CONTRACTS
CRITICAL DATES
FINANCING
MLS
MISC
BUYERS/SELLERS
100
THIS PERIOD OF TIME IS YOUR UNRESTRICTED RIGHT TO TERMINATE A CONTRACT FOR ANY REASON
OPTION PERIOD
100
IF A CONTRACT WAS EXECUTED TODAY AUG 20, WHEN DOES THE CONTRACT OFFICIALLY START?
AUG 21 WILL BE DAY 1
100
THESE ARE THE 3 MOST COMMON TYPES OF LOANS
CONVENTIONAL, FHA, AND VA
100
WHAT IS THE TERM GENERATING A REPORT THAT HAS OTHER SIMILAR HOMES SOLD TO DETERMINE A HOMES POTENTIAL MARKET VALUE?
CMA COMPARATIVE MARKET ANALYSIS
100
THIS SITUATION ARISES WHEN THE LISTING AGENT AND BUYER'S AGENT BELONG TO THE SAME BROKERAGE
INTERMEDIARY
100
IF YOU, THE REALTOR, ARE BUYING A HOME FOR YOURSELF DO YOU NEED TO FILL OUT A BUYER'S REP AGREEMENT?
YES, THE AGREEMENT IS BETWEEN THE BROKERAGE AND YOU NOT BETWEEN YOU AND YOU.
200
BY DELIVERYING THIS, A BUYER IS SHOWING GOOD FAITH THAT HE/SHE IS COMMITTED TO PURCHASING THE PROPERTY
EARNEST MONEY
200
THE OPTION (INSPECTION) PERIOD DEADLINE
5PM
200
MOST COMMON DOWN PAYMENT FOR AN FHA LOAN
3.5%
200
WHAT DOES NTREIS STAND FOR
NORTH TEXAS REAL ESTATE INFORMATION SSTYEMS
200
HOW MANY DAYS BEFORE YOUR CLOSING SHOULD YOU SUBMIT YOUR WORKSPACE TRANSACTION AND WHAT IS THE PENALTY IF YOU DO NOT DO THIS?
2 BUSINESS DAYS BEFORE CLOSING OR THERE IS A $200 LATE SUBMISSION FINE. THIS IS FOR BROKER LIABILITY PURPOSES. IF FIND A TON OF MISTAKES AND SOME COULD BE COSTLY FOR EVERYONE IF NOT FOUND BEFORE CLOSING.
200
MY BUYER WANTS TO SUBMIT AN OFFER ON TWO SEPERATE HOMES. CAN WE DO THIS AND IF SO WHAT ARE THE IMPLICATIONS.
IF BOTH OFFERS WERE ACCEPTED, BUYER WOULD NEED TO TURN IN OPTION FEES ON BOTH AND LEGALLY TERMINATE ONE OF THEM. IF ONE GETS ACCEPTED BEFORE THE OTHER, YOU COULD SEND A WITHDRAW OF OFFER FORM ON THE OTHER.
300
THIS DOCUMENT MUST BE ACCOMPANIED BY ANY EXISTING SURVEY AND DELIVERED TO TITLE AND BUYER.
T-47 AFFIDAVIT
300
THE EARNEST AND OPTIOIN MONEY MUST BE TURNED IN TO TITLE AT LEAST ____ DAYS AFTER CONTRACT EXECUTION.
3
300
ARE SURVEYS REQUIRED IN ALL TRANSACTIONS INCLUDING CASH DEALS?
NO ONLY FINANCED TRANSACTION BECUASE THEY ARE A LENDER REQUIREMENT
300
WHAT FEATURE AUTOMATICALLY SEND MATCHED PROPERTIES TO YOUR CLIENTS?
AUTO EMAIL FEATURE
300
WHAT IS THE MOST COMMON BUYER DOWN PAYMENT ASSITANCE PROGRAM IN TEXAS.
Texas State Affordable Housing Coropration (TSAHC)
300
A BUYER'S AGENT ASKS LISTING AGENT TO EXTEND THE OPTION PERIOD FOR 4 DAYS FOR $100. WHERE DOES THAT MONEY GO?
IT COULD BE SENT TO TITLE BUT COULD ALSO GO DIRECTLY TO THE SELLER.
400
A CONTRACT WAS EXECUTED BEFORE RECIEVING THE SELLER'S DISCLOSURE FOR REVIEW. WHAT DOES THIS DO FOR THE BUYER?
IT GIVE THE BUYER AN ADDITIONAL 7 DAYS TO TERMINATE FOR ANY REASON!
