December 16th, 2024 at 3:02 pm
On December 17, 2024, C.A.R. plans to roll out its December 2024 Forms Release. The roll-out includes roughly 64 new and newly revised forms, although many of the changes are minor revisions. Here are some of the highlights of C.A.R.’s December 2024 Forms Release: (more…)
December 9th, 2024 at 1:26 pm
Fact Pattern: You are a buyer’s agent with a signed buyer-broker agreement. Your buyer is interested in buying a home in a certain neighborhood. You know that the sellers of 2 MLS listings in that neighborhood have said that they will not pay any compensation to a cooperating broker.
Multiple Choice Question: Can you elect not to share these 2 listings with your buyer-client? Pick the best answer:
A. Yes.
B. Yes, if your buyer-broker agreement says that you will screen out listings with no offer of coop comp from the seller.
C. Yes, if you believe that your buyer will never be interested in buying either of the 2 properties.
D. No. (more…)
December 2nd, 2024 at 1:30 pm
Fact Pattern: A buyer’s agent from another brokerage is charging buyer-clients an advance fee of $1,000 before the salesperson will schedule showings. The salesperson includes the terms of the advance fee in the C.A.R. Buyer Representation and Broker Compensation Agreement (BRBC). The advance fee is credited against any broker compensation that the buyer may be obligated to pay.
Multiple Choice Question: Can a salesperson charge a buyer with an advance fee as described above? Pick the best answer:
A. Yes.
B. Yes, if, among other requirements, the salesperson submits the advance fee agreement to the Department of Real Estate for approval.
C. Yes, if, among other requirements, the advance fee is placed in the salesperson’s trust account.
D. No, an advance fee is illegal. (more…)
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…)
