Financing
Which type of loan requires only 3.5% down from the buyer?
What is FHA?
How many days does the listing agent have to have a new listing ACTIVE in the MLS?
What is 7 days from the effective date.
This contingency allows a buyer to back out if their loan application is not approved.
What is the Financing Contingency?
This report of findings is often used during a listing appointment to illustrate market activity of similar homes.
What is a CMA or Comparitve Market Analysis.
This inspection looks for termites and wood damage.
What is a CL-100?
Name two loan types that are able to offer 100% financing.
What are VA and USDA?
Properties may only remain in the "Coming Soon" status for _____ days.
What is 7?
Your seller has a ratified contract on their home. Due Diligence ends on June 15th. The buyer sends over a clean repair addendum, the seller agrees and signs on June 7th. When does Due Diligence end?
What is June 7th?
A market condition where housing demands exceeds supply, typically leading to rising home prices and bidding wars.
What is a seller's market.
Where can you validate a contractor's license validity?
What is the LLR website
This ratio compares loan amount to home value.
What is loan-to-value (LTV).
Regarding fines for Inaccurate Information - Participant will be fined $______ for any inaccurate listing information which remains in the MLS more than 2 business days after the listing agent is notified.
What is $125
Price, Repairs and closing costs are all terms of ________.
What are negotiations?
Define absorbtion rate.
Cracks, uneven floors and sticking doors may point to problems with this critical structural component.
What is the foundation.
Name two documents that the buyer would need to provide to the lender to begin the loan process and verification.
What are:
W2's, Bank Statements, pay statements, previous tax return, etc.
If an Office Exclusive Listing is marketed publicly or becomes public knowledge, how long does the listing agent have to make it LIVE in the MLS for the public?
Your buyer falls in love with their ideal home and wants to write an offer. They also want to purchase the jacuzzi from the seller at closing. What form should the jacuzzi go on for the parties to agree on terms of the sale?
What is a Bil of Sale.
This term describes the percentage increase or decrease in home prices over a specific period, often used to compare year over year performance.
What is price appreciation.
This document outlines the condition of a property and any known defects disclosed by the seller.
What is the property disclosure statement.
*DAILY DOUBLE* How much would you like to wager?
A buyer is obtaining a $424,000 mortage and the lender charges a 1% origination fee. What fee will the buyer be charged on the settlement statement?
What is $4,240?
How long can a property be "Temporarily Off Market" and can it be publicly marketed during this time?
What is 30 days - and No public marketing while it is in this status.
Located at the end of the Agreement to Buy and Sell Real Estate (Form 310), there is a section marked: Notice Address. What is this section's function?
What is the notice/delivery address for correspondence, termination fees, etc.
A key affordability measure, this compares median home prices to median household income in a given area.
what is the price to income ratio.
This type of inspection checks for water intrusion, mold and drainage issues that could impact the home's condition.
What is a moisture inspection.