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Real Estate > Fun w/Forms > Flashcards

Fun w/Forms Flashcards

1
Q

The purpose of the Transaction Doc Receipt is to:
A: To Provide Proof That Specific Documents Were Delivered
B: To Provide Proof That The Earnest Money Was Delivered
C: Satisfy The Code Of Ethics
D: Satisfy State Law

A

A: To Provide Proof That Specific Documents Were Delivered

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2
Q

Where can you access important documents?
A: Utahrealtors.com, Www.realestate.utah.gov
B: Yahoo Documents
C: In A Website With Different Forms
D: Google The Forms

A

A: Utahrealtors.com, Www.realestate.utah.gov

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3
Q

Why is it crucial to get confirmations and receipts of all documents pertaining to transactions?
A: It Will Help You Track All The Necessary Components Of The Transaction, Keep Everything Organized And Be Able To Find Documents
B: It Will Make The Seller Happy
C: Give All Documents To Buyer
D: Give All The Documents To The Broker

A

A: It Will Help You Track All The Necessary Components Of The Transaction, Keep Everything Organized And Be Able To Find Documents

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4
Q

When it comes to forms, always make sure:
A: You Are Using The Most Up To Date Forms, The Form Number Is Located In The Footer
B: Use Previous Forms That Were Given To You
C: Give The Forms To Your Customer
D: Ask Questions About The Forms From Your Customer

A

A: You Are Using The Most Up To Date Forms, The Form Number Is Located In The Footer

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5
Q

places to access

A

forms www.realestate.utah.gov (vast majority of forms covered in this course
cannot be accessed until a real estate license is obtained). www.utahrealtors.com after your license is obtained and you have
joined the local, state and National Association of Realtors. This is the
best place to find the most up to date torms. www.tmls.com atter your license is obtained and you have joined the
local, state and National Association of Realtors.

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6
Q

transaction documents receipt

A

This receipt is used whether you represent the Buyer or the seller. This receipt proves that you have delivered certain documents to your client. Broker may require this form even if you are using an electronic document delivery service.

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7
Q

transaction documents receipt

A

Every time you deliver documents to your client you have your client initial and check box for which documents you are delivering.

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8
Q

seller’s property condition disclosure

A

Allow the Seller an opportunity to provide complete and accurate disclosure regarding all material facts
affecting the property. Always err in favor of disclosure. The Seller MUST fill this out, not the agent.

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9
Q

notice from the company

A

While the agents are trained in the marketing of real estate, it is the Buyer’s responsibility to retain professional services of tax advisors, property inspectors, surveyors, and other professionals to satisfy the Buyer as to any and all aspects of the physical and legal condition of the Property.

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10
Q

instructions to seller

A

The Seller’s obligation to disclose to the Buyer any and all defects in the property is: required by law. Be specific when describing any issues. An addendum can be provided, if necessary.

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11
Q

Ownership

A

How long has the Seller owned the property? Does seller currently occupy the Property? Was/is the Property ever used as a rental? Has this Property been rented or leased?

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12
Q

additions/remodels

A

Have you, or any former owners, or property managers or tenants remodeled, made any additions, made any structural changes, or other alterations to the Property?

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13
Q

use of property

A
  • Any past or present non-conforming, illegal uses of the Property? (violation of local zoning laws, renting the property without a license which is required)
  • Any existing or legal action affecting the Property? Any past or present violations of any local, state, or federal law, or of any restrictive convents relating to the Property?
  • Any portion of the Property presently assessed for property tax purposes, such as “Greenbelt”?
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14
Q

roof

A
  • Any past or present leaks?
  • other than leaks, any problems such as structural issues, dry rot, moisture and or ice damage, etc.
  • Any portion of the roof been repaired or replaced? * Any written warranties presently in place? If yes, attached copies of the warranties.
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15
Q

natural gas, electricity, telephone, cable tv

A

Any problems past or present with utility service to the property or with any of the utility service systems? For example: poor telephone reception.

