Agency
Relationship
Relationship
The document that authorizes an agent to represent a buyer in a transaction.
Buyer Agency Agreement
Earnest money is typically __% of the purchase price
1% rounded to the nearest $500 increment.
What is the default # of days for an inspection contingency if the section box is checked but nothing is written in the blank line?
15 Days
The financial terms upon which Buyer agrees to purchase the home are included in what contingency?
Financial Commitment Contingency
Buyer writes an offer for $300,000 with 10% down payment and 90% loan value. How much is the down payment amount?
$30,000
Potential buyer who walks into an open house is known as a ________.
Customer
Buyer's Pre-Closing Walk-Through happens when?
Within 3 days prior to closing.
When does binding acceptance occur?
After all parties sign the contract and it has been delivered by an authorized method in the offer.
The contingency that allows the Buyer or the Buyer's lender to determine the value of the property is called _____.
Appraisal Contingency
Buyer writes an offer for $300,000 how much earnest money will be due within 5 days of acceptance?
$3,000
Buyer only signs a showing agreement to look at three properties and then wants to write an offer. Who do you represent in the transaction?
The seller. You are acting as the subagent in the transaction.
Buyer and Seller cannot agree on an inspection amendment, what must form must the Buyer's agent draft and deliver prior to the expiration of the home inspection contingency deadline?
Notice of Defects and a copy of the inspection report.
Collecting samples of asbestos or mold requires the use of ________ contingency?
Testing Contingency
If the buyer is getting a loan for 90% of $300,000 and is paying an interest rate of 6% on a 30 year loan what is their monthly principal and interest payment?
$1,618.79
A buyer tells you confidentially they are willing to pay $25,000 over asking price, but they want to start lower. Can you tell the seller or listing agent?
No. That is confidential client information. You owe your client loyalty and confidentiality unless the client gives permission or disclosure is legally required.
When is occupancy of the property is delivered to the Buyer?
After Closing
What methods of delivery are authorized in the Offer to Purchase?
Personal delivery (always), fax, commercial, us mail and email (if selected)
The bump clause.
Buyer writes an offer for $300,000 and has a loan amount of $270,000. The Buyer agrees to pay discount points of 1% of the loan value to reduce their interest rate, how much are they paying to lower their rate?
$2,700
Buyer signs a showing agreement only, who does the Attorney Backed Agents® Attorney represent in the transaction?
No One.
How many square feet is in an acre of land?
43,560
The financing contingency expires tonight, the lender sends over loan commitment riddled with conditions upon which they will lend, do you send the loan commitment to the listing agent to stay in compliance with the deadline?
No, do not deliver the loan commitment, consult the Buyer's attorney and make sure the buyer understands how it impacts them.
The buyer’s offer is contingent on financing, inspection, and appraisal. The buyer says, “I love the house. Let’s just waive everything so we don’t lose it.” What should the agent do?
Explain the risk of waiving each protection, document the conversation, and recommend broker/attorney/lender guidance before the buyer gives up major contractual rights.
If the buyer writes an offer for $300,000 and we have a buyer agency agreement for 3% and write in the sellers compensation to buyers firm of 2.4% how much commission are we collecting at closing?
$9,000