Chapter 1 Escrow

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

Three checklists in one: 1. Servicing a listing _____ the sale (Page 1 of form) 2. Servicing a listing _______ the escrow period (Page 2 of form) 3. AFTER escrow has ____ - Documents for broker's file (Page 3 of form)

Before During Closed

Possible programs and applications: a service that allows REALTORS® to call one phone number to schedule, cancel, reschedule or property showings.

CSS - Centralized Showing Service

the ____ is a great checklist that brokers may follow, or they can create their own.

California Association of REALTORS©

____ has created a Certified Transaction Coordinator (CTC) designation as well as a course to earn that designation

California Association of Realtors (CAR)

CID

Common Interest Developments

Possible programs and applications: Automated Property Marketing, Referral and Lead Generation

Listingtoleads

Person who assists the agent and broker in the processing of the real estate file before it goes to escrow

Pre escrow transaction Coordinator (TC)

Tasks that must accomplished before going to escrow. Often done by a transaction coordinator.

Pre-Escrow

Provided by the title insurance company not long after escrow is opened It's main purpose is to check who the real owners of a property are, if it's in a trust, or has any liens recorded against it (property taxes, supplemental taxes, etc) also reveal covenants, conditions, restrictions, easements

Preliminary Title Report

The Termite Inspection, if available, and even if it is not part of the escrow, must be approved by the _____ This is done by having the buyer actually sign and date the first page of the report and initial all the subsequent pages.

buyer.

the most important thing to have when working with california agents and brokers

checklist

the agent should recommend that the buyers obtain an ___ ____ regarding the property and any pertinent permits.

"independent inspection"

it may take more than __ presentation to persuade the prospect to become a client

1

when the number nears__ or more transactions as an agent or broker you should be alerted that it may be time to start contemplating hiring a TC.

50

this covers all the important topics, including the latest new laws concerning licensee supervision, hiring of supervisors or office managers, and the operation of branch offices.

Broker Self-Evaluation Checklist

____ have dedicated numerous hours to create the most complete checklist of California forms and disclosures,

CAR

___ representatives can make surprise visits to real estate offices to audit ____ or ___

CalBRE trust fund logs or accounts

most licensees belong to is the ____ The major benefit of belonging to ____ is easy access to the hundreds of forms and disclosures that are required for real estate transactions in California, protecting their members from numerous potential liabilities. nearly 98% of all practicing residential licensees in the state are members of this

California Association of REALTORS (CAR) CAR

A CAR® designation for a licensee or non-licensee who passes an exam to become a transaction coordinator, or TC

Certified Transaction Coordinator (CTC)

A certificate 'Will be provided to all Who successfully complete the program and applicants may add the certification logo to business cards, websites, email, signatures, blogs, promotional materials and more

Certified Transaction Coordinator (CTC)

a transaction management program for all real estate licensees and unlicensed transaction coordinators who want to build and establish a successful transaction coordinator business.

Certified Transaction Coordinator (CTC)

4. The residential purchase contract 5. Contingencies 6. Disclosures 7. Processes 8. Systems 9. Process timelines 10. Escrow 11. Lending process 12. Getting your agent paid 13. How to be an efficient Transaction Coordinator These are some of the fundamental that are covered in what course?

Certified Transaction Coordinator (CTC) course

Cloud computing is a type of Internet-based computing that provides shared computer processing resources and data to computers and other devices on demand

Cloud Technology:

US tax law that imposes income tax on foreign persons disposing of U.S. real property interest. The form must be filled out by the seller and receipt acknowledged by the buyer.

Foreign Investment in Real Property Tax Act (FIRPTA) Form

Social networking site that doesn't rely on pre-existing contact lists (unlike Facebook). It's purpose is to connect users with other users with simi1ar interests. (Good for Real Estate bloggers!)

Google+

The official website of the National Association of REALTORS®. With relationships with nearly 800 multiple listing services (MLS), realtor.com® has more than 3 million "for-sale" listings, which account for more than 98 percent of all MLS listed for sale properties more than 90% of listings are updated every 15 mins

Realtor.com

a real estate website/ app that allows real estate agents to get instant alerts, contact prospects, qualify leads, send monthly newsletters ect

Top producer

California Civil Code requires that every residential seller complete a ____ for the buyer. it discloses any defects or material info that a buyer would want to know. the sellers and brokers buyers have minimal sections to fill out that deal mostly with visual inspections

Transfer Disclosure Statement (TDS)

a. The first item that should be addressed on the checklist is the __ b. This form does not select any type of agency, but rather describes the 3 agencies available to the sellers, buyers, and agents. One of these types of agencies will be selected in the _____ contract and possibly in a separate Agency Disclosure Form. c. It is important to note that both___ and ___ need to sign their own agency disclosure and, if the property is sold by a different agency than the seller's agency, the seller needs to approve the Buyer's Agency Disclosure form in ___

a. Agency Disclosure (AD). b. Real Estate Purchase Agreement (RPA) c. seller and buyer writing

