Contracts
What form do you use to write an offer in CA?
What is the difference between FHA, VA, and conventional loans?
What is escrow?
Why should a buyer sign a buyer-broker agreement
It formalizes the agent-client relationship and sets expectations
What are Mello-Roos fees?
Special tax assessments for infrastructure; common in newer developments like Eastlake or Otay ranch
What is the AVID & why is it important?
AVID stands for Agent Visual Inspection Disclosure; it's required for all residential 1-4 unit properties
What is mortgage insurance and when is it required?
Insurance paid when down payment is below 20%, protects the lender in case of default
Who chooses the escrow company?
Typically the buyer, but negotiable
What do you do after a buyer gets pre-approved?
Schedule showings, begin properties searches, and educate on next steps
Name 3 up-and-coming neighborhoods in San Diego
Barrio Logan, Golden Hill, Vista, Clairemont, La Mesa for example
What is a contingency release form?
Used to officially remove contingencies such as inspection or loan approval
What is the ideal debt-to-income ratio for loan approval?
Typically 43% or lower
What is the typically escrow length in San Diego?
Usually 30 days, but can vary based on terms
Who typically pays for the buyer's home warranty?
The seller for a 1-year plan
What high-ranked school district is located along the I-15 corridor, north of the 56.
Poway Unified School District
What is the TDS and when is it required?
Transfer disclosure statement; required to disclose material facts in 1-4 unit properties
What is a rate buy down?
Buyer pays points upfront to reduce interest rate
Who pays for title insurance?
The buyer typically pays for the lender's policy, the seller typically pays for the owner's policy
How do you determine the list price for a home?
Run comps (CMA), consider conditions, upgrades, and market trends
What's the name of the northern most military base in San Diego county, as you're heading to Los Angeles?
Camp Pendleton
What happens if a buyer cancels during escrow?
They may be at risk of a lawsuit or breach of contract
What's the typical down payment for a first-time homebuyer?
Usually 3-5%, but can be as low as 0% with certain programs
When is the buyer's final walk-through scheduled?
Usually 3-5 days before closing
What is a net sheet?
An estimate of seller proceeds after expenses, including agent commissions
What is the name of the area that connects Imperial Beach to Coronado Island?
Silver Strand