PRDS Contract Risk Management CAR Contract Miscellaneous True or False
100
What is a TDS?
In order to be fully completed, this document shall have all questions answered by, and include the signatures of the Seller in Sections I and II, and include a disclosure and signature by both listing and selling agents.
100
What is a Lead-Base Paint Disclosure?
This disclosure must be filled out by seller and provided to buyer on any property built prior to 1978.
100
What is the Water-Conserving Plumbing Fixture Addendum
This addendum should be a part of the contract in order to insure the seller is not responsible for upgrading plumbing fixtures.
100
What is a Sewer Lateral Ordinance?
Pacifica, Millbrae, San Bruno, Hillsborough, San Mateo and Burlingame all have this requirement.
100
What is False? They can only be paid by the responsible Broker to whom they are associated with.
A licensed salesperson may pay another licensed salesperson for real estate activity performed.
200
What is a Qualified Substitute?
This document is provided to a buyer in order to satisfy FIRPTA by the escrow holder within 7 days of acceptance, unless otherwise changed in the contract.
200
What is 3 years?
Time period that all files, emails, text etc. must be kept by Broker.
200
What is a Demand To Close Escrow
Before either party can cancel the contract for failure of the other party to close escrow they must first deliver this document to the other party.
200
What is twice the amount of the rent per month?
This is the maximum amount of a deposit on an unfurnished lease.
200
What is False?, this would be considered fraud of which a licensed could be revoked and E & O does not cover fraud.
A Broker/Salesperson does not have to disclose a previous report or inspection to a current buyer if the seller does not want it disclosed.
300
What is an Appraisal Contingency?
When a loan contingency is part of the contract and the buyer is concerned about the value of the property this contingency is NOT NECESSARY in the PRDS contract.
300
What is the NAR Clear Cooperation Policy?
Brokers who are participants in a Realtor owned MLS must submit their listings to the MLS within 1 business day of marketing the listed property to the public.
300
What is 17 days?
Unless otherwise agreed in writing the buyer has this amount of days after acceptance to review all disclosures and complete their investigations.
300
What is 3?
This is the minimum amount of tenants for a one bedroom residence.
300
What is False?, the maximum amount is 3, two visitors from the same household and the agent, varies from county to county
The maximum amount of people who may currently enter a property for viewing during the pandemic in San Mateo County is 4.
400
What are Business Days?
When time is defined as Monday through Friday, legal holidays excluded.
400
What is an Option Agreement?
In Kuish v. Smith (2010) it was determined that nonrefundable deposits were invaild in residential real estate transactions. Many sellers and buyers still request non-refundable deposits, this agreement is used in order to pass money through to the seller in a valid way?
400
What is 17 days?
Unless otherwise agreed in writing the buyer has this amount of days after acceptance to have access to the property to conduct inspections and investigations whether or not any part of the Buyer’s Investigation Contingency has been removed or waived.
400
What is the Natural Hazard Disclosure Report?
There is no expiration on this disclosure report, however it is recommended to update after 6 months.
400
What is True?
A contractor working on a listed property should fill out a PEAD every day that he enters the property.
500
What is invasive or destructive testing?
Neither a buyer or anyone acting on buyers behalf is authorized to undertake this without the prior written consent of the seller.
500
What is a Counter Offer?
Buyer makes an offer to purchase a property and initial Liquidated Damages Clause, seller refuses to initial Liquidated Damages, this form/process is used to try to come to an agreement on Liquidated Damages?
500
What is a Representative Capacity Signature Disclosure?
If the seller or the buyer is a Trust, LLC, or a POA this document must be filled out.
500
What is a Structural Pest Report?
These inspection reports are good for 4 months.
500
What is False?
If the seller has a rental property that they have never occupied or lived in they are exempt from filling out a TDS.






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