fixed rate mortgage
When are our next real estate pictures and what is the dress code?
April 8th at 11 am, business casual and neutral colors.
What is the legal term for the initial payment made by the buyer when signing a Virginia real estate contract?
Earnest Money Deposit
Which term defines a valuable marketing strategy that involves planting, nurturing and cultivating real estate leads that grow into future business? This is typically done in an area close to an agents home, where your connection to the community is strongest.
Farming
This legal document provides evidence of ownership of real property and is typically recorded with the county or local government.
Title or Deed
This US government agency provides mortgage insurance on loans made by FHA-approved lenders throughout the US and its territories.
Federal Housing Administration (FHA)
How many agents are currently on the team?
13
What recourse does the buyer have if the contract states "seller/seller" in the termite and moisture inspection section and the seller does not complete the inspection within the agreed upon time frame?
Buyer may conduct an inspection at the sellers expense.
This term refers to the legal document that transfers ownership of real property from one party to another.
Deed
This legal doctrine allows a person to gain ownership of land by occupying it openly and continuously for a specified period.
Adverse Possession
This type of mortgage allows the lender to make interest rates fluctuate throughout the amortization period, causing the loan payments to vary
ARM - adjustable rate mortgage
What is the name of the system in which all of the team marketing materials can be found in.
canva
What year does the lead based paint disclosure start?
1978
In real estate financing, this term refers to the value of a property minus the outstanding mortgage debt.
Equity
When two or more individuals own property together, this legal arrangement is known as what?
Joint Tenancy
What is the minimum credit score for VHDA?
620
"Hey this is... Im working on the home evaluation you requested. I just want to make sure I have the correct information. Is this a 3 bedroom?"