If a licensee working under your brokerage breaks a law or fails to fill out forms. The responsibility belongs to the ___

broker

All brokers design their own specific ____. The employing broker or appointed manager reviews, monitors, and ____ their specifically designed (necessary) sequential steps that should have been followed by the TC. A broker's checklist should be ___ to fulfill the specific requirements in a particular sale or purchase of a property.

checklist. approves adjusted

An online service that tracks and manages all information and activities, from listing through closing, including listing and sale information, transaction contacts, storing signed and unsigned documents per state regulations and more

zipLogix TMS

_____ is the member benefit that allows agents to track and manage their transactions from listing to closing. Set up checklists, due dates, and other appointments with this amazing Member Benefit. Train your transaction coordinator to use this app.

zipTMS

TCs can work in house or ___ contractors

independent

the proper use and frequent updating of the brokerage's Property Transaction File, by ____ each item on the checklist and then ____ it to the cover of each file, is essential. Transaction files are the key to maintaining a legally compliant brokerage office.

initialing attaching

Transaction Coordinator (TC) needs to act in a business like manner, yet use a ____ approach when interacting with all the different professionals connected with a specific transaction

sensitive

effective online solution for organizing the management of the myrid of tasks and document delivery functions involved in a real estate transaction and closing

settlement room

The general rule is to have all parties to the transaction _____ . however some are private and not available to the other party.

sign the documents

a list of tasks that need to be completed before, during and after the sale of a property

sales transaction worksheet

How you will benefit from taking the Certified Transaction Coordinator (CTC) course: 1. Locate important information in the California Residential Purchase Agreement and Join ____ form (RPA-CA). 2. Learn how to set-up timelines for contractual obligations and contingency removals. 3. Identify what ___ is required from each party. 4. Recognize which _____ are required. 5. Identify the ____ escrow plays in the transaction. 6. Understand how to complete the documentation required in order to submit a completed file. 7. Discover how escrow and the lending process work together to close the transaction. 8. Learn how to be an effective Transaction Coordinator.

1. Escrow Instructions 2. paperwork 4. disclosures 5. role

The preliminary title report includes

1. ownership 2. Liens and encumbrances 3. Easements

Prospecting calls: it takes about ___ lead calls to get an appointment

15

Per CalBRE regulations, it is a brokers legal responsibility to maintain a property transaction file for ___ years. its recommended the longer statute of limitations requirement is ___ years

3 years 10 years

Possible programs and applications: Real Estate Blogging site

ActiveRain

Assists brokers in conducting residential sales in ascertaining his or her compliance with the Bureau of Real Estate (CalBRE) requirements. May be used in conjunction with the RE 540 Broker Self-Evaluation Checklist.

Broker Compliance Evaluation Manual

CalBRE checklist designed to assist brokers in conducting a self-evaluation of their residential real estate business activities.

Broker Self Evaluation Checklist:

FIRPTA

Foreign Investment in Real Property Tax Act

This combines the power of eSignatures and DocuSign Transaction Rooms for Real Estate to make it easy for you to keep your transactions organized in the cloud. You can work with anyone, at anytime, from your desktop or mobile device.

DocuSign for REAL TORS

A transaction system that allows the paperwork associated with a multiparty real estate transaction to be completed online.

Dotloop.com:

Customarily accompanies an offer to buy real estate and the buyer's deposit is held by a third party-like a title company, attorney, or sometimes the seller.

Earnest Money Deposit

Deposit: The agent can and should have the buyer bring their own ____to the escrow company. This eliminates any need to make entry in the trust fund log. Just make sure to receive a receipt from the Escrow Officer stating that he or she has received it. the broker's _____, then needs to be recorded as to when it was received and when and to whom it was forwarded.

Earnest Money Deposit trust account log

Possible programs and applications: real estate search engine

Realtor.com

This downloadable paper form has check offs for all of the legally required forms and disclosures for California. It is the most accurate checklist the authors have found for California specific transactions. It is specially built by California Association of REALTORS (CAR)

Three checklists in one

a real estate professional who assists agents and brokers in the processing of a real estate transaction

Transaction Coordinator

A ___ prepares a checklist of all the files and docs that an agent / broker needs to facilitate a smooth transition into escrow

Transaction Coordinator (TC)

TMS

Transaction Management System

TDS

Transfer Disclosure Statement

The ____ must be filled out primarily by the seller.

Transfer Disclosure Statement (TDS)

a mobile app for both Android and iPhone smartphones. The app allows clients, lenders, inspectors, brokers and agents to work together in one place and guides users through the transaction "loop" sequentially. Features include push notifications and document transfer from any device or service.

