December 7th, 2020 at 3:42 pm
Question: I am the listing agent for a pending sales transaction. My seller just informed me that she has tested positive for COVID-19. What should I do?
Answer: Unfortunately, this has become a more common occurrence lately, given the recent surge of COVID cases. Here are some general guidelines to consider if your seller tests positive for COVID:
• Stay Safe: First and foremost, take any and all precautions you can to keep yourself and others safe. Wear protective face coverings, maintain social distancing, wash your hands with soap, and do not jeopardize your own well-being. (more…)
November 30th, 2020 at 2:16 pm
Fact Pattern: You are the listing agent. You receive 4 offers, all written on C.A.R.’s standard-form Residential Purchase Agreement (RPA). The seller wants to accept one offer and put another one in backup position.
Multiple Choice Question: What form(s) should you use for the backup contract? Pick the best answer:
A. RPA only. In paragraph 32, where it says, “Seller’s Acceptance is Subject to Attached Counter Offer,” strike out “Attached Counter Offer” and insert “Cancellation of Buyer in First Position.”
B. RPA and Seller Counter Offer (SCO) stating that “Buyer is in backup #1 position.”
C. RPA, SCO, and C.A.R.’s Backup Offer Addendum (BUO).
D. Any of the above. (more…)
November 23rd, 2020 at 1:57 pm
Fact Pattern: You are a real estate agent who got a great referral from one of your clients. The client who gave you the referral did not ask you for anything in return.
Multiple Choice Question: Can you give your client a gift as a “thank you” for the referral business? Pick the best answer:
A. Yes.
B. Yes as long as the transaction does not fall under RESPA, which generally pertains to sales transactions involving one-to-four residential units with a federally-related mortgage loan.
C. Yes, if you give the gift at the time of referral, but not if you wait until close of escrow.
D. No. (more…)
November 16th, 2020 at 1:19 pm
Fact Pattern: You are the buyer’s agent for a pending sales transaction. The buyer agrees to allow the seller to remain in possession of the property free-of-charge for 3 days after close of escrow. That agreement to remain in possession is properly documented by a standard-form C.A.R. Seller License to Remain in Possession Addendum (SIP).
Multiple Choice Question: Given the COVID pandemic, what should the buyer do if the seller refuses to vacate the premises after 3 days? Pick the best answer:
A. The buyer can resort to self-help, such as by changing the locks and removing the seller’s possessions from the premises.
B. The buyer can ask local law enforcement authorities to escort the seller out.
C. The buyer can commence an unlawful detainer action to evict the seller.
D. The buyer must wait until all COVID-related eviction moratoriums are lifted. (more…)
November 9th, 2020 at 5:27 pm
Question: You are the buyers’ agent for John and Jane Soldier who are husband and wife. After finding a home to purchase, John is suddenly deployed into active military service overseas, and he cannot be reached for the next few weeks. Can you write an offer in the name of “Jane Soldier and/or assignee?” (more…)
