Check Your Understanding Answers
- List the three topics discussed in the Agency paragraph.
- Disclosure regarding real estate agency relationships
- Confirmation of the agency relationships in the transaction
- Acknowledgement that brokers may represent potentially competing buyers and sellers
- What does a buyer agree to do in Paragraph 3J(1) of the loan terms section?
Within 3 days (or another specified number) the buyer will provide the seller a letter from the buyer’s lender stating the buyer is prequalified or preapproved for the loan detailed in section 3D.
- How does a buyer indicate the purchase agreement is contingent on the sale of his or her current property?
The box in Paragraph 4B must be checked, and the required CAR addendum detailing the contingency must be attached to the offer.
- What specific costs are addressed in Paragraph 7D?
Paragraph 7D addresses “Other Costs”, including who will pay the county transfer fee, city transfer fee, HOA related fees, private transfer fee, and home warranty.
