Term
| What six things must be submitted with an REO offer/Short sale offer? |
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Definition
1. Purchase contract
2. Buyers Advisory
3. Agency
4. Approval letter or Proof of Funds
5. Copy of EMD
6. REO Advisory/ Short Sale Addendum |
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Term
| When you list a condo, what are four main things you should check before putting the home on the market? |
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Definition
1. Is it FHA approved?
2. What is the owner occupancy?
3. What is the percentage of deliquent HOA dues?
4. Is there pending litigation? |
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Term
| When is a Tenant Estoppel Certificate (TEC) form used? |
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Definition
| Anytime a property being purchased is tenant occupied and the tenant will remain in place after close of escrow. |
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Term
| What document lists the restrictions and agreements placed on the deed of a property? |
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Definition
| Covenants, Conditions and Restrictions (CC&Rs). |
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Term
| What is the primary retrofit required when purchasing property in an unincorporated area of Contra Costa? |
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Definition
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Term
| What came first...the chicken or the egg? |
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Definition
It depends....is the chicken pre-qualified?
Really?? Did I have to put this in here? |
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Term
| What is the name of the purchase agreement form used when the buyer is an investor purchasing a short sale that is owner occupied and a Notice of Default has been served? |
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Definition
| Notice Of Default Purchase Agreement (NODPA). |
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Term
| If a buyer makes an escrow deposit, then increases that deposit after full contingency release....and no add'l paperwork is generated...can the seller get all the deposit back or just some? |
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Definition
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Term
| What form do you use if the seller is going to stay in the property for less than 30 days after closing? |
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Definition
| PAA or Purchase Agreement Addendum |
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Term
| What form do you use if the seller is going to stay in the property for 30 days or more after closing? |
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Definition
| RLAS or Residential Lease After Sale |
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Term
| What form do you have signed when a buyer increases their escrow deposit? |
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Definition
| Receipt for Increased Deposit and Liquidated Damages form. |
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Term
| How can you get a copy of the CC&Rs? |
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Definition
| The title company provides a copy of the CC&Rs. You can access the CC&Rs on most electronic preliminary title reports double clicking on the highligted document number. |
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Term
| If you have written an offer on a short sale and the seller accepts it you... |
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Definition
a) take buyer out next weekend and look at more houses
b) write offers on two more listings in the area
c) work with listing agent to ensure bank review and approval of offer
d) open escrow, send earnest money and begin inspections |
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Term
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Definition
a. A great way to show off your new shoes
b. a great way to get landscaping idea's
c. an inexpensive and effective lead gen tool. |
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Term
| What form are banks exempt from filling out on an REO property? |
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Definition
a. TDS
b. Smoke detector, Water heater Statement of Compliance
c. Lead Based Paint disclosure
d. All of the above |
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Term
| When is Red Day this year? |
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Definition
| May 13th - Concord Children's Center... can you register and volunteer 1 hour of your time?
[image] |
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Term
| What's the best real estate company to work for? |
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Definition
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Term
| When does the Federal firt time credit expire? |
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Definition
| In 2 days - and only these buyers are getting in my car until then... |
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Term
The gutters are leaking and hanging off the roof. Does the termite company
consider this a section 1 item or a section 2 item? |
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Definition
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Term
If there are 3 sellers - do they all have to sign the same closing packet or
can they sign separate packages? |
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Definition
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Term
You represent the seller on an accepted offer and the buyer comes back with a RR for a new roof:
How could this have been prevented?
And what are your options? |
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Definition
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Term
| You represent the seller on an accepted offer (multi offer situation)and the appraisal comes in low buyer wants the reduced price. How can this have been prevented and what options do you have? |
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Definition
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Term
You represent the seller on an accepted offer and the buyer comes back with a RR for a new roof:
How could this have been prevented? |
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Definition
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Term
| You represent the seller on an accepted offer (multi offer situation)and the appraisal comes in low buyer wants the reduced price. How can this have been prevented? |
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Definition
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Term
| If your home was built prior to 1978 what form would be necessary to include in a listing package? |
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Definition
| Lead based paint disclosure. |
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Term
| When is the Keller William's 10th Anniversary Party, Date and Place ? |
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Definition
| You win a free ticket courtesy of Regina Caruso !! |
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