Podcast
Questions and Answers
When is Lead based paint disclosure required?
When is Lead based paint disclosure required?
- For homes built before 1978 (correct)
- For homes built after 1978
- For homes built after 1980
- For homes built before 1990
What is the purpose of the DMN document?
What is the purpose of the DMN document?
- To share title commitment
- To notify about deposit money (correct)
- To provide utility info
- To disclose lead based paint
When should the Title Commitment document be sent to buyers agent?
When should the Title Commitment document be sent to buyers agent?
- At closing
- About mid-way through a transaction (correct)
- Before any offer is made
- After a final walk-through
What is the SPD waiver required for?
What is the SPD waiver required for?
When should the Pre-Approval/Proof of funds be sent?
When should the Pre-Approval/Proof of funds be sent?
Who needs to complete the Utility Info Sheet?
Who needs to complete the Utility Info Sheet?
When are new buyer documents required?
When are new buyer documents required?
What is the purpose of a Referral Agreement?
What is the purpose of a Referral Agreement?
What is the expiration timeframe for the BAC (buyer agency contract)?
What is the expiration timeframe for the BAC (buyer agency contract)?
What is the not true for the CN?
What is the not true for the CN?
When should the Copy of appraisal be sent to the listing agent?
When should the Copy of appraisal be sent to the listing agent?
For which type of loans can the Termite Inspection be shared with the lender?
For which type of loans can the Termite Inspection be shared with the lender?
Who needs to sign the BRI - Buyer’s reply to inspections document?
Who needs to sign the BRI - Buyer’s reply to inspections document?
What should be done with Any other inspections (Water, Septic, and any others) documents?
What should be done with Any other inspections (Water, Septic, and any others) documents?
When should the Settlement notice be sent to buyers?
When should the Settlement notice be sent to buyers?
What should not be done with the PSW - Pre Settlement walkthrough document after receiving a copy?
What should not be done with the PSW - Pre Settlement walkthrough document after receiving a copy?
Who should the PEA - Price escalation addendum be sent to?
Who should the PEA - Price escalation addendum be sent to?
Which addendum is required if a buyer needs to sell a home in order to purchase another one?
Which addendum is required if a buyer needs to sell a home in order to purchase another one?
When is the only time addendums are sent to the lender or title company?
When is the only time addendums are sent to the lender or title company?
Which addendum should NOT be selected at the end of the AOS?
Which addendum should NOT be selected at the end of the AOS?
What action should be taken if there is a change in the sales price or settlement date during the transaction?
What action should be taken if there is a change in the sales price or settlement date during the transaction?
What should you do if you are unsure about specific instructions related to a change in terms during the transaction?
What should you do if you are unsure about specific instructions related to a change in terms during the transaction?
Which action should never be done without checking when handling documents during the transaction?
Which action should never be done without checking when handling documents during the transaction?
Why is it important to be cautious about sharing documents with the lender?
Why is it important to be cautious about sharing documents with the lender?
When should any change in terms be uploaded to command?
When should any change in terms be uploaded to command?
Who should you consult before sending any document to ensure it is being sent to the correct recipient?
Who should you consult before sending any document to ensure it is being sent to the correct recipient?
During an estate sale, the Seller's Property Disclosure (SPD) must be completed by the seller.
During an estate sale, the Seller's Property Disclosure (SPD) must be completed by the seller.
Estimated closing costs (ECC) are not required to be completed and sent to the buyer with an offer for ALL offers.
Estimated closing costs (ECC) are not required to be completed and sent to the buyer with an offer for ALL offers.
If there is no mortgage involved, ALL amounts in the lender section of the ECC should be left as they are without any changes.
If there is no mortgage involved, ALL amounts in the lender section of the ECC should be left as they are without any changes.
The Title Commitment document should only be sent to the buyer's agent.
The Title Commitment document should only be sent to the buyer's agent.
Termite Inspection results can be shared with the lender for all types of loans.
Termite Inspection results can be shared with the lender for all types of loans.
ACA - _______ contingency addendum
ACA - _______ contingency addendum
PEA - Price escalation _______
PEA - Price escalation _______
RRT - Repairs / corrections required by third party is sent with executed AOS to _________
RRT - Repairs / corrections required by third party is sent with executed AOS to _________
Sale and Settlement Contingency is required if a buyer needs to sell a home in order to purchase another one and is Sent with _________ to lender/title.
Sale and Settlement Contingency is required if a buyer needs to sell a home in order to purchase another one and is Sent with _________ to lender/title.
Addendum - any other addendums created during the initial negotiations â—‹ Check with buyers agent on instructions for any additional addendums before sending to _______!
Addendum - any other addendums created during the initial negotiations â—‹ Check with buyers agent on instructions for any additional addendums before sending to _______!
Match the following actions with their correct instructions:
Match the following actions with their correct instructions:
Match the following addendums with their correct requirements:
Match the following addendums with their correct requirements:
Match the following actions with their correct precautions:
Match the following actions with their correct precautions:
Match the following items with their correct timing requirements:
Match the following items with their correct timing requirements:
