Working With Other Professionals Practice Quiz Flashcards
What should you take care to do when providing a client with a referral?
Ensure that the experts your refer are qualified in their area of specialization
Provide more than one name
Have personally worked with them or are aware of someone who has
True or False: You are not required to disclose to your client if you are receiving a referral fee when they utilize the services of someone you have recommended
False
When is the best time to refer your client to an outside professional
When you are not able to provide the expertise they are looking for
When you are not licensed in the profession of the individual they are looking for
Which of the following are a requirement of the rules around real estate images in Alberta
One exterior photo must be included
No advertising or self-promotion
Who do photo rights belong to
In absence of a written agreement, photographers maintain ownership of their photos with perpetual usage rights
A real estate professional can have usage rights of photos based on their agreement with the third-party photgrapher
What is the purpose of an RPR
To protect the interests of both buyers and sellers by documenting specific information about the property prior to a transaction
What is title insurance?
An insurance policy that protects the interests of both buyers and their lenders against losses that may arise from issues around the property’s title or ownership
When hiring a measurement company you should adhere to which best practices
Ensure their skill and competence
Take time to meet and interview the company if you have not used them before
The M in NUMERAL stands for which word that is closely tied to a sense of urgency
Motivation
Example of a holdback
A certain amount of money is not released until a specific repair is completed by the seller
Activities requiring a mortgage license?
Soliciting money from lenders secured by a mortgage in exchange for a commission
Seeking mortgage funds for a home buyer for a flat fee
Offering a client advice on mortgage terms and rates
Acting as an intermediary between a borrower and lender
Home inspection business must have
A license from the provincial government, under the consumer protection act
A bond or other form of security
Errors and omissions insurance
What should you do if a buyer chooses to conduct their own home inspection
Amend the contract to remove the obligation for the inspector to be documented and make note that the buyer chooses to conduct the inspection themselves
Standard tasks real estate lawyers will complete at the closing of a deal
Meeting with clients to sign closing documents
Negotiating amendments to trust condition with the other lawyer
Ensuring good title to the home
Resolving non-compliant RPRs with the municipality
Examples of disbursments
Title search fees
Land titles registration fees
Office expenses
Courier fees
