Are you smarter than a First year Realtor.Business Meeting 3/25/2010
I
n our meeting today we played “Are you Smarter than a First Year Realtor” idea of course taking from the TV show “Are you smarter than a fifth grader.” It was fun and informative. We had the following three subjects, with nine questions.
Listing Contract 1st year •Listing Contract 3rd year •Listing Contract 5th year
• Contracts 1st year • Contract 3rd year • Contracts 5th year
•Financing 1st year •Financing 3rd year •Financing 5th year
The Agents participating in the game, were very good they only were a little stumped on two of the questions. The first being a fifth year question on the meaning of the survival clause. An example of the meaning is ( if a tenant has a lease that is still in effect after the closing date the lease survives the closing unless there has been other arrangements negotiated.)
The other question included a great deal of discussion as everyone feels they know how to correctly input the clients requests. The question was given by our mortgage bankers, who know when it is written incorrectly it may cause problems. The following is the question.
•Your buyer is purchasing a property and you want to make sure that the washer, dryer and refrigerator stay in the house. In addition, your buyer wants ALL of his closing costs paid by seller ( besides his down payment he doesn’t want to pay anything) What is the proper way to word this in the contract? The answer
•Washer/Dryer/ Refrigerator to convey at no additional cost or value.
<!–[if ppt]–>•<!–[endif]–>
•Closing Cost: Seller to pay ______in Buyers closing costs to include allowables, non allowables and prepaids.
The first part concerning washer and dryer, most of the agents usually put the value of personal properties conveying
at a dollar. Second part, many of the agents stated they did input Seller to pay ________ towards buyers closing cost, however, some did not go forward with the closure, to say including allowables, non allowables and prepaids.
I love meetings that generate a great deal of discussion and most everyone enjoyed it. Sheila
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