Zillow dotloop app

This dashboard provides brokers with a series of tools and widgets fro managing their real estate business. Its the industry leading transaction management system

ZipLogix Launched zipTMS

online workplace provides real estate professionals with tools and essentials for optimizing workflow while managing transactions

ZipLogix Launched zipTMS

a program designed specifically for coordinating transactions

Zipform Plus TMS

checklists available to all dues paying California Association of REALTOR® members.

Zipform plus

the uniformity and timeliness of a TCs system is dictated by a property transaction checklist . either by preprinted for download, ___ or____

apps excel

An agent should not ___as soon as a purchase (agreement contract (or listing contract) ls signed

disappear

Some brokerages appoint a branch or ___ manager, but more and more are exploring the use of transaction coordinators.

division

Commissions are not paid until ?

escrow closes

to customize a checklist, many brokerage companys use a spreadsheet like ___

excel

The amount o work a Transaction Coordinator does is dictated by whether the TC works _____ or is hired on a ___ by ____

in house case by case basis

a part time freelance or ____ may only be responsible for completing the paperwork and obligations that must be done after the listing has sold and a purchase contract has been signed, opening escrow

online TC

A ____ is a good start to most real estate transactions because it contains various details about a piece of real estate

preliminary title report

some brokers will have their TCs open every transaction file with a _____, whereas others generally wait for the escrow company to handle this

preliminary title report

A TC's main job is to help complete the ?

property transaction file

Not ____ the preliminary title report can be devastating.

reading

TCs begins work upon acceptance of a?

real estate contract (purchase agreement)

Transaction Coordinator The amount charged is consummate with the level of ____ and workload taken on by the TC. TCs may be licensed or unlicensed, if unlicensed their duties may be____

responsibility limited

Some TCs may be licensed real estate agents but the job description and responsibilities do not change with licensing. Unlicensed TCs duties are ___ by law

restricted

The more salespersons a broker has to _____ the more likely the need for a TC.

supervise

Zillow dotloop app allows users to: 1. Create a ____ "loop" from anywhere using broker-provided templates. 2. ____documents from. Dropbox, Google Drive, Microsoft OneDrive, or from templates and email. 3. ____ a signature, initials, and other fields for quicker turnaround.

transaction Transfer Add

are often the subject of CalBRE audits.

trust funds

The Request For Repairs from the buyer needs a ____Response to Request For Repairs from seller to buyer.

written

Steps to hiring a TC: 1. _____ you or your agents need a TC (assistant). 2. Performing a needs assessment to determine if the TC should be fulltime, part-time or an _____ ____ (per transaction). 3. Put your new TC to ____ as soon as possible. 4. Remember it can easily cost $____to train a new TC. If you are not successful in hiring the right TC for you this might be a costly mistake. 5. Some brokerages suggest and even require their salespersons to use minimum services of an ____ TC. The TC is paid a flat rate for every transaction file completed and is paid by the agent or through the broker out of the agent's commission (some firms pass the fee on to their clients). Fees can range from $___ to $___ per transaction.

1. Acknowledging 2. independent contractor 3. work 4. $8,000 5. in-house $100-$500

C. AFTER ESCROW HAS CLOSED - DOCUMENTS FOR YOUR FILE (Page 3) This page three of the form is divided into four subjections. They include: 1. _______ In this section the TC dates activities completed after escrow is closed, such as keys delivered to the buyer, Lock Box removed, and MLS is updated to reflect the completed sale. 2. ______ - Contracts This section is a final review of the checklist of appropriate disclosures that should have been distributed and/ or signed. This makes sure all the T's have been crossed and the I's have been dotted. 3. _____ Condominium Disclosure This section also lists disclosures that apply to Common Interest Developments (CIDs) which differ from detached residential homes. A CID is controlled by a homeowner association which include bylaws and CC&Rs. The association is run by elected _______Most of the real estate lawsuits filed in superior courts evolve around how a ____manages its business.

1. Activities/Disclosure 2. Disclosure Forms 3. Subdivision Board of Directors. CID

seven documents are a "benchmark" by which a broker can determine if close scrutiny (a close look at or over someone or something in order to judge condition his performance) is needed at this time are?

1. Agency Disclosure 2. Transfer Disclosure Statement (TDS) 3. Foreign Investment in Real Property Tax Act (FIRPTA) 4. Deposit 5. Preliminary Title Report 6. Terminte Inspection 7. Repairs

Certified Transaction Coordinator (CTC) Requirements: 1. All REALTORS (licensed real estate professionals): must attend and successfully pass? 2 All non-licensed real estate professionals: must take and successfully pass? 3. Complete and submit the CTC application after you have completed all your courses.

