November 18th, 2024 at 1:45 pm
Fact Pattern: You are the listing agent for a pending sales transaction using C.A.R.’s Residential Purchase Agreement (RPA). You have timely delivered the seller’s reports, disclosure, and information, to the buyer’s side. Despite repeated requests, you have not received the buyer’s signature on any of the seller documents. Escrow is scheduled to close in a few days.
Multiple Choice Question: What should you do? Pick the best answer:
A. Print out all the documents, and require the buyer to sign them before you hand over the keys to the property.
B. Recommend to the seller to serve a Notice to Buyer to Perform (NBP).
C. Advise the seller in writing that we are unable to get the buyer’s signatures.
D. All of the above. (more…)
November 11th, 2024 at 3:18 pm
Fact Pattern: An agent named Busy Bee works in a certain neighborhood with very few listings available for sale. Busy is not working with any buyer at the present time. However, Busy would nevertheless like to ask all the listing agents in the neighborhood to have their seller sign a C.A.R. Single Party Compensation Agreement (SP) agreeing to pay Busy as a buyer’s agent.
Multiple Choice Question: Can Busy Bee ask the listing agents to have their seller-clients sign an SP? Pick the best answer:
A. Yes.
B. No, because Busy must identify a specific buyer in the SP.
C. No, because that would violate the NAR Settlement Agreement.
D. No, because Busy will not be representing the seller. (more…)
November 4th, 2024 at 1:34 pm
Fact Pattern: A seller and buyer are in a pending sales transaction using C.A.R.’s Residential Purchase Agreement (RPA). The seller provides the buyer with a Transfer Disclosure Statement (TDS), as required by law. The listing agent inserts nothing more than “AVID to follow” in the listing agent’s section (Section III) of the TDS. The buyer then removes all contingencies, based on the advice of the buyer’s agent. A few days later, the listing agent submits the listing agent’s AVID.
Question: Can the buyer cancel as well as recover the amount of the buyer’s deposit? Yes or No? (more…)
October 28th, 2024 at 2:12 pm
Multiple Choice Question: A seller in a pending sales transaction has provided the buyer with the seller’s Transfer Disclosure Statement (TDS), as required by law. The listing agent, however, has not provided an Agent Visual Inspection Disclosure (AVID). Is the seller’s disclosure package complete? Pick the best answer:
A. It depends on whether the listing agent’s AVID will reveal any new disclosure items.
B. It depends on whether the seller gave the buyer the TDS before the buyer wrote the offer.
C. It depends on how the listing agent’s section of the TDS was completed.
D. All of the above. (more…)
October 21st, 2024 at 2:08 pm
Fact Pattern: You are a listing agent for a new listing. You are using our company’s standard-form Addendum to Residential Listing Agreement (ARLA) to get the seller’s authorization to pay 2.5% to the buyer’s broker. But instead of agreeing “to consider paying” 2.5%, as stated in the ARLA form, the seller wants it to just say that the seller “agrees to pay” 2.5%. You make that change on the ARLA form, and you advertise that the “seller will pay 2.5%,” as the seller instructed. You eventually receive an offer. The seller enters into sales contract with the buyer, but the seller only agrees to pay 2% to the buyer’s broker.
Question: Can the buyer or buyer’s agent come after you for the 0.5% difference, based on a claim of false or misleading advertising? Yes or no? (more…)
