Real Estate Transaction Coordination Quiz
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Questions and Answers

What is required to confirm the property's condition prior to purchasing?

  • Personal Loan Approval
  • Title Insurance Policy
  • Local Occupancy Report (correct)
  • Lead-Based Paint Disclosure (correct)

When should the Buyer Receipt of Hazard Booklet(s) be provided?

  • Before submission of the initial offer
  • Upon request by the buyer
  • After the purchase agreement is signed (correct)
  • During the closing disclosure phase

What is the purpose of the Counteroffer document in the acquisition process?

  • To negotiate terms that differ from the initial offer (correct)
  • To secure financing for the purchase
  • To provide a summary of property disclosures
  • To confirm the final sale price

Which form is essential for understanding if a property is in a Mello-Roos district?

<p>Notice of Mello-Roos Assessment (C)</p> Signup and view all the answers

What does the Itemized Purchase and Closing Activities section provide?

<p>A timeline for closing transactions (B)</p> Signup and view all the answers

Which document is not typically involved in pre-offer property analysis?

<p>Escrow Instructions (D)</p> Signup and view all the answers

What is the primary purpose of the Closing Disclosure?

<p>To outline final transaction costs to the buyer (B)</p> Signup and view all the answers

Which of the following is a document related to property disclosures?

<p>Agency Law Disclosure (C)</p> Signup and view all the answers

What is the function of the Property Expense Report?

<p>To outline the upkeep and operational costs of the property (D)</p> Signup and view all the answers

What is the primary purpose of the transaction coordination sheet?

<p>To manage the tasks associated with a buyer's property purchase (C)</p> Signup and view all the answers

What type of property is indicated by 'SFR' in the property data section?

<p>Single Family Residence (C)</p> Signup and view all the answers

If a property is indicated as 'tenant occupied,' what does this mean?

<p>A tenant currently lives in the property (A)</p> Signup and view all the answers

Which task is most likely to be included in the due diligence confirmation deadlines?

<p>Confirming property repairs required by an inspector (C)</p> Signup and view all the answers

What does a 'short sale' indicate in the context of property transaction?

<p>The property is sold below market value due to financial hardship (C)</p> Signup and view all the answers

What is the significance of indicating whether the property is in foreclosure on the coordination sheet?

<p>It reveals the property may require additional negotiations (C)</p> Signup and view all the answers

What does the 'Broker fee' section of the sheet require?

<p>The amount of broker fee expressed in dollars or percentage (A)</p> Signup and view all the answers

What kind of properties can be indicated in the property data section of the sheet?

<p>Multiple property types such as condos or two-to-four units (D)</p> Signup and view all the answers

What role does the transaction coordinator play in the property acquisition process?

<p>They handle paperwork and checklist activities related to the transaction. (D)</p> Signup and view all the answers

Which property status indicates that special approval is needed before the sale can proceed?

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

What does indicating 'HOA' in the property data section imply?

<p>There are homeowners associations regulations that must be followed. (A)</p> Signup and view all the answers

Flashcards

Backup Offer Addendum

A form used to notify buyers that a property is under contract, but allows other agents to secure a backup offer in case the initial sale falls through.

Preliminary Title Report Approval

Used when a real estate transaction includes a contingency based on the approval of a preliminary title report.

Personal Property Inventory

This form is used when transferring ownership of a property and any associated personal belongings.

Financial Disclosure Statement

This form clarifies the financials involved in a lease-option sale, ensuring transparency between the parties involved.

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Interim Occupancy Agreement

This form allows a buyer to temporarily occupy a property before the official closing date.

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Conflict of Interest Disclosure

This form discloses any conflicts of interest that may exist for a real estate agent during a transaction.

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Buyer's Agent

The individual representing the buyer in a real estate transaction, responsible for finding suitable properties and guiding the purchase process.

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Transaction Coordination Sheet

A document used by a buyer's agent and transaction coordinator to keep track of tasks and deadlines during the entire purchase process.

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Purchase Price

The estimated price at which a property will be purchased.

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Broker Fee

A fee charged by the real estate brokerage for their services, typically a percentage of the purchase price.

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Transaction Coordinator

A professional responsible for coordinating and organizing various tasks involved in a real estate transaction.

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Property Data (SFR, Condo, Two-to-four units)

The type of property being purchased, such as a single-family home, condominium, or multi-family unit.

