Agency and Fiduciary Duties
What are the 4 aspects of your fiduciary duty?
What is utmost care, integrity, honesty, and loyalty?
What is the default number of Days After Acceptance specified in the RPA for the buyer to remove the loan, appraisal, disclosures, inspection, and title contingencies?
What is 17 days?
What C.A.R. form must a Buyer use to propose that the Seller make repairs, cure pest report items, provide a credit, or adjust the purchase price?
What is C.A.R. Form RR (Request for Repair)?
What term is used for the good-faith deposit, typically X%-X% of the sale price, that a buyer delivers as part of the offer and is held in a non-interest-bearing escrow account?
What is the Earnest Money Deposit (Escrow Deposit)?
What AI-driven Compass tool enables an agent to provide real-time market insights on comparable homes, thereby helping the buyer establish a competitive offer?
What is the Compass CMA (Competitive Market Analysis) tool?
What four elements are necessary to form a legally binding contract, as defined in C.A.R. guidance?
What are capacity, consent, lawful object, and consideration?
What is the minimum number of days a seller must grant a buyer to remove contingencies after delivering a Notice to Buyer to Perform (NBP)?
What is at least 2 days?
If a Seller chooses not to agree to the Buyer's Request for Repair (Form RR) entirely, what specific C.A.R. form should the Seller use to propose alternative terms?
What is C.A.R. Form RRRR (Seller Response and Buyer Reply to Request for Repair)?
What legal term is typically not considered the actual consideration needed to form a contract, but rather an assurance to the seller that the buyer intends to buy?
What is the earnest money deposit?
What feature does Compass offer that acts as a centralized, visual workspace for curating listings based on personal preferences, allowing the agent and client to compare properties?
What is Compass Collections?
What specific piece of confidential information regarding a Seller's bargaining position may a dual agent not disclose to the other party without the express permission of the respective party?
What is the Seller's willingness to accept a price less than the listing price?
What is the minimum number of days' notice required in a Demand to Close Escrow (DCE) before either the Buyer or Seller can cancel the Agreement for failure to close escrow?
What is 3 days?
When a Seller agrees to repairs on either C.A.R. Form RR or RRRR, the agreement is conditional upon the Buyer agreeing to this and formally removing the what?
What is removing the identified contingencies?
For a residential dwelling with no more than four units, intended for owner-occupancy, what maximum percentage of the purchase price may the deposit retained as liquidated damages be?
What is 3% of the purchase price?
What are off-market listings called that can be shared by a Compass agent directly with their colleagues and clients before they become public?
What is a Private Exclusive listing?
In addition to the Real Estate Transfer Disclosure Statement (TDS), what C.A.R. form may an agent complete to document a reasonably competent and diligent inspection of the accessible areas of a 1-4 unit residential property?
What is the Agent Visual Inspection Disclosure (C.A.R. Form AVID)?
If a Buyer properly cancels a purchase agreement based upon an open contingency, are they entitled to recover their deposit, and why or why not?
What is yes, because cancellation based on an open contingency is not considered a breach of contract?
According to C.A.R. forms guidance, how should a lack of response from a Seller be interpreted regarding a Buyer’s request for repairs (Form RR)?
What is "NO" to all repairs asked for by the buyer?
What C.A.R. form must be signed by both parties at the time an additional deposit is made during escrow if that payment is intended to be included in the total liquidated damages amount?
What is C.A.R. Form DID (Delivery of Increased Deposit and Liquidated Damages Addendum)?
In the Compass 3-Phased Marketing Strategy, what tool is used during the "Private Exclusive" phase to validate an aspirational price by instantly quantifying the exclusive audience?
What is the Buyer Demand tool?
When must a buyer's agent provide the "Disclosure Regarding Real Estate Agency Relationship" (C.A.R. Form AD) to the buyer?
What is as soon as practicable before the execution of a buyer-broker representation agreement and execution of the buyer's offer to purchase?
If a Seller cancels the Agreement after delivering an NBP (Notice to Buyer to Perform) for failure to remove a contingency, what disposition of the Buyer's deposit is required by the RPA?
What is the return of the Buyer's deposit, except for fees incurred by the Buyer?
For residential property where a TDS is required and the property is in a high or very high fire hazard severity zone, which C.A.R. form is required to allocate responsibility for compliance with defensible space law?
What is C.A.R. Form FHDS (Fire Hardening Disclosure and Advisory/Defensible Space Disclosure and Addendum)?
If a commission rebate is offered to a buyer, what three conditions should be met as a good practice concerning disclosure and payment?
What is stated on the Closing Disclosure, paid through escrow, and not disapproved by the lender?
What Compass tool is utilized by listing agents to track in real-time when other Compass agents share a home with clients and whether those clients are viewing, saving, or commenting on the property?
What is Compass Reverse Prospecting?