Post 301--Broker Relationships And Responsibilities Questions With 100% Correct Answers.

Consequences of not providing Property Disclosure Statement {Ans: 3-day right to rescind (date of acceptance of contract/settlement or occupancy of buyer whichever comes first) Withdraw without penalty including due diligence fee}Trigger Terms for Regulation Z {Ans: Down Payment expressed as dollar or percentage Amount of payment expressed as dollar or percentage Number of payments Dollar amount of finance charges}Items to include in CMA/BPO report {Ans: In writing Brief description Property interest to be priced Intended purpose of CMA/BPO Copy of assignment request Disclosure of existing or contemplated interest or broker Description of local market conditions Effective date of CMA/BPO Name, License #, Signature of broker, Firm and BIC Signature Official disclosure satement}Listing contract requirements {Ans: Specific start and end dates 3 types Not created by the Real Estate Commission Must be signed by sellers and any agent representing the firm}Lead Based Paint Amendment/Disclosure {Ans: Must be provided for all residential properties per 1978 Don't have to test Buyer gets 10 days to do assessment before obligated to purchase property Exceptions--elderly housing and 0 bedroom dwellings}Types of Buyer Agency Agreements {Ans: Exclusive Buyer Agency Agreement Non-Exclusive Buyer Agency Agreement Options--Limit Duration/specific properties}Willful {Ans: intentional}NCREC