Seller other than individual
Legal Pitfalls
Disclosure Dilemmas
100

The document needed to permit an agent to sign for a principal when the principal is unable to sign for him/herself.

What is a Power of Attorney?

100

The form to identify the exclusive agency relationship between seller and the brokerage. 

What is the SAER?

100

TRUE OR FALSE: Termination time for CICs can be negotiated to be longer than 3 days.

IT DEPENDS!! 

200

The three main title requirements for when the seller is an intestate decedent estate.

What are (1) death certificate, (2) real estate affidavit; (3) two disinterested party affidavit?

200
The form to identify the exclusive agency relationship between buyer and the brokerage. (AND THIS should be included in it).

What is the Buyer/Broker Agreement? (AND what is the admin fee?)

200

The buyer receives the Common Interest Community disclosure packet AFTER ratification and reviews it and finds unexpected fees and restrictions.  What are the buyer's options under the Virginia Property Owner's Association/Condominium Act?

What is the buyer may cancel the contract within 3 days of receiving the disclosure packet-needs to be written notice of termination to the seller.

300

The document(s) needed to verify the authorized person is signing on behalf of a trust.

What is the Certification of Trust?

300

The two things lenders often do not like to see on the Closing Disclosure when there is a seller possession agreement.

What are (1) Security Deposit and (2) Rent?

300

TRUE OR FALSE: A City violation does not need to be disclosed if it does not amount to a judgment against the property.

FALSE- Look to Paragraph 16(H) and arguably Paragraph 13(A) of the REIN Contract.

400
The document(s) needed to verify the authorized person is signing on behalf of a legal entity (Partnership, LLC, Corporation, etc.).

What are (1) operating agreement and/or (2) resolution and also (3) SCC verification that the entity is in current standing?

400
TRUE OR FALSE: Paragraph 9(C) in the REIN Contract re Surveys should always be marked "Desires"?

TRUE

400

There are violations noted in the disclosure packet.  The seller refuses to cure the violations. What can the buyer do?

What is: The buyer can terminate within 3 days of receiving the disclosure packet- buyer must give written notice of termination to seller.  


500

The proper way to identify seller in the Contract when an estate and the proper way to have seller sign.

What is "Estate of Jane Doe, Deceased" AND/OR "Bobbie Moe, Executor of the Estate of Jane Doe" OR "Bobbie Moe, Administrator of the Estate of Jane Doe" OR "Tim Fam, Heir of the Estate of Jane Doe" OR "Tim Fam, Devisee of the Estate of Jane Doe"?

500

The difference between "Title", "Deed", "Ownership", and "Tenancy".

What is: "Title" is the legal concept of ownership rights; "Deed" is the physical document transferring the ownership rights; "Owner(ship)" refers to who/what actually holds title; "Tenancy" describes how the owner(ship) is shared among owners.

500

The seller chooses not to disclose anything beyond the required disclosures.  After closing, the buyer finds major defects.  The listing agent knew but says, "My client didn't authorize me to say anything?" Who is liable?

What is Potentially both Seller and agent: The agent can still be liable for failure to disclose material adverse facts actually known to the licensee.  18 VAC 135-20-300(2) The statutory form does not protect the agent from their duty.


Your disclosure duties are separate from the sellers!