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16
Q

water

A

This section is very important. Make sure it is filled out to the best of the Seller’s knowledge.

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17
Q

water

A

*Name of public or private water service provider.
* If private, are water share assessments paid in full? * Any past or present problems with any water service provided: Example: Water
quality or inadequate water pressure
* Is a well presently located on the Property?
If well is presently located, any past or present problems with well? (Example:
Water quality or inadequate water pressure, faulty pump) * Is water right for the well represented by a contract with a special improvement or
water conservancy district? If non applicable check NO. * If water right for the well is not based on a contract with a special improvement or well conservancy district, what is the State Engineer “Index Number” for your water right?

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18
Q

sewer/septic tank

A
  • Sewer service is provided by public sewer or septic tank? If public sewer, who is the public sewer provider?
  • Any problems with the sewer or septic service or components? (example: broken sewer lines, consistently slow or clogged drains)
  • It septic tank, has the tank been inspected and/or pumped within the past five years? This question is very important. If it hasn’t been inspected or pumped in the past 5 years, it probably should be done before selling.
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19
Q

heating/cooling

A
  • Any problems with the heating or air conditioning
    equipment components or systems?
  • Has the evaporative cooling system been winterized?
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20
Q

equipment

A

Any problems with the following: air purifier, audio system, central vacuum, computer network, fire sprinkling system, automatic garage door opener, humidifier, intercom, media system, satellite dish, security system, smoke alarm, tv antenna, water heater, water purifier, water softener, range hood, attic vent fan, bathroom vent fan, or propane tanks?

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21
Q

appliances

A

Any problems with dishwasher, disposal, dryer, freezer, indoor grill, micro-wave, oven, range, refrigerator, trash compactor, washer?

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22
Q

fireplaces/stoves

A

Any problems with fireplace insert, gas fireplace, gas fireplace
starter, woodburing fireplace, potbelly stove, or pellet stove?

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23
Q

interior features

A

Any problems with ceiling fans, dumb waiter, elevator, flooring, indoor pool, spa/hot tub, sauna, skylights, steam room/shower or wet bar?

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24
Q

exterior & exterior features

A
  • Any problems with gas barbeque, heated driveway or walkway, lawn sprinkler system, pool, spa/hot tub, roof heat tape, or rain gutters?
  • Any problems with any portion of the exterior? (Example: moisture damage behind stucco)
  • Has the outdoor sprinkler system been winterized? Very important
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25
Q

termites/dry rot/pests

A
  • Any termites, dry rot, rodents, or pests?
  • Any damage caused by termites, dry rot, rodents, or pests?
  • Any warranties or other termite or pest control coverage presently in place? If so, attach a copy.
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26
Q

structural items & soils

A

*Any settlement or heaving of soil (collapsible or expensive soils, poorly compacted fill)?
* Any sliding or earth movement (landslides, fallen rocks, debris, or mud flows)?
* Any shifting, deterioration, or other problems with walls or foundation?

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27
Q

The purpose of the Seller Property Condition Disclosure is:
A: To Provide Proof That Specific Documents Were Delivered
B: To Provide Proof That The Earnest Money Was Delivered
C: Allow The Seller An Opportunity To Provide Complete And Accurate Disclosure Regarding All Material Facts Affecting The Property
D: To Provide A General List Of Issues The Buyer Should Consider In Evaluating The Property

A

C: Allow The Seller An Opportunity To Provide Complete And Accurate Disclosure Regarding All Material Facts Affecting The Property

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28
Q

Susan Seller is aware of a problem with the air conditioner of the home she is selling. The location of the disclosure regarding disclosure of issues related to the air conditioner can be found in the Seller Property Condition Disclosure on:
A: Page 1
B: Page 2
C: Page 3
D: Page 4

