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C5 Selling 101

CA Real Estate Practice- The Gold Standard

QuestionAnswer
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
Created by: lbrito0610