400
ONCE THE BUYER RECIEVES THE HOA BYLAWS, THESE ARE THE NUMBER OF DAYS THEY CAN TERMINATE FOR ANY REASON AFTER REVIEWING THE HOA DOCS
3 DAYS
400
WHAT IS THE DOWN PAYMENT FOR VA LOANS?
0% VA QUALIFIED BUYER'S GET 100% FINANCING AND DO NOT HAVE TO PUT ANY MONEY AS A DOWN PAYMENT.
400
HOW MANY DAYS CAN A LISTING BE IN COMING SOON STATUS?
UP TO 30 DAYS
400
A REAL ESTATE AGENT WAS REFERRED A CLIENT BY AN UNLICENSED PERSON. THIS IS WHAT THE AGENT CAN GIVE THAT PERSON FOR THE REFERRAL
GIFT OR GIFT CARD OF UP TO A $50 VALUE
400
CAN YOU HOST AN OPEN HOUSE FOR ANOTHER BROKREAGE OR CAN AN OUTSIDE AGENT HOST AN OPEN HOUSE FOR ONE OF OUR LISTINGS?
NO, NEW LAWS REQUIRE THAT UNLESS YOU WORK FOR THE SELLER (I.E BROKER LISTING AGREEMENT) YOU ARE REQUIRED TO HAVE A SHOWING AGREEMENT IN PLACE. OUTSIDE AGENTS ARE NOT UNDER OUR LISTING AGREEMENT. THE SECOND PART TO THIS ANSWER IS LIABILITY AND INSURANCE COVERAGE JUST IN CASE SOMTHING HAPPENS AT THE OPEN HOUSE.
500
A BUYER WANTS TO SUBMIT A BACK UP OFFER. THE AGENT NEEDS TO SUBMIT THIS FORM.
ADDENDUM FOR BACK-UP CONTRACT
500
IF BUYER FAILS TO DELIVER EM AND OPTION FEES WITHIN THE TIME PRESCRIBED, WHAT HAPPENS?
The option period is not valid, and the buyer loses the right to terminate under the option.
500
TRUE OR FALSE. REGARDLESS OF LOAN TYPE, A BUYER CAN AUTOMATICALLY TERMINATE A CONTRACT IF THEIR APPRAISAL COMES IN LOW.
FALSE
500
YOUR CLIENT WANT'S TO CANCEL A LISTING. WHAT DO YOU DO?
SEND A TERMINATION OF LISTING FORM AND CALL THE OFFICE SO OUR STAFF CAN CANCEL THE LISTING ON THE MLS FOR YOU. YOU WILL NOT HAVE THAT OPTION.
500
WHEN DOING A CMA, WHAT ARE SOME THE ITEMS YOU WANT TO CONSIDER WHEN COMPARING OTHER HOME SALES TO DETERMINE VALUE
YEAR BUILT, SQ FT, CONSTRUCTION STYLE, PROXIMITY
500
WHEN NEGOTIATING DURING THE OPTION/INSPECTION PERIOD, WHAT ARE SOME COMMON THINGS YOU CAN NEGOTIATE ON BEHALF OF YOUR BUYER?
REPAIRS, SELLER CONCESSIONS, PRICE REDUCTION, OR AMENDING ANYTHING ELSE ON THE CONTRACT
600
A BUYER IN A BACK UP POSITION MUST DO THIS IN ORDER TO HAVE FIRST RIGHT OF REFUSAL
DELIVER EARNEST AND OPTION MONEY TO TITLE
600
WE HAVE AN 18 DAY THIRD PARTY FINANCING CONTINGENCY. ON DAY 16, THE LENDER STATES THEY ARE UNSURE IF BUYER WILL QUALIFY FOR THE LOAN. WHAT SHOULD THE BUYER'S AGENT DO?
ASK FOR AN EXTENSION AND IF SELLER AGREES, DRAFT UP AN AMENDMENT TO CONTRACT
600
IF THE BUYER CAN'T OBTAIN A LOAN AND THEY ARE STILL UNDER THE DAYS OF CONTIGENCY, WHAT MUST THEY PROVIDE TO SELLER ALONG WITH A TERMINATION?
DENIAL LETTER FROM LENDER
600
WHAT IS AN AKO STATUS FOR HOMES FOUND ON THE MLS?
ACTIVE KICK OUT. THIS IS ONLY USED IN THE CASE OF AN EXECUTED CONTRACT WITH A CONTIGENCY FROM THE BUYER TO SELL A DEPARTING RESIDENCE FIRST
600
WHEN REVIEWING THE CLOSING DISCLOSURE JUST BEFORE CLOSING, EVERY AGENT SHOULD BE REVIEWING IT TO ENSURE THESE ITEMS ARE ACCURATE. NAME AT LEAST 4
PRICE, PRORATIONS, COMMMISSIONS, BUYER OR SELLER CREDITS
600
A BUYER WANTS TO LEGALLY TERMINATE A CONTRCACT. THE BUYER'S AGENT SHOULD SEND THE TERMINATION TO WHO?
