January 22nd, 2024 at 3:49 pm
Multiple Choice Question: A buyer and seller have entered into a purchase agreement using C.A.R.’s Residential Purchase Agreement (RPA). You are an agent preparing a subsequent Request for Repair (RR) (or similar document). What date should you insert on Line 4 of the RR as the date of the Purchase Agreement? Pick the best answer:
A. “Date Prepared” on page 1 of the RPA.
B. Date that both the buyer and seller have signed on page 15 of the RPA.
C. Date of Acceptance.
D. Any of the above. (more…)
December 18th, 2023 at 6:57 pm
On or about December 19, 2023, C.A.R. plans to roll out its December 2023 Standard Forms Release. The rollout entails just one new form and 55 revised forms. Here are some of the highlights of C.A.R.’s Forms Release: (more…)
December 11th, 2023 at 1:17 pm
Multiple Choice Question: It’s that holiday-filled time of year again, when you might need a refresher on handling a Notice to Buyer to Perform (NBP). The most common situation is when a seller serves a 2-day NBP requiring the buyer to remove contingencies under the terms of C.A.R.’s Residential Purchase Agreement (RPA). Which of the following statements concerning that situation is false? Pick the best answer:
A. A seller can serve the NBP on a legal holiday.
B. If the service of the 2-day NBP occurs on “Day Zero,” and you are in the process of counting out Day 1 and Day 2 after such service, you should not count weekends or legal holidays as either Day 1 or Day 2.
C. A buyer does not need to remove applicable contingencies on a weekend or legal holiday.
D. If a buyer fails to remove contingencies as required by an NBP, the seller can cancel on a legal holiday. (more…)
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…)