A

B: Page 2

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29
Q

The Seller’s obligation to disclose to the Buyer any and all defects in the property is:
A: A Good Idea, But Is Not Necessary
B: Not Required
C: Only Required By Law If The Seller Occupied The Property
D: Required By Law, Regardless Of Occupancy

A

D: Required By Law, Regardless Of Occupancy

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30
Q

If the property is going to be taxed as “Greenbelt,” the location for the reminder to check on this on the Buyer Due Diligence Checklist can be found on:
A: Page 1
B: Page 2
C: Page 3
D: This Information Is Not Included On This Form

A

B: Page 2

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31
Q

structural items & soils (continued)

A
  • Any subsurface, man-made debris that has been burned, covered or abandoned including any construction materials, concrete footing or
    foundations, trash, etc.?
  • Describe any action to repair or mitigate any structural issues or soil issues.
  • Any geologic, soils or engineering reports that have been prepared for the property? if so include a copy.
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32
Q

boundaries & easements

A

These are all huge deals. Very essential.
Any fence, deck or other improvement extends onto any adjoining property?
Anything on any adjoining property extends onto this property?
Any boundary disputes or conflicts involving your property and any adjoining property?
Any unrecorded easements affecting the Property?

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33
Q

electrical

A

Any problems with electrical switches, outlets, and/or any portion of the electrical system?

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34
Q

mold

A
  • Any mold on walls, ceilings, floors, or other interior
    portion of Property?
  • Has the Property been inspected for the existence of mold?
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35
Q

other moisture conditions

A
  • Any water leakage, water accumulation, or dampness in the basement or crawlspace?
  • Any moisture related damage caused by: flooding, lot drainage, moisture seepage and/or condensation, sewer overflow/backup, leaking or broken pipes, or plumbing fixtures, or leaking appliances, fixtures or equipment?
  • Any attempts to repair any moisture related damage and/or prevent any reoccurrence of water and moisture-related problems.
  • Any wetlands located on the property?
  • Aware of any attempts to mitigate any wetlands issues through the Army Corps of Engineers?
36
Q

hazardous conditions

A

Very serious to disclose everything.
* Any hazardous conditions, substances, or materials on the on the Property such as: asbestos, lead-based paint, methane gas, radon gas, radioactive or toxic materials, or urea-formaldehyde form insulation, buried storage tanks and lines?
* Any attempts to mitigate such hazardous conditions? Is the Property currently contaminated from the use, storying or manufacturing of methamphetamines?

37
Q

homeowners association

A

*Is the Property a part of a condominium or other homeowner’s association (HOA)?
*Does the HOA levy dues or assessment for maintenance of common areas and or other common expenses?
*Is there a fee (sometimes referred to as a transfer fee, community enhancement fee, HOA reinvestment fee, etc.) that is due to HOA as a result of the transfer of the title of property, from the seller to the buyer?
*Contact information for more information on the HOA

by signing this disclose form, the seller authorizes the release of the HOA information to the buyer and or the buyers agent

38
Q

unpaid assessments

A
  • Any HOA, municipal, special improvement district or other assessment that are presently owing against the Property?
  • Any HOA, municipal, special improvement district or other assessment that have been approved but not yet levied against the Property?
39
Q

insurance

A
  • During your ownership of Property, have you filed any insurance claims based on damage to the Property?
  • If Property is part of an HOA, do you know if the HOA has filed any insurance claims for loss or damage to any portion of the development?
40
Q

energy efficiency

A
  • During your ownership of the Property, have you had an independent energy efficiency assessment of the Property conducted? If yes, attach a copy.
    *During your ownership of the property, have you had an energy efficiency improvements (added insulation, sealing air leaks. efficient lighting, efficient windows, or efficient heating and cooling systems)
41
Q

alternate/additional power systems

A
  • Any alternate/additional power system that supplies power to the Property (solar, wind, or
    generator)? Any past or present problems with the alternate/additional power system supplying the
    Property?
    Is the equipment for the alternate/additional power system leased?
    Contact information for further questions regarding the alternate/additional power system.
42
Q

square footage/acreage

A
  • Information can be obtained from: County records, appraisal, building plans, or other - check which box is applicable.
  • Any figures provided by the Seller are not based on any measurements conducted by the Seller. NEVER measure property as a real estate agent. Be the source of the source, and not the source itself. *Buyer should not rely on the Seller, the company, or any agents of the company for a determination regarding the square footage or acreage of the Property.
43
Q

foreign investment in real property tax act (“firpta”)

