November 2nd, 2020 at 3:07 pm
Attention All CRMLS Users! CRMLS has recently announced that, starting November 1, 2020, it may impose a monetary fine against a listing agent who does a showing for a property in a “Coming Soon” MLS status.
Under CRMLS Rule 9.3, a listing agent is prohibited from showing a property that is in a “Coming Soon” status. Up to now, CRMLS had merely been issuing warnings to agents who violated this rule. Starting November 1, 2020, a violation of this rule is subject to a monetary fine of 1% of the list price, not to exceed $2,500. (more…)
October 26th, 2020 at 12:04 pm
Summary: Under California’s statewide COVID-19 Tenant Relief Act of 2020, a residential landlord is generally prohibited from terminating a tenant (who is a natural person) absent a “just cause” reason, or in limited circumstances, when selling the property if certain conditions are met. This prohibition against terminating tenancies applies to a month-to-month tenant, or even a fixed-term tenant who is at the end of the lease term. This prohibition came into effect on September 1, 2020, and is scheduled to expire on January 31, 2021 unless the law is extended. (more…)
October 19th, 2020 at 2:08 pm
Multiple Choice Question: Under the new California COVID-19 Tenant Relief Act, can a residential landlord terminate the tenancy of an existing tenant? Pick the best answer:
A. Yes.
B. Yes, if the property is a single-family home or condo.
C. Yes, if the landlord has a just cause reason.
D. No. (more…)
October 12th, 2020 at 1:58 pm
Getting a new listing is such a joyous occasion that you won’t want to damper your excitement with any concerns about protecting yourself if your listing expires. So let’s just get that part out of the way right now before you get the listing! After all, when the time comes, you must know how to properly fill out your new listing agreement to protect your commission if your listing expires.
What is the Safe Harbor Clause? Paragraph 3A(2) of C.A.R.’s Residential Listing Agreement entitles you to get paid your commission if certain prospects purchase the property after your listing period has already expired. (more…)
October 5th, 2020 at 2:20 pm
Fact Pattern: You are a dual agent for a new sales transaction. Right after entering into a purchase agreement, the buyer decides to cancel because he got a new job. He has not removed any of his contingencies yet.
Multiple Choice Question: Can the buyer cancel without the seller claiming an entitlement to the buyer’s deposit? Pick the best answer:
A. Yes, if the buyer hasn’t submitted his good faith deposit into escrow yet.
B. Yes, because the buyer can cancel under his contingencies.
C. Yes, if the buyer doesn’t tell the seller that’s the reason for cancelling.
D. No, because the buyer’s reason for cancelling has nothing to do with the house. (more…)