WHOM EVER IS LISTED IN THE NOTICES PARAGRAPH OF THE 1-4 CONTRACT
700
THESE MUST BE TURNED ON AND KEPT ON THROUGHOUT THE DURATION OF THE CONTRACT
UTILITIES
700
WE SENT A REPAIR REQUEST BUT HAVE NOT HEARD BACK FROM LISTING AGENT AND IT IS NOW 4:30PM ON THE LAST DAY OF OPTION, WHAT CAN A BUYER'S AGENT DO?
TRY TO EXTEND BUT THAT WILL BE DIFFICULT BECAUSE YOU NEED SELLER'S SIGNATURE. YOU CAN ALSO CHOOSE TO TERMINATE THE CONTRACT. OR YOU CAN MOVE FORWARD WITHOUT REPAIRS.
700
A LISTING/SELLER'S AGENT HAS THE RIGHT AND AUTHORITY TO REACH OUT TO THE BUYER'S LENDER TO GET FINANCING UPDATES. THIS AUTHORIZATION IS FOUND IN WHAT PARAGRAPH OF WHAT DOCUMENT?
THE LAST PARAGRAPH IN THE THIRD PARTY FINANCING ADDENDUM
700
PER THE CLEAR COOPERATION POLICY BY THE MLS, YOU HAVE HOW LONG TO ENTER A PROPERTY INTO THE MLS AFTER YOU BEGIN TO PUBLICLY MARKET THE PROPERTY FOR SALE. THIS INCLUDES PUTTING A LISTING SIGN IN THE FRONT YARD.
24 HOURS OR THERE IS A $2500 FINE FOR THE FIRST OFFENSE!
700
AN UNREPRESENTED BUYER CALLS MY LISTING SIGN AND IS INTERESTED. THESE ARE THE PROPER STEPS TO TAKE.
ASK THEM IF THEY WANT REPRESENTATION. IF THEY DO, CALL BROKER TO APPOINT ANOTHER AGENT. IF THEY DON'T THEY MUST SIGN AN IABS AND STAY UNREPRESENTED. THIS IS NOT AN INTERMEDIARY SITUATION.
700
A BUYER'S AGENT WANTS TO GIVE PART OF THEIR COMMISSION TO THE BUYER AT CLOSING. THIS IS MAX AMOUNT ALLOWED.
THEIR IS NO MINIMUM ALLOWABLE CREDIT TO A PARTY TO THE CONTRACT.
800
EXEMPTIONS TO THE SELLER DISCLOSURE REQUIREMENT. NAME AT LEAST 2
FORECLOSURE, ESTATE SALES, SALES BETWEEN SPOUSES
800
YOUR APPROACHING THE CLOSING DATE BUT YOU NEED MORE TIME, NAME A FEW THINGS YOU AND YOUR BUYER CLIENT CAN DO TO STAY UNDER CONTRACT
EXTEND THE CLOSING DATE, ASK SELLER WHAT INCENTIVE THEY WANT OR NEED TO GRANT THE EXTENSION. NOTE: A SELLER IS NOT OBLIGATED TO EXTEND
800
THESE ARE THE TYPICAL SELLER CONTRIBUTION LIMITS FOR FHA, CONVENTIONAL, AND VA FINANCING
6% FOR FHA, 3% FOR CONVENTIONAL, AND 4% FOR VA
800
WHAT SHOULD YOU CHECK ON THE MLS TO REACH OUT TO OTHER INDUSTRY AGENTS THAT HAVE CLIENTS POTENTIALLY INTERESTED IN YOUR LISTING?
REVERSE PROSPECTING FEATURE
800
A PERSON BUYS A HOME AND QUICKLY TRIES TO RE-SELL IT ON THE MARKET. WHAT RULE APPLIES HERE RELATING TO FHA REQUIREMENTS?
THE HOMEOWNER MUST HAVE OWNED THE HOME FOR AT LEAST 90 DAYS BEFORE ACCEPTING AN FHA LOAN OFFER ON THE PROPERTY.
800
A BUYER TERMINATES A CONTRACT BUT THE NEXT DAY THEY CHANGED THEIR MIND AND WANTS TO PROCEED. HOW DO YOU HANDLE THIS?