A

• Seller verifies that they prepared the disclosure and that, in their full
knowledge, everything is correct. • Seller agrees that they will update or correct this form if anything changes
or becomes inaccurate along the way. • Seller authorizes the Company to provide copies of this form to Buyers,
real estate brokers and agents.

44
Q

verification by seller

A
  • Seller verifies that they prepared the disclosure and that, in their full knowledge, everything is correct.
  • Seller agrees that they will update or correct this form if anything changes or becomes inaccurate along the way.
  • Seller authorizes the Company to provide copies of this form to Buyers, real estate brokers and agents.
45
Q

acknowledgement of receipt by buyer

A

Buyer acknowledges that they have received.

46
Q

disclosure form update

A

If the Seller updates the form, they must resign and date.

47
Q

The location of the disclosure regarding square footage can be found in the Seller Property Condition Disclosure on:
A: Page 3
B: Page 4
C: Page 5
D: Page 6

A

D: Page 6

48
Q

The Walters are selling their ranch. They are aware that their fence encroaches the adjoining property. The location of the disclosure regarding this encroachment can be found in the Seller Property Condition Disclosure on:
A: Page 2
B: Page 3
C: Page 4
D: Page 5

A

C: Page 4

49
Q

Why is the acknowledgment of the receipt of the buyer so important ?
A: Buyer Acknowledges That They Have Received All Documentation
B: It Helps With The Customer Service Process
C: It Will Allow The Communication To Be Open
D: Allows The Agent To Track All Transactions

A

A: Buyer Acknowledges That They Have Received All Documentation

50
Q

buyer due diligence
checklist

A

A legally binding document.

51
Q

notice from the company

A
  • Buyer is advised not to rely on the company regarding the physical or legal condition of the Property.
  • The following Buyer Due Diligence Checklist is a general listing that the Buyer should consider when evaluating the Property.
52
Q

building code/zone compliance

A

Buyer should consult with local zoning officials to assure that the Buyer’s intended use of the Property complies with local zoning requirements. Buyer should also consult local building department to determine if the property codes were obtained for any remodeling.

53
Q

rental of property

A

If Buyer intends to rent the property, the buyer should consult local zoning officials and review any applicable restrictive covenants to determine is renting the Property is legal and does not violate the covenants. Buyer should consult with local governmental authorities to determine if a business or other license is required to use the Property as a rental.

54
Q

hazardous waste and toxic substances

A

Buyer is advised to consult the appropriate professionals regarding the possible existence of hazardous waste and toxic substances on the Property. Buyer is advised to make appropriate inquiries into the past uses of the property to ascertain the possible existence of hazardous waste or toxic substances.

55
Q

radon gas

A

The Buyer is advised to consult with the appropriate professions to determine if elevated levels of radon gas exist in the Property.

56
Q

surveying and staking

A

Buyer is advised without an accurate survey of the Property, the Buyer cannot be certain as to the boundaries of the Property, or that any improvements on the Property are not
encroaching upon adjoining parcels of property.

57
Q

home warranty plans

A

Buyer acknowledges that the Buyer has been advised by the Company of the availability of Home Warranty Plans which provide limited warranties for certain home appliances and certain components of the Property after closing.

58
Q

flood zone and insurance

A

If Property is located in a Flood Zone, the mortgage lender may require the Buyer obtain and pay for flood insurance on the Property.

59
Q

homeowners insurance

A

Buyer is advised to consult directly with the insurance company regarding the availability and costs of homeowners insurance for the Property.

