Buyer Documents Glossary Quiz

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What is the purpose of the Referral Agreement document?

To outline the buyer's agency contract terms

To document the buyer's agent's commission structure

To obtain a buyer's signature for a new property purchase

To facilitate the payment of referral fees to other agents (correct)

What is the required expiration date for the BAC document?

6 months from the date of signing

No expiration date is required

3 years from the date of signing

1 year from the date of signing (correct)

Who signs the Buyer Documents?

The seller and the buyer's agent

Only the buyer's agent

Only the buyer

Both the buyer and the buyer's agent (correct)

When are new buyer documents required for a buyer?

When the previous documents have expired (B) Signup and view all the answers

What is the purpose of the Change to BAC document?

To document changes to the buyer agency agreement once under contract (D) Signup and view all the answers

Who has access to the uploaded buyer documents?

Only the buyer and their agent (D) Signup and view all the answers

What is the purpose of the Lead-based Paint Disclosure?

For homes built before 1978 only (D) Signup and view all the answers

Who is responsible for completing the Utility Info Sheet?

Seller (D) Signup and view all the answers

What is the purpose of the Deposit Money Notice (DMN)?

To notify the buyer of where the deposit is being held (D) Signup and view all the answers

Who receives the executed AOS via DL as view only and attaches it as a PDF?

Listing Agent (B) Signup and view all the answers

What is the purpose of the SPD Waiver?

To comply with Keller Williams Platinum Realty's requirements (D) Signup and view all the answers

What is the purpose of sending the Pre-Approval/Proof of Funds document?

To prove the buyer's ability to purchase the property (D) Signup and view all the answers

What is the purpose of the Sale & Settlement Contingency addendum?

To allow a buyer to purchase a home before selling their current one (C) Signup and view all the answers

Where should the Appraisal Gap addendum be sent?

Nowhere, it should not be sent without permission from the buyer's agent first (C) Signup and view all the answers

When is the PEA - Price Escalation Addendum sent?

Only if selected at the end of the Agreement of Sale (D) Signup and view all the answers

What should be checked before sending the RRT - Repairs/Corrections Required by Third Party addendum to the lender?

The buyer's agent's instructions (C) Signup and view all the answers

How are documents sent to the listing agent?

Via dotloop as view only with a pdf attachment (C) Signup and view all the answers

What should be done with any additional addendums created during the initial negotiations?

Check with the buyer's agent on instructions for any additional addendums before sending to anyone (C) Signup and view all the answers

During the UC process, what should be done with changes in terms?

Both buyer and seller need to sign and upload to Command (D) Signup and view all the answers

Why is it essential to be cautious when sharing documents during a transaction?

To avoid sharing confidential information with unauthorized parties (A) Signup and view all the answers

What happens if the sales price, settlement date, or seller's assist is changed during the transaction?

A new estimated closing cost needs to be created and signed by the buyer (B) Signup and view all the answers

Who should be consulted if you are unsure about specific instructions for a document?

Angela or Zylkia (A) Signup and view all the answers

What should you do with documents received from the lender?

Check with Angela or Zylkia before sending to anyone (A) Signup and view all the answers

What should you never do with certain documents during a transaction?

Send them to anyone without checking first (A) Signup and view all the answers

What is the purpose of the CBC - Cooperating Broker Agreement?

To document the commission being provided to the buyer's agent (D) Signup and view all the answers

What happens to the Mortgage Commitment once it's received from the lender?

It's sent to the listing agent via DL as view only & attach as pdf (A) Signup and view all the answers

What should be done with the Copy of Appraisal?

Keep it confidential, unless instructed otherwise (B) Signup and view all the answers

Who receives the Preliminary ALTA for Review?

The buyer's agent only (A) Signup and view all the answers

What is the purpose of the PSW - Pre Settlement Walkthrough?

To document the final review of the property (A) Signup and view all the answers

What should be done with the Inspection Documents?

Never share them with the lender or title company (D) Signup and view all the answers

What is the purpose of the BRI - Buyer's Reply to Inspections?

To request repairs or additional compensation (D) Signup and view all the answers

What happens to the CTA - Inspection Repairs?

It's negotiated between the buyer and seller (A) Signup and view all the answers

Who signs the Signed ALTA?

The buyer and seller (A) Signup and view all the answers

What should be done with the Termite Inspection?

Add buyer's signatures and send via dotloop (C) Signup and view all the answers