Terms and Conditions
Time To Remove Contingencies
Time of Performance
Allocation of costs
Bonus
100
Two loan types that a Seller can not keep the buyer's Initial Deposit if the appraisal comes in low, even if they removed the appraisal contingency.
What is FHA or VA?
100
On loans, 17 days after acceptance.
What is the new loan default?
100
Handing over keys to the buyer occurs after this event.
What is time of Recording?
100
The box you check when you split fees 50/50?
What is "Both?"
100
Manufactured Homes Purchase and Probate Purchase Agreements
What are the two versions of the RPA that are being retired?
200
72 hours
What is the default expiration time of an offer to purchase?
200
When you input a dollar value that is less than the listed price for an appraisal minimum.
What is bringing in cash to make up the difference or dollar amount over the appraised value? (Quadruple points if you can explain this concept on 3L2.)
200
29 days
What are the max days on an SIP?
200
2010 AB 957, signed by Arnold Schwarzenegger in regards to choosing an escrow company.
What is a buyer's right to choose the Escrow Company?
200
The time the offer is fully executed, in writing, and is sent via email/ text or fax to the other party.
What constitutes delivery? 25A
300
Wire Transfer
What is the Initial Deposit default delivery method?
300
For Buyer's informational purposes and is NOT a contingency, and does NOT create cancellation rights
What is "informational access to the property?"
300
T.O.P.A.
What is the Tenant Occupied Property Addendum?
300
Buyer pays by default on new RPA.
What is the Buyer's Lender title insurance policy?
300
Bathroom Mirrors
What is the only "checked box" on items included and excluded?
400
Money put into escrow after the initial deposit.
What is an Increased Deposit?
400
Eight
How many contingencies are in the contract?
400
Time allowed to pay fees for ordering HOA Documents.
What is 3 days?
400
This box should never be checked unless the Title and Escrow companies are separate.
What is "Each to pay their own fees?"
400
In terms and conditions, the Initial Deposit, Loan amount and the Balance of the Down Payment equal this.
What three dollar amounts add up to the Purchase Offer Price?
500
Zero default in regards to loans.
What is the new default for loan points?
500
17 days after acceptance
What are the default days on all contingencies; except... (Triple points if you can name the one exception?)
500
Default days to Install smoke alarm(s), CO detector(s), water heater bracing.
What is 7 days?
500
On a home with an HOA, buyer by default pays this fee.
Who pays the HOA Certification fee?
500
Under Terms and conditions, usually "Attached to the offer."
What is the default on Verification of Down Payment, Verification of Cash or Loan Application?
600
Conventional
What is the default loan type on an RPA?
600
5 Days after receipt.
What is the default for receiving disclosures Late?
600
Default days for Evidence of Representative Authority.
What is 3 days?
600
Private Transfer Fee in Fiddyment Farm, Roseville CA.
What is a .005% fee placed on a Seller at time of sale?
600
Lender has reviewed your Credit, Tax Returns, Pay Stubs and Bank Statements.
What is a pre-approval?
700
17 days on an FHA or VA loan
What are the default days to provide lender required repairs?
700
Against Agent Advice
What is removing contingencies at the time of the offer?
700
Default days for Seller Delivery of Documents.
What is 7 days?
700
In an HOA, the Seller pays this fee by default on the new contract.
What is the HOA fee for preparing disclosures?
700
The Grid
What is the most major change to the New RPA? (Triple points if you can name the paragraph number that contains the Grid.)