April 30th, 2018 at 2:01 pm
True or False:
1. The law generally requires a real estate agent to complete an Agent Visual Inspection Disclosure (AVID) for the sale of one-to-four residential units.
2. An agent’s visual inspection is not legally required for probate sales, foreclosure sales, and most trust sales.
3. A listing agent should complete an AVID as soon as possible.
4. A buyer’s agent should wait until the last minute to complete an AVID. (more…)
April 23rd, 2018 at 2:19 pm
Multiple Choice Question: I am the listing agent for a pending sales transaction. Under the Residential Purchase Agreement (RPA), the buyer’s contingencies will expire on Friday, April 27, 2018. I’m planning to serve a 2-day Notice to Buyer to Perform (NBP) at 9 a.m. on the Wednesday before the Friday deadline. If the buyer does not remove contingencies, when is the earliest time that the seller can cancel the agreement? Pick the best answer.
A. The seller cannot cancel, because the seller cannot serve an NBP until after the buyer’s contingencies have expired.
B. 9:01 a.m. on Friday, because the buyer has 48 hours after service of the NBP to remove contingencies.
C. 12:01 a.m. on Saturday, because the buyer has 2 entire days after service of the NBP to remove contingencies.
D. 12:01 a.m. on Monday, because the seller cannot cancel on a Saturday, Sunday, or legal holiday. (more…)
April 16th, 2018 at 2:51 pm
Multiple Choice Question: Last week, you discussed whether a listing agent, who has only received one offer, can use a Seller Multiple Counter Offer (SMCO). I’m the buyer’s agent in that situation. I received an SMCO, but I doubt that the seller has received any other offers. How should I handle this situation? Pick the best answer:
A. Ask the buyer how the buyer would like to proceed.
B. Have the buyer sign the SMCO, and wait and see if the seller signs again.
C. Let the buyer buy something else.
D. Ask the listing agent whether he or she has received any other offers. (more…)
April 9th, 2018 at 2:14 pm
Multiple Choice Question: I am the listing agent. We received an offer from Buyer #1. I also spoke with another agent who said that Buyer #2 will be submitting an offer this afternoon. Can I use the Seller Multiple Counter Offer (SMCO) to respond to Buyer #1 right now, even though we do not have any other offers yet? Pick the best answer:
A. Yes.
B. Yes as long as an SMCO goes out to Buyer #2 today.
C. Yes, if the SMCO to Buyer #1 says there are no other offers right now.
D. No. (more…)
April 2nd, 2018 at 1:18 pm
Multiple Choice Question: Another brokerage has a listing that is under an “Active” status in the MLS. I have nothing to do with that listing. The seller has nevertheless contacted me directly, and he left me a voicemail asking me to call him back. What should I tell him? Pick the best answer:
A. That I cannot talk to him under both legal and Code of Ethics requirements.
B. That I cannot talk to him under Code of Ethics requirements.
C. That he should give me written authorization before we talk.
D. Whatever I would normally say to a seller without an active listing agreement. (more…)
