RECA Residential Exam with Verified Solutions Rated 100%

RECA Residential Exam with Verified Solutions Rated 100% Fiduciary Representation -ANS- - Trust and confidence - Best interests - Loyalty 5 Ds of Role Clarity -ANS- 1. Discuss 2. Determine 3. Document 4. Disclose 5. Do Must disclose in writing -ANS- - the nature of services provided - whether professional has entered into representation relationship with other party - any conflicts of interest - any other facts that may influence consumers decision to proceed with relationship made to clarify and provide proof of undertanding in event issues or disputes arise Written Service Agreement vs Customer Acknowledgement Forms -ANS- Written Service Agreement - when consumer chooses a representation relationship - becomes a client - provide signed copy to brokerage Customer Acknowledge forms - non-representation relationship - becomes a customer - provide signed copy to brokerage PIPEDA -ANS- - Federal legislation PIPA -ANS- Alberta's legislation, how private organizations use and disclose personal information. Power of Attorney -ANS- a legal document authorizing someone to act on your behalf - must be 18 - POA must be written, dated and signed by both donor and witness - donor must be mentally capable or contract is void - only effective as long as donor is alive, will takes effect once death Types of POA -ANS- General POA - has no limits on powers of the attorney - can make all decisions regarding financial and legal affairs - exception where the donor resides and health care Special POA - make certain decisions - also called limited POA - may grant authority to oversee sale, deals with land - must be registered on Certificate of Title Immediate POA - takes effect as soon as POA is signed, dated and witnessed - terminates upon loss of mental capacity or death Enduring POA - immediately upon being signed, dated and witnessed - continues if donor becomes incapable, mentally incapacitated - must include statement whether it takes effect immediately and continues... Judicial Sale -ANS- Court ordered sale usually as a way to resolve legal matters - primary debt recovery method for default mortgages Foreclosure -ANS- legal action supervised by the court following a default on the mortgage. -transfers the real property from the borrower to the lender and erases interests on title. Alberta Building Code -ANS- Legislation that establishes technical specifications for new building construction and construction materials Building Permit -ANS- typically valid for one year during which construction process must be initiated Factory Built Construction -ANS- Manufactured - three sections that are 95% complete when they leave the factory. - secure the sections to the foundation and join together - can often move in the same day or within days - saves time and mony Modular Construction - manufacturing three dimensional units, 85 percent complete when they leave - requires few weeks on site to be complete - allows for creation of multi-story buildings Panelized construction - creation of pre-fabricated wall, floor or roof panels - panels may be completed fully or partially - may consist of just the frame or fully complete with windows and siding Alberta Safety Codes Act -ANS- provincial legislation that sets specifications for new building. Components of Construction -ANS- Lot Substructure - building foundation Superstructure - above grade construction includes; envelope, service systems, interior - building envelope - everything that encloses the structure - roof, exterior walls, windows, doors, and interior walls - building service systems - supply's essential services - heat, electricity, water - interior - interior walls, features, finishes, and fixtures Pre-wired - security systems, internet, fireplace controls, windows Preserved Wood foundation -ANS- treated wood, must be certified with a stamp. - must be examined by engineer or architect stating conforms to the Alberta Building Code requirements - poured concrete is the most common foundation Subsurface Drainage -ANS- Drain tiles - directs water to storm system or sump pit Sump Pump - located in sump pit in the foundation, accessible - submersible pump - installed within the sump pit - pedestal/upright - set outside of the sump pit Parging -ANS- Thin top coat that is applied to exterior finish, used to create smooth surface. can be cement or acrylic - protects above grade foundation walls Building Floors -ANS- Beams - structural components that create base Joist - support part of structure, placed horizontal - supports floor or ceiling Bridging/Blocking - adds to load carrying capabilities and reduces the potential for movement. R-Value or RSI -ANS- the rate at which heat moves through insulation, the higher the value the more effective the material is at resisting the transfer of heat. R2000 -ANS- Standard of insulation for new construction. Certified by Govt - energy performance - indoor air quality - environmental responsibility Roofs -ANS- Low slope - 14 degrees or less Steep slope - 15 degrees or more Flashing - used to create weatherproof