May 16th, 2022 at 9:11 pm
Multiple Choice Question: Which of the following best describes a procuring cause claim? Pick the best answer:
A. A commission dispute.
B. A commission dispute with a client.
C. A commission dispute with another agent.
D. A commission dispute with another brokerage.
E. An MLS commission dispute with another brokerage. (more…)
May 9th, 2022 at 4:01 pm
Fact Pattern: You are the buyer’s agent in a pending sales transaction. The listing agent just sent over the Transfer Disclosure Statement (TDS). Sections I and II of the TDS have been completed by the seller. For Section III, the listing agent has inserted “AVID to follow,” and no Agent Visual Inspection Disclosure (AVID) has been attached.
Multiple Choice Question: Should you have your buyer sign the acknowledgment of receipt on the TDS form? Pick the best answer:
A. Yes.
B. Yes, if the buyer inserts “Section III AVID has not yet been received” immediately above the buyer’s signature.
C. Yes, if you indicate in an email to the listing agent that the Section III AVID has not yet been received.
D. No. (more…)
May 2nd, 2022 at 3:11 pm
Fact Pattern: Take a look at last week’s Legal Tip for a discussion of when to use a Seller Multiple Counter Offer form (SMCO), instead of a Seller Counter Offer (SCO). For this week, let’s say that you represent a seller who has received multiple offers. The seller would like to simultaneously issue an SCO to Buyer #1, and SMCOs to the other buyers.
Multiple Choice Question: Can a seller do that? Pick the best answer:
A. Yes, it’s legal and also advisable from a practical standpoint.
B. Yes, it’s legal, but not advisable from a practical standpoint.
C. Yes, it may be advisable, but it’s not legal.
D. No, it’s not legal nor advisable. (more…)
April 25th, 2022 at 2:25 pm
Multiple Choice Question: You are the buyer’s agent who has just submitted an offer. Under what circumstance can the seller use a Seller Multiple Counter Offer (SMCO), instead of a Seller Counter Offer (SCO)? Pick the best answer:
A. As long as the seller has received another offer.
B. As long as the seller has received another offer that has not yet expired.
C. As long as the seller is using an SMCO for another buyer.
D. The seller can use the SCO and SMCO interchangeably. (more…)
April 18th, 2022 at 1:53 pm
Multiple Choice Question: On Wednesday, April 13, 2022, a buyer enters into a contract to purchase a property using C.A.R.’s Residential Purchase Agreement (RPA). The buyer agrees to a 10-day contingency period for all contingencies. When does the buyer’s 10-day contingency period end? Pick the best answer:
A. Saturday, April 23, 2022, which is 10 days later.
B. Sunday, April 24, 2022, because you don’t count April 13, 2022 or the date of acceptance.
C. Monday, April 25, 2022, because you don’t count weekends.
D. Tuesday, April 26, 2022, because you don’t count weekends or holidays. (more…)
