Contract Knowledge
What does BICA stand for?
What is Builder’s Incentives and Concessions Addendum
How many days do you have to contact a lead before it is considered “Neglected”
What is 30
This loan program is the most commonly used. It entices many due to the mortgage insurance only being required until the loan to value hits 78% of the original purchase price.
What is Conventional
How many forms of payment are acceptable for earnest money deposits?
What is 4. (wire, cashier’s check, money order, and personal check if closing 45 days or more in the future)
What is the name of the document that transfers ownership of real property from seller to buyer?
What is the Deed
When Kristy references she is locking the file down for price and “TTT”, what does “TTT” stand for?
What is Terms to Title
True or False: If a lead is owned by “Spokane OSC Team”, you should follow up with that lead?
What is False.
This is the minimum down payment for an FHA loan
What is 3.5%
What is the legal document escrow requires that establishes rules and structure for a limited liability company?
What is the Operating Agreement
With multiple borrowers applying for a loan, this is the credit score used for qualifying and terms.
What is the Lowest Middle Credit Score (Also acceptable: lowest score, low score, bottom score)
Name the 5 categories of buyer professions that qualify for our Main Street Stars Program?
What is Veteran/Military, Law Enforcement, Firefighters, Healthcare professionals, and educators.
What happens to your lead if it goes into neglected status?
Rachael takes ownership of it and it is no longer yours.
When confirming if something is conditionally approved (CA’d), this is the only person who can issue a conditional approval.
What is The Underwriter
Which party does the title/escrow company represent in a transaction?
What is Neither (escrow is a neutral third party)
To finance a new home without a home-sale contingency, the debt from this must be included for qualifying.
What are all expenses from the departing residence / their current home / home they plan on selling etc…
What is Points for Review item #1?
What is Finishes- Buyer has been provided with exterior elevation, exterior colors and interior colors.
What is the most efficient way to remove duplicate contacts?
Submit a ticket to the support team.
USDA is geographically eligible at these 4 active DRH Communities
What is West Terrace 5th, Needham Hill, Shamrock Glen, and Dalton Creek.
Which party typically pays for the Owner’s Title Insurance Policy?
What is the Seller
Is a spouse who is not on a purchase and sale agreement / not wishing to take title required to sign some documents at closing?
What is Yes (if the spouse is not joining our buyer on title, they will be required to sign some documents for title)
What numbers are input in BICA/GICA lines 1A, 1B, 2A, 2B for the following scenario? Buyer is purchasing in name of LLC, paying cash, and this community offers $8K for use of DHIM + $4K HOTW.
What is 1A: $6400, 1B: $1600, 2A: $4000, 2B: $0
Under what section can you see all of your due today and upcoming Tasks, Phone Calls, Email Messages, and Text Messages.
What is Activities
Using this program a borrower removes the burden of coming in with cash for down payment however they become ineligible for BFC rates.
What is State Bond Down Payment Assistance.
What are the 2 forms of payment escrow cannot accept for earnest money?
What is Cash and ACH Transfer
Buyers added Fridge, GDO, Fencing + Gate totaling $12,500 and buyers are applying $4,500 GICA towards these options. What is the upgrade deposit amount required for us to proceed?
What is $6,250. (Incentive usage has no impact on deposit amount needed)