60
Q

title issues/homeowners association

A
  • Buyer is advised that the title insurance companies offer a variety of insurance policies.
  • Buyer should carefully review with legal counsel and with title insurer (i) the available title insurance coverage, (ii) the contents of any Commitment for Title Insurance on the Property, (iii) the contents of all documents affecting the Property that are a matter of public record, including any restrictive covenants (CC&Rs).
61
Q

physical condition

A

Buyer is advised to consult with appropriate professionals regarding all physical aspects: built in appliances, plumbing, fixtures, lines, fittings and systems, heating, air conditioning, systems and comments, electrical wiring systems, appliances and comments, foundation, roof, structure, exterior surfaces, exterior features and equipment, pool/spa systems and comments, and diseased trees or landscaping, and moisture seepage and damage from roof, foundation or windows of the property

62
Q

square footage/acreage

A

Buyer is advised to verify the square footage or acreage through any independent source or means deemed appropriate by the Buyer.

63
Q

utility services

A

Buyer is advised to consult with appropriate professionals regarding the location of utility service lines and the availability and cost of all utility services for the Property (sewer, natural gas, electricity, telephone, and cable TV).

64
Q

water

A

Buyer is advised to consult with the water service provider for the Property and with appropriate professionals regarding the source, quality and availability for water for the Property; and regarding the applicable fees and costs, use and restrictions, and ownership of water rights and water systems.

65
Q

geologic conditions

A

Buyer is advised to consult with appropriate professionals regarding possible geologic conditions (soil and terrain stability, the existence of wetlands, drainage problems, and any building and/or zoning requirements).

66
Q

mold

A

Buyer is advised to consult with appropriate professionals regarding to determine the possible existence of mold in the Property.

67
Q

housing compliance

A

Buyer is advised to consult with appropriate professionals regarding neighborhood or property conditions (schools; proximity and adequacy of law enforcement; proximity to commercial, industrial or agricultural activities; crime statistics; fire protection, other governmental services; existing and proposed transportation; construction and development;
noise or odor from any source; and other hazards, or circumstances).

68
Q

property taxes

A

Buyer is advised that the property may be taxed as
“Greenbelt”.

69
Q

income tax/legal
consequences

A

Buyer is advised that this transaction has tax and legal consequences.

70
Q

foreign investment in real property tax act (“firpta”)

A
  • The sale of US real property interest by a “foreign person” is subject to income tax withholding under FIRPTA.
  • If FIRPTA applies to the Seller, the Buyer may be legally required to withhold a substantial percentage of the total purchase price, as required by law, at closing and remit that amount to the IRS.
71
Q

Energy efficiency

A

Home Energy Analysis can be provided by certified home efficiency professional to document the energy efficiency levels of an existing home. Buyer is advised to consult with appropriate energy efficiency professionals regarding any property of interest.

72
Q

receipt and acknowledgement of
buyer

A

The Buyer has the right to include any or all of the above issues as a condition of my offer to purchase any property.

73
Q

The purpose of the Buyer Due Diligence Checklist is:
A: To Provide Proof That Specific Documents Were Delivered
B: To Provide Proof That The Earnest Money Was Delivered
C: Allow The Seller An Opportunity To Provide Complete And Accurate Disclosure Regarding All Material Facts Affecting The Property
D: To Provide A General List Of Issues The Buyer Should Consider In Evaluating The Property

A

D: To Provide A General List Of Issues The Buyer Should Consider In Evaluating The Property

74
Q

According to the Buyer Due Diligence Checklist, the suggested remedy for handling an issue with lead based paint is:
A: To Consult With Appropriate Professionals
B: To Resolve The Issue Themselves
C: To Have Their Agent Negotiate A Resolution With The Seller
D: To Allow Their Agent And/Or Their Broker To Resolve The Situation

