July 5th, 2021 at 1:31 pm
Multiple Choice Question: Which of the following transactions are exempt from the Transfer Disclosure Statement (TDS) requirement for the sale of one-to-four residential unit properties? Pick the best answer:
A. When the property is held in the name of a trust.
B. When the property is non-owner occupied.
C. When the owner is an LLC.
D. When the property is involved in a probate sale.
E. All of the above. (more…)
June 28th, 2021 at 5:38 pm
With the fast pace of real estate transactions in the current market, it’s high time to make sure we understand how to properly use the C.A.R. standard-form Notice to Buyer to Perform (NBP) and Demand to Close Escrow (DCE).
Question #1 (Very Easy Level): How many days of notice must a seller give to a buyer when serving an NBP as compared to a DCE? (more…)
June 21st, 2021 at 2:10 pm
On June 21, 2021, C.A.R. rolled out its biannual standard-forms update, including 3 new forms and 11 revised forms. Here are some of the highlights: (more…)
June 14th, 2021 at 3:46 pm
Multiple Choice Question: We sometimes see an agreement requiring someone to “indemnify” someone else, such as builders’ contracts, settlement agreements, and other legal documents. What does “indemnify” mean? Pick the best answer:
A. Release from liability.
B. Hold harmless from liability.
C. Insure against liability.
D. Defend against liability. (more…)
June 7th, 2021 at 4:13 pm
Fact Pattern: You are the buyer’s agent for a pending sales transaction using the C.A.R. Residential Purchase Agreement. The owner and seller of the property is an LLC. Escrow is about ready to close. However, the listing agent has just informed you that one of the members of the LLC refuses to sell the property.
Multiple Choice Question: Is the LLC seller obligated to sell to this buyer? Pick the best answer:
A. Yes, if the people who signed the RPA as the LLC seller are authorized to act in that capacity on behalf of the LLC.
B. Yes, if Answer A is true, and a C.A.R. Representative Capacity Signature Disclosure (RCSD-S) was properly incorporated into the RPA.
C. Yes, if Answers A and B are true, and the seller has provided the buyer with evidence of the signers’ authority to act on behalf of the LLC.
D. No. (more…)
