Delaware Salesperson Pre-Licensing Course Exam Prep- Buyers, Sales Contract, Financing, and Appraisals

Purpose of qualifying buyers To determine buyers' readiness to buy and that they're not already exclusively represented by another agent Main purpose of the buyer presentation To build trust Buyer representative activities Help schedule home inspections, show properties, review the closing statement, communicate with the buyer's lender to ensure the loan is in process (only with the buyer's permission), and attend the closing Home affordability calculators A good starting point to help buyers determine how much house they can reasonably afford Credit score A number that signifies credit risk to lenders Credit report Explains how the credit bureaus have arrived at your credit score, and contains a record of both positive and negative impacts to credit Three companies that track credit for lenders TransUnion, Equifax, and Experian FICO score The most widely used credit score The Fair and Accurate Credit Transactions Act of 2003 Requires credit bureaus provide consumers with a free copy of their credit report annually Loan pre-approval Provides buyers with advance approval for financing; requires a mortgage application, financial documents, credit history, and financial resource verification Three contingencies that protect buyers from bad purchasing decisions Appraisal, financing, and inspection contingencies Purpose of the home inspection To disclose defects in the property that could materially affect its safety, livability, or resale value Purpose of a title search To uncover claims against a property's title