December 4th, 2023 at 12:18 pm
Multiple Choice Question: Which of the following statements concerning the 3.33% California withholding requirement is true? Pick the best answer:
A. It’s the capital gains tax owed when selling real property.
B. It applies to any out-of-state seller.
C. A buyer of real property must submit 3.33% of the sales price to the Franchise Tax Board (FTB) for an applicable transaction.
D. All of the above. (more…)
November 27th, 2023 at 2:09 pm
Multiple Choice Question: Which of the following statements concerning FIRPTA is true? Pick the best answer:
A. It’s the capital gains tax owed when selling real property.
B. It applies to any seller who lives abroad.
C. A buyer of real property must submit 10% or 15% of the sales price to the IRS for an applicable transaction.
D. All of the above. (more…)
November 20th, 2023 at 11:48 am
Question: You are the buyer’s agent for the purchase of a condominium unit. You are worried that your buyer-client is not going to take seriously the task of reviewing the extensive homeowners’ association (HOA) documents. Is there a form you can have your buyer sign that directly addresses this issue? Yes or No? (more…)
November 13th, 2023 at 2:45 pm
Fact Pattern: An agent from another brokerage uses generic directional signs for his open houses every weekend. The signs do not include the agent’s name, broker’s name, or any branding. They just say “Open House,” and they have an arrow pointing in the direction of the listed property.
Multiple Choice Question: Do these signs comply with the law? Pick the best answer:
A. Yes.
B. Yes, but only if the signs have no name or branding on them.
C. No, the signs must include the broker’s name.
D. No, the signs must include the agent’s name, agent’s DRE license number, and broker’s name. (more…)
November 6th, 2023 at 3:28 pm
Fact Pattern: You are the listing agent for a pending sales transaction using C.A.R.’s Residential Purchase Agreement (RPA). The buyer had submitted an all-cash offer with no loan contingency. One week before escrow is scheduled to close, you are told that the buyer is trying to get a hard-money loan.
Multiple Choice Question: Can the seller immediately initiate a cancellation of the contract? Pick the best answer:
A. Yes, because the buyer has breached the contract.
B. Yes, after first serving a 2-day Notice to Buyer to Perform (NBP) to pay all-cash.
C. Yes, after first serving a 3-day Demand to Close Escrow (DCE).
D. No. (more…)
