Humber Real Estate - Course 2, Module 12, Listing and Marketing Properties |33 questions and answers

- Data sheet (accompanies the listing authority) - Warranty information for anything that has a transferable warranty - Municipal Property Assessment Corporation (MPAC) assessment - Verification of home owner's insurance - Statements and contracts for any rental equipment items - Supportive documents for any home improvements (for example, receipt for a new roof, Building Permit, if seller claimed that the new deck is done with permit) - Copy of municipal tax bill - Copy of a survey that they seller may have in their possession - Copy of a lease if the property is leased - Deed to help verify ownership What documents are required to list a seller's property? - Verification of property ownership - Any major capital improvements to the property, the date they were completed and supporting documents - List of chattels included and fixtures excluded (document rental items and term details) - Major repairs on septic and well systems - Utility costs for the year - Survey - if available - Easements or encroachments What items are listed on The Property Checklist? The local listing service database. After filling out a data sheet for a new listing, where is the document uploaded to? - Legal description and confirmation of owners (via a deed or survey) - Lot size (via a survey, property tax bill - not all municipalities - or GeoWarehouse report) - Age of principal structure(s) (via seller, original owner, builder or sometimes municipality records i.e. a building permit and/or a GeoWarehouse report) NOTE: *If age is unknown or approx. age is indicated only, you as a salesperson must clearly identify this fact in the listing or any marketing. - Living area of principal structure(s) (take your own measurements or use verified source documents such as a floor plan or GeoWarehouse reports) - Room sizes - Assessment/taxes - Zoning - Wiring - Plumbing - HVAC (heating, ventilation and air conditioning) - Chattles/fixtures - Rental equipment What information is included in a listing Data Sheet? Frontage and depth If a lot is rectangular, what details are required when listing the lot size? Full dimensions If a lot is irregular, what details are required when listing the lot size? Dimensions and/or exact acreage. If a lot is a larger tract of land, what details are required when listing lot size? No. Do you include a garage if it is attached when measuring total living area? No. In some areas, just a range in area is provided. Is including square footage for a listing always mandatory? False. It's not mandatory. True or false? It is mandatory in all areas to list the source when the square footage is a requirement on a data sheet. False. This is beyond the expertise of a salesperson and is not generally a mandatory field on a residential data sheet. True or false? When detailing an electrical system on a data sheet, the determination of the system capacity is mandatory. 15 Heating and air conditioning systems older than ____ years are more likely to become increasingly unreliable and may need to be replaced. Limited service listing A listing which takes advantage of an a la carte / fee-based commission structure is also called a _______ ________ _________. A second rate of commission identified in the listing agreement, which would take effect under certain circumstances. What is a 'Collateral Agreement'? - If there is no co-operating brokerage involved in the transaction and the listing brokerage sells the property to a buyer, this provides for a reduction in the commission paid. - If the seller is selling their home privately and has an interested buyer. The seller then decides to list the property and signs a representation agreement but requests to have the potential buyer excluded from the agreement. *Note: If these agreements impact a seller's decision to accept the offer with the special agreement or another offer, then the existence of the special agreement must be disclosed to anyone that makes a competing offer, as required under the Code of Ethics. Under what circumstances might a collateral agreement be used? 1. Explain the pros and cons of delaying offers to your client. 2. Explain to your client that a delayed offer presentation might lead to pre-emptive offers. 3. Find out how your client wants to handle pre-emptive offers. Step 4. Document your client's instructions. What are the steps you must follow to ensure your obligations to convey offers are in accordance with The Code of Ethics are met? True. True or false? An owner's mortgage details and their reason for moving are not part of a Data Sheet. Each seller Once completed, a copy of the data sheet should be given to who? Your copy of all documents used for a trade. All original copies are retained at the brokerage. What is a 'Shadow File'? 6 Ontario Regulation requires the brokerage to retain all documents required for the business of trading in real estate for at least ___ years. Registrar According to REBBA, trade-related documents must be kept in a location specified by the _________. Original documents must be sent to the designated location (chosen by the Registrar) within Ontario, as soon as possible. If no location is designated, the documents should be sent from the branch to head office. If working at a branch office, what is the proper protocol for document retention according to REBBA?