A

A: To Consult With Appropriate Professionals

75
Q

If the property is going to be taxed as “Greenbelt,” the location for the reminder to check on this on the Buyer Due Diligence Checklist can be found on:
A: Page 1
B: Page 2
C: Page 3
D: This Information Is Not Included On This Form

A

C: Page 3

76
Q

The Buyer has decided to cancel their transaction, based on the fact that they discovered the property is haunted. Which form should be used?
A: The Transaction Doc Receipt
B: The Seller Property Condition Disclosure
C: The Buyer Due Diligence Checklist
D: The Buyer’s Notice Of Cancellation

A

D: The Buyer’s Notice Of Cancellation

77
Q

The Seller has an obligation to provide which of the following to their Buyer prior to the Seller Disclosure Deadline on the Real Estate Purchase Contract?
A: The Transaction Doc Receipt
B: The Seller Property Condition Disclosure
C: The Buyer Due Diligence Checklist
D: The Buyer’s Notice Of Cancellation

A

B: The Seller Property Condition Disclosure

78
Q

An agent should use which of the following forms to document that she delivered the Real Estate Purchase Contract to her Seller?
A: The Transaction Doc Receipt
B: The Seller Property Condition Disclosure
C: The Buyer Due Diligence Checklist
D: The Buyer’s Notice Of Cancellation

A

A: The Transaction Doc Receipt

79
Q

The Buyer should utilize which of the following documents to assist them with the execution of their Due Diligence?
A: The Transaction Doc Receipt
B: The Seller Property Condition Disclosure
C: The Buyer Due Diligence Checklist
D: The Buyer’s Notice Of Cancellation

A

C: The Buyer Due Diligence Checklist

80
Q

The Buyer has lost their job. Which of the following documents should be used to help them cancel the contract?
A: The Transaction Doc Receipt
B: The Seller Property Condition Disclosure
C: The Buyer Due Diligence Checklist
D: The Buyer’s Notice Of Cancellation

A

D: The Buyer’s Notice Of Cancellation

81
Q

On which of the following forms do we locate where the Seller discloses to the Buyer that they obtained their square footage information from an appraisal they had done in March of last year?
A: The Transaction Doc Receipt
B: The Seller Property Condition Disclosure
C: The Buyer Due Diligence Checklist
D: The Buyer’s Notice Of Cancellation

A

B: The Seller Property Condition Disclosure

82
Q

The form that reminds the Buyer to consult with appropriate professionals regarding water service to the property is:
A: The Transaction Doc Receipt
B: The Seller Property Condition Disclosure
C: The Buyer Due Diligence Checklist
D: The Buyer’s Notice Of Cancellation

A

C: The Buyer Due Diligence Checklist

83
Q

Disclosure regarding the Foreign Investment in Real Property Tax Act can be found on:
A: The Transaction Doc Receipt
B: The Seller Property Condition Disclosure
C: The Buyer Due Diligence Checklist
D: The Buyer’s Notice Of Cancellation

A

B: The Seller Property Condition Disclosure

84
Q

The form on which the Seller discloses they have finished their basement but did not pull permits from the city can be found on:
A: The Transaction Doc Receipt
B: The Seller Property Condition Disclosure
C: The Buyer Due Diligence Checklist
D: The Buyer’s Notice Of Cancellation

A

B: The Seller Property Condition Disclosure

85
Q

How many copies of the Transaction Doc receipt can an agent have in their file, regardless of whether they represent the Buyer or the Seller?
A: 1
B: 3
C: There Is No Limit
D: The Transaction Doc Receipt Is Not Necessary

A

C: There Is No Limit

86
Q

Alice Agent wants to disclose that she provided a copy of the CC&Rs to her client. How can she document she did this?
A: The Transaction Doc Receipt
B: The Seller Property Condition Disclosure
C: The Buyer Due Diligence Checklist
D: The Buyer’s Notice Of Cancellation

A

A: The Transaction Doc Receipt

Real Estate (52 decks)

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