Buyer Transaction Document Glossary Quiz
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Questions and Answers

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?

  • 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?

  • 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?

    <p>For all offers in KW compliance</p> Signup and view all the answers

    When should the Pre-Approval/Proof of funds be sent?

    <p>Before sending an offer</p> Signup and view all the answers

    Who needs to complete the Utility Info Sheet?

    <p>Seller</p> Signup and view all the answers

    When are new buyer documents required?

    <p>For new buyer clients or if they are expired.</p> Signup and view all the answers

    What is the purpose of a Referral Agreement?

    <p>To outline referral fees when paying out to another agent or receiving a referral.</p> Signup and view all the answers

    What is the expiration timeframe for the BAC (buyer agency contract)?

    <p>1 year from completion.</p> Signup and view all the answers

    What is the not true for the CN?

    <p>It is to be signed by both buyer and agent.</p> Signup and view all the answers

    When should the Copy of appraisal be sent to the listing agent?

    <p>Immediately upon receipt</p> Signup and view all the answers

    For which type of loans can the Termite Inspection be shared with the lender?

    <p>FHA/VA loans only</p> Signup and view all the answers

    Who needs to sign the BRI - Buyer’s reply to inspections document?

    <p>Buyer's only</p> Signup and view all the answers

    What should be done with Any other inspections (Water, Septic, and any others) documents?

    <p>Upload to command &amp; ask buyer agent for further instructions.</p> Signup and view all the answers

    When should the Settlement notice be sent to buyers?

    <p>Once received from title company</p> Signup and view all the answers

    What should not be done with the PSW - Pre Settlement walkthrough document after receiving a copy?

    <p>Send to lender right away</p> Signup and view all the answers

    Who should the PEA - Price escalation addendum be sent to?

    <p>Sent with executed AOS to listing agent</p> Signup and view all the answers

    Which addendum is required if a buyer needs to sell a home in order to purchase another one?

    <p>Sale &amp; Settlement Contingency</p> Signup and view all the answers

    When is the only time addendums are sent to the lender or title company?

    <p>If they are selected at the end of the AOS</p> Signup and view all the answers

    Which addendum should NOT be selected at the end of the AOS?

    <p>Addendum - Appraisal Gap</p> Signup and view all the answers

    What action should be taken if there is a change in the sales price or settlement date during the transaction?

    <p>Create a new estimated closing cost and have it signed by the buyer.</p> Signup and view all the answers

    What should you do if you are unsure about specific instructions related to a change in terms during the transaction?

    <p>Contact the buyers' agent for clarification.</p> Signup and view all the answers

    Which action should never be done without checking when handling documents during the transaction?

    <p>Sending documents to the lender.</p> Signup and view all the answers

    Why is it important to be cautious about sharing documents with the lender?

    <p>To avoid any delays or potential issues in the transaction.</p> Signup and view all the answers

    When should any change in terms be uploaded to command?

    <p>Immediately after any change occurs.</p> Signup and view all the answers

    Who should you consult before sending any document to ensure it is being sent to the correct recipient?

    <p>Buyers' agent</p> Signup and view all the answers

    During an estate sale, the Seller's Property Disclosure (SPD) must be completed by the seller.

    <p>False</p> Signup and view all the answers

    Estimated closing costs (ECC) are not required to be completed and sent to the buyer with an offer for ALL offers.

    <p>False</p> Signup and view all the answers

    If there is no mortgage involved, ALL amounts in the lender section of the ECC should be left as they are without any changes.

    <p>False</p> Signup and view all the answers

    The Title Commitment document should only be sent to the buyer's agent.

    <p>False</p> Signup and view all the answers

    Termite Inspection results can be shared with the lender for all types of loans.

    <p>False</p> Signup and view all the answers

    ACA - _______ contingency addendum

    <p>appraisal</p> Signup and view all the answers

    PEA - Price escalation _______

    <p>addendum</p> Signup and view all the answers

    RRT - Repairs / corrections required by third party is sent with executed AOS to _________

    <p>listing agent</p> Signup and view all the answers

    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.

    <p>Email #2</p> Signup and view all the answers

    Addendum - any other addendums created during the initial negotiations ○ Check with buyers agent on instructions for any additional addendums before sending to _______!

    <p>anyone</p> Signup and view all the answers

    Match the following actions with their correct instructions:

    <p>Change in terms during UC process = Signed by buyer and seller, then uploaded to command Any other document during transaction = Check with Angela or Zylkia before sending to anyone FHA Amendatory Clause = Sent from lender, signed by buyer and seller, sent back to lender Sharing Termite Inspection results with lender = For FHA/VA loans</p> Signup and view all the answers

    Match the following addendums with their correct requirements:

    <p>PEA - Price escalation addendum = Check with buyers agent on instructions before sending SPD waiver addendum = Required for estate sales Sale and Settlement Contingency addendum = Required if buyer needs to sell a home to purchase another</p> Signup and view all the answers

    Match the following actions with their correct precautions:

    <p>Sending documents to lender = Be cautious and ensure correct before sharing Change in sales price or settlement date = New estimated closing cost must be created and signed by buyer Sending Addendums at end of AOS = Always share to lender/title Sharing documents without checking first = Could be detrimental to transaction</p> Signup and view all the answers

    Match the following items with their correct timing requirements:

    <p>Pre-Approval/Proof of funds document = Sent with an initial offer to the listing agent. Settlement notice = Sent to all parties once scheduled. New buyer documents = Required for an offer to be written. May be signed before or during an offer. Title Commitment document = Sent once received to all parties.</p> Signup and view all the answers

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