Module 12 + 14 + 15 Flashcards
A la carte/fee based listing
flat rates for various services (eg listing + advertising + hosting open houses)
Collateral agreement
reduction in comission paid if there is no co-operating brokerage
Seller property information statement
document that is provided to a buyer w/ info and disclosures about the property
shadow file
copy of all documents used for a trade
Kitchen & bathroom renos may add up to
50 or 75% of their cost to the value of the home
finished basement may only contribute
50% of its cost to overall value
painting has the highest
return for sellers
broker load practice
is not sent to the RE board, uploaded from a brokerage or a SP
data sheets are used to
create a local listing
False statement
factually incorrect
Inaccurate statement
may be true but not precise or complete enough
_ is required to search the title at their own expense and make any objections within 30 days
buyer
seller has _ days to remove any objection
30
All adjustments made to the purchase price are adjusted
as of the date of closing
deed is perpared by the _ and registered at the expense of the
seller/buyer
requisition date
time period in which the lawyer completes a search for title
irrevocable date
date and time during which the person making the offer is obligated to that offer
Registering an offer
arrangements are made to present an offer to a seller
counter offer is also referred to as
a sign back
listing salesperson is obligated to tell the co-operating brokerage how many offers there are but not the
substance of the offer
arranges offer presentation time
seller’s SP
registers the offer
buyer’s SP
A seller can either __ an offer
accept, reject or counter (negotiate)
non titled spouse must provide ___ for a sale
written consent
Party that confirms acceptance
last party to accept the offer
when 2 brokerages are involved in a transaction this is signed to protect the buyer’s SP’s commission
trust agreement
Deposit delivered herewith
will be provided along with the offer upon presentation
holds the deposit in trust
co-operating brokerage
In a seller’s market a ___ deposit is usually given
herewith
Documents deposit on trust ledger
listing brokerage
Interest earned on a deposit is paid to the
buyer
Interest earned on a deposit is included in
the AOP&S on the schedule A
when does a brokerage need to disclose multiple rep to the buyer
before an offer is made on a property
Tite clause
provides that the title is free from an encumbrance, charges or liens
not an exception to the title cause
right of way easements
Electronically registers the transfer of the deed
buyers lawyer
The inspection clause acknowledges that
the buyer has had an opportunity to include the requirement of a property inspection in the agreement
is not transferred at closing
insurance
if substanital damage occurs to a property the buyer
can terminate the agreement or take the insurance to pay for the damage and go through with the sale
compliance with the planning act is not required when
listing a property or accepting an offer (required when title is transferred)
seller is required to pay for
deed
buyer is required to pay for
mortgage document if the seller is providing financing & land transfer tax affidavit
documents and discharge clause
sets out obligations for mortgage discharge, title deed, property survey
sale of a property of a non resident may be subject to
capital gains tax
tendering means
an unconditional offer to perform their part of the agreement
UFFI clauses should be added in homes made prior to the
1970s
signs the confirmation of acceptance
the last person to sign t
Acknowledgement is signed by the s&b once
the confirmation of acceptance is completed
comission trust agreements are only required if there is a
co-operating brokerage
