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36 Cards in this Set
- Front
- Back
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Exclusive Authorization and Right to Sell |
A listing for sale of one or more specifically described parcels of real property. |
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The listing of a sale of a residential property of not more then 4 units, MUST contain : |
“Notice: The amount or rate of real estate commissions is not fixed by law. They are set by each broker individually and may be negotiated between the seller and the broker” |
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Under a listings “safety clause”: |
Broker still entitled compensation, for set period of time. AFTER listing is terminated. Even if sold by owner to anyone that physically entered and was shown the property or who wrote an offer on it. |
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The broker must notify owner in what of what? |
In writing, of names of the prospective buyers with whom broker has negotiated during the listing term. |
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A broker may NEVER use a listings form in which the amount of compensation is what? |
Is preprinted prior to negotiation with the seller |
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MLS is usually operated by who? |
By brokers affiliated with a real estate association. |
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Before a broker can list property on the MLS, they must do what 1st? |
Must have written permission from the seller. |
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Who controls the listings and what do they agree to do? |
Listing broker, agrees to split the commission with cooperating agents. |
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A listing agreement authorizes the broker to : 4 |
1) place a “for sale” sign on property 2) place property on MLS 3) cooperate with sub agents or buyer’s agents 4) accept(on seller’s good faith) a prospective buyer’s good faith deposit toward the purchase price |
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Net listing |
A change of price or terms of a listing must NEVER be made on the original contract form, but MUST be made on a price change or extension form |
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Real Estate Purchase Agreements in California: 7 things to consider |
1. Offer- the prospective buyer stipulates price AND terms of the offer. 2. ALL OFFERS received by broker MUST be presented to the owner. 3. Acceptance: upon seller’s acceptance, notification of acceptance to buyer can be sent via person, by mail, or fax. 4. ANY TIME before buyer receives notification of the seller accepting the offer, the buyer can legally withdraw the offer and not be held liable on the contract. 5. A broker must show that they have reasonably supervised the transaction. 6. Signed copies of the offer and the acceptance must be left with ALL parties at the time they sign the documents. 7. If the terms of the offer are unacceptable, the seller CAN REJECT the offer outright, the seller can make a counteroffer back to the buyer. |
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Acceptance of a property’s condition is a what? |
Contract provision |
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How many copies does a deposit receipt have? |
3 Master, buyer, seller |
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Which has control over the other handwritten or preprinted parts? |
Handwritten OVER preprinted parts. BOTH PARTIES must initial ALL corrections. |
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Disclosure upon sale of property |
Mold Controlled substances Local option Natural hazard Military ordinance Home inspection Smoke detector Water heating bracing Megan’s Law CID Title insurance Earthquake hazard/zone Asbestos Lead Radon Meth
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Mold (Disclosure) |
If the seller is aware of mold on the property, this should be indicated on the Transfer Disclosure Statement. |
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Illegal Controlled Substance (Disclosure) |
If seller knows that illegal controlled substance has been released on the property, MUST disclose IN WRITING to any prospective buyer. |
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Local Option Real Estate Transfer Disclosure Statement |
A seller might be required to provide specific information about the neighborhood or community |
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Disclosure of Military Ordinance Location |
Certain areas that were used for military training and which may contain live ammunition, have been identified by federal and state agencies. |
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Natural Hazards Disclosure |
Must be provided if property is located specified natural hazard zones. |
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Home Inspection Notice |
Encourages buyer to order an independent home inspection before buying the property. |
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Smoke detector statement of compliance |
The seller must provide buyer with a written statement that the property complies with the California legal requirements for properly operating smoke detectors. |
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Water heater bracing (Disclosure) |
Seller must provide written certification has been braced or otherwise anchored to resist movement in event of an earthquake. |
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Megan’s Law (Disclosure) |
Buyer must be given notice that a database is available to see registered sex offenders in the area. |
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Common Interest Development Information (Disclosure) |
If buying CID, must be given info about CC&R’s and amount of homeowner dues, as well as financial situation of the owner’s HOA and any pending lawsuits. |
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Notice of Advisability of Title Insurance |
If no title insurance is to be issued, the buyer must receive and sign or otherwise acknowledge a statutory notice regarding the advisability of acquiring this insurance with the close of escrow. |
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Residential Environmental and Earthquake Hazards Disclosure |
The seller and agent provide the buyer with Seismic Safety Commission’s booklet “Homeowner’s Guide to Earthquake Safety “ |
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Is the seller Required to disclose if the property is in an earthquake zone? |
Yes, MUST disclose |
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Asbestos |
Carcinogen mineral used as insulation in houses. |
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Asbestos |
Carcinogen mineral used as insulation in houses. |
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Encapsulation |
Capping of Asbestos, MUST be done by state-licensed technician |
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Asbestos |
Carcinogen mineral used as insulation in houses. |
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Encapsulation |
Capping of Asbestos, MUST be done by state-licensed technician |
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Lead (Disclosure) |
- Disclosure necessary If building built before 1978 - MUST provide lead hazard information pamphlet |
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Radon |
Radioactive gas produced by the natural decay of radioactive substances. |
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Methamphetamine |
- within 48 hours after receiving this notification of potential contamination of property, local health official MUST post a written notice in prominent location on premises of property. - Owner must notify the prospective buyer in writing of order and notice All prospective tenants that have completed application. - if local health official deems property NOT contaminated, within 3 working days, the locals health official MUST remove all notices posted on premises |
