General Flashcards
What is the home sale process?
-Signed Listing Contract between Seller and Listing Brokerage
-Get property on the MLS
-Market the property: Showings, offers, negotiate the deal
-Real Estate Sales Contract signed by buyer and seller
-Three day attorney review
-Typically “under contract” for 30-90 days before closing.
-Contingencies (Apprasial, Title search, etc)
-Closing on the financing AND the home sale
Which party does the selling agent and selling broker work for?
The buyer.
What is the name of the agent and broker who work for the seller called?
Listing agent and listing broker.
When do you have to give a client the attorney general’s memorandum against discrimination?
When providing the listing agreement.
What is a transaction broker?
A transaction broker offers services without owing fiduciary duties to either buyer or seller.
What are the penalties for paying off residential mortgages early?
There are no residential prepayment penalties.
Who can deduct loan points from taxes?
They are deductible by the buyer.
What is the purpose of covenants in a deed?
They are guarantees
What are habendums?
“To have and to hold”. Comes after the granting clause to define or explain the ownership being conveyed.
What must the borrower receive within 3 days of completing the loan application?
A good faith estimate of settlement costs
What is a partition proceeding?
Involuntary alienation
