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C5 Selling 101
CA Real Estate Practice- The Gold Standard
Question | Answer |
---|---|
Functional Obsolescence | loss of value due to design |
Economic Obsolescence | loss of value due to external conditions not within the property |
What is the formula for calculating a Monthly Housing Payment? | principal + interest + taxes + insurance = 25-30% gross monthly income |
What are not contingencies in a transaction? | obtaining deposit, down payment, closing cost, buyers promise to pay (failure to do so is breach of contract. Seller can take legal action) |
Within how many days must funds be transferred into escrow? | 3 business days |
CE+3 | buyer will take possession 3 days after close of escrow |
How many days does a SELLER have to deliver all reports/disclosures? | 7 days |
How many days does a BUYER have to complete investigation, review disclosures/reports/etc, and return signed copies? | 17 days |