1. Fundamentals of Transaction Coordination 2. the Transaction Talk (A Communication Workshop for REALTORS®/Lenders/Escrow Officers) course 3. Two electives. 1. Fundamentals of Transaction Coordination 2. the Transaction Talk (A Communication Workshop for REALTORS®/Lenders/Escrow Officers) 3. Real Estate Law Dos and Don'ts 4. one elective.

To learn more about hiring a virtual assistant, visit these site: 1. ____ Subscriptions range from $35 to $165 per month, depending on closing volume. 2. ____ After you submit an application to become a member, you have access to a directory of real estate virtual assistants and resources. 3. ______This trade association educates the public on the role and function of the virtual assistant and offers professional certifications, including CRESS (Certified Real Estate Support Specialist).

1. SettlementRoom 2. REVA Network 3. International Virtual Assistants Association

ZipLogix Launched zipTMS Features of the new broker dashboard: 1. ____ transaction charts 2. ____ transaction statud and approval activity 3. ____ transaction activity 4. _____ zipTMS Tasks 5. _____zipTMS transaction dates 6. _____ performance snapsjop 7. _____information 8. ____ and transaction type 9. listing ____ 10. _____ values

1. monthly 2. recent 3. weekly 4. weekly 5. weekly 6. quarterly 7. account 8. property 9. map 10. transaction

major items on a checklist

1. preliminary title report 2. agency disclosure form 3. transfer disclosure statement (TDS) 4. FIRPTA form5. 5. earnest money deposit 6. termite inspection

Transaction Coordinators Perspective: 1. 4-5 hrs: Accept? 2. 6 hrs: Collect ? 3. 1 hr: Checks? 4. 2 hrs: ?

1. purchase contract 2. Documents 3. checks to make sure that Waivers of Loan Contingencies and Inspection Contingencies are propery signed off 4. audits. escrow closes and deed is recorded

a full service TC may be responsible for the three package checklist from CAR. this includes:

1. servicing the listing before the sale 2. during the escrow period 3. after the escrow has closed

TC some core duties: 1. verify required ___ and ___ are on the contract and addenda 2. Verify that all required ___ are included 3. Fill out ____ disbursement form. prepare timeline based on contract 4. open file with ____ or ___ company 5. open and update __ search

1. signatures and initials 2. addenda 3. commission 4. escrow or title company 5. title

when Independent agents need a TC: When most agents begin to "lose it" is at ___ transactions per year.

18

it takes about __ appts to start listing or sales contract negociations

3

it takes about __ preliminary negotiations to get an acceptance contract

3

A visual inspection is conducted by a state-licensed professional hired to look for signs of infestation or damage to a structure by wood destroying pests. Also referred to as a Structural Pest Control Inspection

Termite Inspection

a. Transaction Coordinators are tasked by the ___ or ___ b. preparing a comparative market analysis [CMA] to show the seller other similar ___ and what they have sold for c. freeing up ____ for licensees to devote to prospecting for listings, make appointments to meeting ·clients face-to-face, and ultimately selling of properties. d. The TC' s record keeping can be crucial for ____ or ____ purposes.

a. agent or broker b. properties c. time d. legal or auditing

a. Foreign Investor and CA Law (Foreign Investment in Real Property Tax Act -FIRPT A) should also be filled out by the ___ and the buyer must acknowledge ___. b. Because this disclosure shows the seller's Social Security number, brokers often use the ____ form option, which usually delegates the above duty to the escrow company officer to certify that this form has been addressed by the seller. Both ____ and ___ must sign this form as well. c. The agents are not to ____ the seller in the preparation of this form

a. seller receipt b. Qualified Substitute form seller and buyer c. instruct

A TC can ensure compliance, but if a client needs something, the ____ should be the one who responds to the client.

agent

Any discrepancies, issues., or exceptions in the Preliminary Title Report should be brought to the ___ o ___ attention immediately and then taken to the ___ or ___ ), as ·it may dramatically affect the sales transaction.

agent's and brokers buyer or seller

The oversight of the Property Transaction Files by the broker is the foundation fir fulfiling the required management and supervision function mandated by the Real Estate ___ Regulation 2725

commissioner

CMA

comparative market analysis

it is recommended that the Property Transaction Files be reviewed on a ____ This incredibly important supervisory task can be carried out by the original employing broker or frequently by an appointed branch or division manager who has been a trusted licensee and has worked on a full-time basis for___ of the last ___ years.

consistent basis 2 of the last 5 years

An agent's main job is to?

continually follow up on current leads and pursue new ones

Agents should be aware of the progress of the entire ___. Leaving unresolved problems up to the TC could mean not getting the transaction closed on time.

contract


संबंधित स्टडी सेट्स

Fire Final: Ch. 2-6,8,11-14,19,22,23

View Set

Cost Accounting Test 3 Review MC

View Set

Immuno Practice Questions w/ Explanations Part 1

View Set

Sparta - Army - Full Citizens (30+) and Fighting Technique

View Set