seal Soffits - underside of roof, ventilation for the attic Fascia - trim the ends of the roof eaves - form connection between roof and exterior walls Windows -ANS- Bay - angled Bow- smoother rounder than bay Dormer - built into the main roof Clerestory - high windows located on the upper part of wall Sky lights Fuel Utilization -ANS- Low - Less than 77% Mid - 78-89% High - 90% + Electrical -ANS- residential properties with less than 100 amp may be difficult to insure - permits needed for installation Hot water -ANS- hot water tanks Tankless hot water heaters - central - designed to supply hot water throughout whole building - point of use - only supply to plumbing fixture they are attached to. Efficient to use but expensive to install Plumbing -ANS- includes fresh water, hot water, and waste water - materials used include copper, rigid plastic, and flexible plastic Heating -ANS- The main types of residential heating include; Forced air hot water radiant - uses hot water or electricity electric systems High efficiency vents out the buildings exterior wall Ceilings -ANS- Valuted - follow roofline, unequal sides Cathedral - two equal sides (Aframe) Drop- covers pipes and wires Coffered - insets, waffle like Main principals of water -ANS- Reduce, Retrofit, repair Remediation -ANS- return a contaminated area to a level that does not impair or damage the environment, health or safety Legislation -ANS- Safety Codes Act - Permit regulation Fair Trading Act - Home inspection business regulation Energy Efficiency Act and Regulations - minimum energy performance requirements Alberta Building Code - specifications for new construction and building materials Property Inspections -ANS- an examination of various building systems in order to provide an opinion Should include - current conditions of all items inspected by the property - Inspected items listed as unsafe or requires repairs - preventative measures needed to remedy or extend life of inspected items - do not look at building permits Home inspection business regulation Environmental Risks -ANS- - are situations in which a property and/or its occupants are exposed to danger - only limited exposure is possibly before irreparable damage - becomes risk only if a conduit to facilitate the transaction is present Environmental Hazard - could cause harm to health or safety with exposure RMS -ANS- Detached house - measure from exterior wall at foundation Attached/semi attached - measure from interior walls at floor level. Exclude any floors where portion is below grade. include anything above grade + any additions if they have permanent foundation/footings, connected to main electrical, heated by main heating or has its own 5 ft ceiling height may be included as long as 7ft is somewhere stairs are added to level they lead to Correlation between property size and price -ANS- - not proportional, many other factors. - no direct correlation Measurement tips -ANS- interior measurements are used to extrapolate exterior measurements - when exterior is inaccessible extrapolated measurements should be included as additional measurements Professionals Sanctions -ANS- Advisory Note - measures property but makes mistake (math error, data entry error) - not technically a sanction Letter of Reprimand - measures property but makes error (failing to maintain diagram, failing to use correct methods, not discussing RMS with client, measuring outside of knowledge) Administrative Penalties - fails to measure or disregards process (not measuring properly, disregarding advice, choosing to not discuss with client) Property Defects -ANS- Patent Defects - obvious flaws discovered upon reasonable inspection. Buyer is responsible to discover and makes steps to satisfy. Latent Defects - not known to the seller or buyer at time of sale. Physical deficiencies that are not dangerous. Liability is an issue - common law doctrine of Caveat Emptor (buyer beware - protect own interests) Material Latent Defects - not visible upon ordinary inspection. Affects use or value. Seller must disclose - sellers may decide whether or not to disclose if has been remedied Flooding -ANS- Floodways - deepest fastest, highest risk (red) Flood Fringes - shallower, slower (pink) Found on flood hazard map Disaster Recovery Program - provides funding for uninsured property damage. registers on property title, can only qualify every 100 years. - administered by Alberta Municipal Affairs Secondary Suites -ANS- Not usually permitted in duplexes, semi-detached or attached. - must have seperate entrance with direct access to outside - at least one window in each bedroom - fire protection between suite and dwelloing - interconnected smoke alarm, carbon monoxide - enclosed furnace room - independent heating, ventilation and electrical Property Inspectors -ANS- exclude alarm system, smoke alarm, sprinkler, telephone, wood burning, underground items, outbuildings Land Use - urban population growth -ANS- Subdivision - division of larger lot into two or more smaller lots Intensification- change in intensity of use within the same land use classification. involves