Buyer Under Contract process quiz

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Questions and Answers

When is the EMD due for the buyer to send to the listing office?

  • Within 2 days of the executed date
  • Within 10 days of the executed date
  • Within 5 days of the executed date (correct)
  • Within 15 days of the executed date

What is the first step once an offer has been accepted?

  • Add buyer info to loop
  • Share copy of EMD with lender and title
  • Send emails 1-3
  • Begin UC process steps in dotloop (correct)

Which document is not required for cash deals?

  • Mortgage Commitment
  • Appraisal
  • Mortgage Application
  • All of the above (correct)

What must be completed and submitted before the inspection due date?

<p>BRI (A)</p> Signup and view all the answers

Which is essential for the UC process steps in dotloop to begin if the offer is accepted?

<p>A and B (D)</p> Signup and view all the answers

What is an important the tasks related to homes with a mortgage?

<p>Confirm mortgage application was completed within the first 7 days (D)</p> Signup and view all the answers

When are the HOA docs due?

<p>Within the first 15 days (D)</p> Signup and view all the answers

What is a requirement related to utilities?

<p>Send utility information to the buyer 1 week before settlement (C)</p> Signup and view all the answers

What is a significant task regarding township inspections?

<p>Check for any required inspections and follow up if needed (C)</p> Signup and view all the answers

Why is a pre-settlement walkthrough signed by the agent needed?

<p>It is required by KW Compliance to receive commission (B)</p> Signup and view all the answers

What 7 documents or items are needed for a new buyer?

<p>BAC, CN, DFI, A.C. 650, Intake Form, Photo ID, Pre-approval</p> Signup and view all the answers

Match the document to the correct phase.

<p>New Buyer = Pre-approval Offer = AOS Mortgage = Appraisal Title = Settlement Notice</p> Signup and view all the answers

True or False: We do not need a copy of the homeowners insurance policy.

<p>False (B)</p> Signup and view all the answers

True or False: Inspection BRI is due 30 days from the executed date.

<p>False (B)</p> Signup and view all the answers

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