Disclosures
Statutory form sellers complete about known property defects
What is the Transfer Disclosure Statement TDS
Insurance that helps cover negligence or mistake claims
What is Errors and Omissions insurance E and O
Organization whose Code of Ethics REALTORS follow
What is the National Association of REALTORS
Client backs out after removing all contingencies. What happens to the deposit
What is potential forfeiture under liquidated damages if initialed subject to escrow process
Required form when submitting an offer in California
What is the Residential Purchase Agreement RPA
Booklet provided to buyers about earthquake safety in California
What is the Homeowners Guide to Earthquake Safety
Safest way to document client conversations
What is contemporaneous written notes and an email recap
Disparate treatment violates this federal law
What is the Fair Housing Act
Buyer insists on writing sight unseen. What should you do
What is advise of risks obtain a sight unseen acknowledgement and document everything
Contingency that lets a buyer cancel if a loan cannot be obtained
What is the loan or financing contingency
Fiduciary duty that drives disclosure of all known material facts
What is the duty of disclosure and loyalty
Form confirming you explained agency relationships
What is the Disclosure Regarding Real Estate Agency Relationships
Article 1 requires agents to protect and promote this above all
What is the clients interests
Two buyers want to write on the same home through you. Next step
What is disclose potential dual agency obtain informed written consent or refer one client
Change to a contract that must be signed by both parties to be enforceable
What is an addendum or amendment
Required disclosure for homes built before 1978
What is the Lead Based Paint disclosure pamphlet and form
Minimum time a broker should keep transaction files in California
What is three years
Type of advertising that can unintentionally violate fair housing
What is advertising with discriminatory or exclusionary language
Seller refuses to complete required disclosures. Your obligation
What is counsel the seller on legal requirements and withdraw if they refuse to comply
Clause that protects a buyer if the appraisal is below the purchase price
What is the appraisal contingency within the loan contingency
Nondisclosed condition a reasonable inspection would not reveal
What is a material latent defect
Best defense against a claim you failed to disclose
What is thorough documentation and delivery receipts
Duty to put the clients interests ahead of your own
What is the fiduciary duty of loyalty
Buyer asks about crime in the neighborhood. Proper response
What is refer to objective third party sources and avoid steering
Statute of Frauds requires this for real estate contracts to be enforceable
What is a written agreement signed by the party to be charged