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HOA (Homeowners Association)

An organization that manages shared facilities and services within a community of homeowners, usually for condominiums or subdivisions.

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Foreclosure

A process where a property is sold by its owner to pay off outstanding debt, usually through a court-ordered sale.

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Short Sale

A property sold at a price lower than its market value, typically by an owner who is facing financial difficulties.

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Loan Application

A document that summarizes the borrower's financial situation and includes details like income, expenses, assets, and debts

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Purchase Agreement

A legal document that outlines the agreement between the buyer and seller for the purchase of real estate

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Home Inspection Report

A report that reveals any existing property defects, structural issues, or safety concerns

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Appraisal

A professional assessment of a property's market value

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Environmental Report

A document that reveals any known environmental hazards associated with a property

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Escrow Company

A third-party company responsible for holding funds and documents during a real estate closing

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Closing Disclosure

A summary of the closing costs, including loan details, property taxes, and insurance premiums

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Deed

A legal document that formally transfers ownership of a property from the seller to the buyer

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Property Disclosure

A document that provides essential information about a property, including its size, location, and features

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Pest Inspection

A professional inspection for signs of termite damage or other wood-destroying pests

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Closing of Escrow (COE)

This is the date by which all the steps in the purchase must be completed, or the deal is off.

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Study Notes

Transaction Coordination Sheet

  • This form is used by a buyer's agent and their transaction coordinator to manage the buyer's employment and property acquisition.
  • It serves as a checklist for activities, tracking completed tasks and those remaining.
  • Prepared by: Buyer's agent or their coordinator.
  • Date: Specific date.

Facts

  • Property address, purchase price, broker fee, seller-occupied, tenant, vacant, type of property (SFR, condo, etc), HOA, foreclosure, NOD, short sale, estate sale, court-approval required.
  • Buyer's name, address, phone, cell, email, and mailing address.
  • Seller's name, agent, address, phone, email.
  • Date purchase agreement accepted.
  • Date scheduled for close of escrow.
  • Escrow company name and address, contact details (phone, email and officer).

Deadlines

  • Deadlines for due diligence confirmation/performance/cancellation are crucial.
  • Dates for activities related to purchase and closing are outlined (Pre-Offer Property Analysis, PROPERTY ACQUISITION DOCUMENTS, Property Acquisition).

Itemized Activities

  • Includes various tasks for property analysis before purchase (e.g., MLS printout, flyer, comparable market analysis, Hazard Insurance, Property Condition Disclosure (TDS), home inspector report, lead-based paint disclosure, earthquake hazards, property expense, neighborhood security, HOA documents, CC&Rs, structural pest control report, local occupancy report, Mello-Roos assessment, property profiles from title company, natural hazard disclosure statements).
  • Required property acquisition documents are also listed (Purchase agreement, counteroffer, Agency Law Disclosure, broker's fee addendum, contingencies, buyer's deposit check, disclosures, buyer's receipt of hazard booklet, adjustable rate mortgages, occupancy exemption, escrow instructions, title report, inspection request of repairs, walk-through, compensation disclosure, identification of prospective buyers, lease-option(s), land sales contract, cancellation of purchase agreement, affiliated business arrangement disclosure statement, authorization for appraisal, personal property inventory transfer, interim/holdover occupancy agreement, short sale/backup offer addendum, financial disclosure statements, foreclosure cost sheet, assumption agreement(s), power of attorney, trust deed, conflict of interest disclosure, change of owner/property manager, tenant estoppel, Authorization to Open Home Warranty Order, Closing Disclosure, Transmittal Stack Sheet).

Special Handling Checklist

  • This section identifies forms applicable to the transaction and their transfer to supporting documents.
  • Includes various types of offers, contracts, releases, cancellations, disclosures, and various agreement documents. Covers rights to enter/exhibit properties, purchase agreements, lease-options, land sales contracts, cancellation notices, affiliated business disclosures, personal property inventory/value addendum, interim occupancy/holdover, short sale/backup offer contingencies, financial disclosures, foreclosure/assumption forms, power of attorney, conflict of interest disclosures. Also includes specific forms by name (RPI forms, etc).

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Related Documents

RPI 521-1 Transaction Coordination Sheet (Buyer's Agent) PDF

Description

Test your knowledge on managing real estate transactions with this quiz focused on transaction coordination sheets. Covering buyer's agency, property details, and essential deadlines, you'll learn key aspects of the property acquisition process. Perfect for buyer's agents and transaction coordinators.

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