DRAFT A NEW CONTRACT IS BEST PRACTICE
900
THIS DOCUMENT IS USED WHEN SUBMITTING AN OFFER WHERE THE BUYER MUST SELL A DEPARTING RESIDENCE IN ORDER TO PURCHASE THE NEW ONE
ADDENDUM FOR SALE OF OTHER PROPERTY BY BUYER
900
IN A SCENARIO WHERE THE EARNEST MONEY IS 3K AND OPTION IS $300 FOR A TOTAL OF 3300 BUT BUYER ONLY DELIVERS 3K BY ACCIDENT TO TITLE, THIS HAPPENS
TITLE WILL APPLY $300 OF THE 3K TO THE OPTION PERIOD AND THE EARNEST MONEY WILL THEN BE SHORT 300 GIVING THE SELLER AN OPPORTUNITY TO TERMINATE
900
CAN A BUYER SWITCH LOAN TYPES DURING A TRANSACTION WITHOUT THE SELLER'S CONSENT?
YES BUT THEY JUST HAVE TO PERFORM. THIS IS EASIER IF SWITCHING FROM FHA TO CONVENTIONAL BECAUSE CONVENTIONAL TO FHA REQUIRES A SIGNED FHA AMENDATORY CLAUSE THAT SELLER MUST SIGN
900
MY CLIENT WANT'S TO SEARCH OWNER FINANCING PROPERTIES. HOW DO I FIND THIS ON THE MLS?
USE "LISTING TERMS" FILTER BOX AND SELECT "ONWER WILL CARRY"
900
A LISTING AGENT USED 5A ON THE LISTING AGREEMENT AND RECIEVED AN OFFER. THE BUYER'S AGENT PUT THEIR COMMISSION IN PARAGRAPH 12. WHAT SHOULD LISTING AGENT DO?
HAVE THEM RESEND THE OFFER REMOVING THE AMOUNT IN 12A1b AND SEND A COMPENSATION AGREEMENT BETWEEN BROKERS.
900
WHAT ITEMS SHOUD YOU TAKE TO A LISTING APPOINTMENT. NAME AT LEAST 2
CMA, NET SHEET, SELLER'S GUIDE, GIFT
1000
NEITHER AGENT PUT THE EXECUTION DATE ON THE CONTRACT. WHAT DOES THIS MEAN FOR ALL PARTIES.
NOTHING REALLY, THE EXECUTION DATE IS THE DATE OF THE LAST SIGNATURE. THE EXECUTION BOX IS MORE FOR INFORMATIONAL PURPOSES.
1000
WHAT IS THE PROCESS OF THE DEMANDING PARTY IF THE OTHER PARTY REFUSES TO SIGN A RELEASE OF EARNEST MONEY.
DEMANDING PARTY NEEDS TO SEND A WRITTEN REQUEST TO TITLE DEMANDING THE RELEASE. TITLE WILL NOTIFY THE OTHER PARTY AND GIVE THEM 15 DAYS TO RESPOND. IF THEY DO NOT RESPOND, EM CAN BE RELEASE BY TITLE WITHOUT THE RELEASE FORM. IF THEY DO RESPOND, THE EM WILL BE HELD INDEFINATELY UNTIL AN AGREEMENT IS REACHED OR IS LITIGATED THROUGH MEDIATION OR IN A COURTROOM.
1000
AFTER THE APPRISAL, THE LENDER IS REQUIRING CERTAIN REPAIRS BE DONE. WHO IS OBLIGTED TO MAKE THESE REPAIRS?
NO ONE. THIS IS A NEGOTIABLE SITUATION AND EITHER PARTY CAN PAY FOR THEM OR IF THEY CANT AGREE THE BUYER CAN TERMINATE AND GET EM BACK.
1000
A LISTING AGENT PUTS, "BUYER RESPONSIBLE TO VERIFY SCHOOLS,SQ FT, ETC" IS THIS A VALID STATEMENT.
YOU CAN USE IT BUT IT IS THE RESPONSIBILTY OF THE LISTING AGENT AND BROKER TO ENSURE ACCURACY OF INFORMATION ON THE MLS
1000
A LISTING AGENT FILLS OUT 5B OF THE LISTING AGREEMENT. WHAT DOES THIS MEAN?
THE LISTING BROKERAGE IS NOT RESPONSIBLE TO PAY ANY BUYER'S AGENT. INSTEAD, THE BUYER'S AGENT IS ABLE TO NEGOTIATE A SELLER PAID COMMISSION IN PARA 12A1b OF THE CONTRACT.
1000
WHO HAS THE RIGHT TO CHOOSE A TITLE COMPANY IN A TRANSACTION?
THE PARTY PAYING FOR THE TITLE POLICY