development of higher occupancy than what currently exists. Assmblage - involves purchase of continuous lots to create a larger single lot. Densification - increased concentration of residents, increase in the maximum allowable occupants. usually involves land use change Types of Estates in Land - on certificate of title -ANS- Fee Simple(freehold ownership) - highest form of ownership with the most rights. closest to absolute ownership. owns property until they sell it or pass away, can control who inherits through the will. Leasehold - right to exclusive use of property for set period of time. may obtain leasehold title if more than three years. Life Estate - right to exclusive possession for period of time (typically lifetime). after land reverts to fee simple or to assignee. Dower Act applies Types of Ownerships/rights - found on certificate of title -ANS- Sole ownership - only one name appears, Dower Act may apply (creates interest for unnamed spouse) can prevent disposal of property by spouse. Joint Tenancy - equal interest, interest passes down to surviving owners upon death. All receive interests at the same time, obtain titles from same document, all have same interest, undivided interest. Tenancy in Common - equal or unequal shares. no right of survivorship (can give to anyone), ownership can be sold, all tenants must agree to dispose Caveats -ANS- - notice by another party claiming an interest in the land - may prevent the transfer of land to a new owner - the land titles office must provide notice of the caveat to the registered owners Torrens Sytem -ANS- Mirror Principal - Certificate of Title accurately and completely shows current facts. Curtain Principal - contains all information about the title. Insurance principal - reflects correct status. Got compensated for loss or damage through land titles assurance fund if inaccurate. Land Titles -ANS- Certificate of Title - key document. Identifies owners, type of ownership, interests registered against property, type of property, legal discription, LINC number. obtained from SPIN2 Priority of Registered Interests -ANS- 1. Property Taxes 2. Condo Fees 3. Mortgages Real Property Report -ANS- illustrates boundaries of a property and the location of improvements relative to the boundaries. - includes written statement detailing land surveyors opinion or concerns. - required for bare land condominiums. Title Insurance -ANS- protects insured against losses as a result of some title related and some non-title related matters. ex. fraud, forgery, building permits - some lenders accept title insurance in lieu of RPR for property Insurance. - provides gap coverage - may facilitate a transaction when RPR is unavailable or issues cannot be resolved in a timely manner - some policies may extend coverage to insured heirs - title insurance has a duty to defend insured's interest CADS -ANS- document used to register encumbrances, financial obligations, and pending litigations - includes legal description, name of condo corp and address, number of units, registered bylaws, any financial obligations found on SPIN2 Discharge of Contracts -ANS- Performance - complete Mutual agreement Frustration - impossibility of performance, out of parties control Operation of Law - Bankruptcy Breach - fails to fulfil obligation subject to Quantum Meruit (entitled to reasonable value) Percentage changes -ANS- new-old/old Preparing a comparative market analysis -ANS- 1. communicate with client 2. do background research - view property, learn land use, search certificate of title, search history, otain the RPR, search active and archived listings 3. View property 4. Select comparable sales (recently sold, same area, similar features) 5. make adjustments to comparable properties (principal of contribution) no adjustments made to subject property. Superior property (-) Inferior property (+) make equal with subject property 6. Determine value of subject property Calculations for Adjustments to Comparable Properties -ANS- Percent adjustments = ((New-old)/old X 100)/ number of months between sales ex. overall time adjust of -4% = sale price x 96% ex. four months ago with time adjustment of 1/2% 1/2% x 4 = 2% overall time adjustment sale price x 1.02 = Property Assessments vs Property Valuations -ANS- - based on sales as far back as a year - done for taxation purposes opposed to a sale - uses mass appraisal process Property Valuations - relies on most recent sales - based on factual and relevant information - include disclaimer in written property valuation report Financial terminology -ANS- Financial statement - operational transactions for specific period - evaluated financial strength, profitability, and future prospects Income statement - statement of income and expenses - reflects how much an operation makes or loses during given period Cash accounting - records cash when received and expenses when paid accrual - records transactions when they occur Income Properties -ANS- Monthly Rental Factor (MRF) - for income properties with a single rental unit MRF = Value(Price)/gross monthly income Gross Income Multiplier (GIM)- for smaller revenue properties with limited number of rental units GIM= Value/Effective Gross income (gross income-allowance for vacancy/bad debt) Cap rate - used for properties with multiple rental units Comparable Market Analysis (CMA) -ANS- present topics - sold properties -active properties -brokerage services uses principal of substitution (pay no more than cost of acquiring similar property) Mortgage (Terminology) -ANS- Amortization period - length of time required to repay a mortgage using equal periodic payments Guarantor - person bound by promise to pay another's debt Mortgage Term - period of time borrower is committed to a specific rate, lender and obligations. high volume of loans reflects confidence mortgage market Interest Rates -ANS- Simple Interest interest = loan amount x interest rate Compound interest interest = loan amount x interest rate + interest = (loan amount + accum. int) x interest rate Forces that affect interest rates -ANS- supply and demand Investor Options Market Risk Govt Intervention Interest Act of Canada imposes requirements on how interest is described and calculated for mortgages Criminal code of Canada stipulates that an effective annual interest rate that exceeds 60% on any credit is a criminal rate. - could face imprisonment for 5 years, $25,000 fine + 6 months jail 5 C's of Borrower Credit -ANS- Character, Capital, Capacity, Collateral, Credit Credit Score -ANS- Payment history, current level of debt, length of credit history, number or frequency of new credit inquiries, type of credit owned. Sources of Mortgage Financing -ANS- Institutional lenders (conventional lenders) - loans regulated by law - chartered banks, credit unions, Trust/Loan companies, ATB, pension funds, finance companies CMHC - Federal Govt - helping to increase the supply of funds available for mortgage lending Non-Institutional Lenders - do not accept deposits, use own/investor funds - take on greater level of risk - mortgage bankers, mortgage broker channel Private lenders - advances funds in return for mortgage - mortgage investment corporations - syndicated mortgages - their own money Purposes for Mortgage Funding -ANS- Finance purchase finance new construction refinance - pay off existing mortgage with proceeds from new mortgage Equity take out- uses value of property (less balance) to finance renos Determining Mortgage Affordability -ANS- Gross Debt Service Ratio (GDS) - percentage of gross income needed to cover housing costs - should not exceed 30% GDS= PITH/Gross Monthly income PITH = Principal, Interest, taxes and heating Total Debt Service Ratio (TDS) - should not exceed 40% - includes contractual debts (car, bank loans, credit card payments) - includes 50% of monthly condo fees if applicable TDS = (PITH + Contractual Debts)/Gross monthly income Credit Groups -ANS- Prime Lending - "A" lending - borrowers have good credit history, good asset and income position. - qualifies for financing from all lenders Near Prime - "B" lending - may not meet conventional lending guidelines - Various reasons (new immigrants, part time jobs..) - higher loan to value amount - may not be insured - provided by non-institutional and private lenders Sub-prime - "C" lending - fail to meet conventional guidelines - more risk due to lower credit rating - higher interest rates - private lenders Pre-approved Mortgage -ANS- - tentative promise - interest rate is held for 60-90 days may be extended to 120 days - provides info on what buyer can afford, cost to finance, anticipated mortgage payments Types of Mortgages -ANS- Assumable - assume existing mortgage, usually lower rate, previous owners remain liable unless obtains release Equity - Takes loan out against equity in property, can access up to 80% of appraised value. Vendor Takeback - seller provides some or all of mortgage financing. Title transfers to buyer Agreement for Sale - means of financing a sale. Seller supplies the financings and title remains in their name until all payments have been made Wrap Around - Umbrella Mortgage, lender assumes first mortgage and provides new greater loan Blanket- builder undertakes large project, covers entire project. Mortgage is discharged as each individual unit is sold Buildings Loan - advanced in intervals as construction progresses Interim Financing - bridge financing, used for short periods of time. provides financing until long term is obtained Participating Mortgage - two or more lenders Discount Mortgage - Lender posts specific rate but is willing to negotiate Collateral Mortgage - loan secured by written note, registered against the property. Reverse Mortgage - designed for owners 60+, allows portion of equity to be converted to cash Purchase Plus Improvements - Mortgage is advanced, improvement finds held in trust until work complete/inspected Leasehold Mortgage - loan secured by tenants interest in rented property Open vs Closed Mortgage -ANS- Open Mortgage - allows borrower to prepay all or part of principal at anytime - no notice needed -shorter terms, higher rates Closed Mortgage - less prepayment flexibility unless you a prepayment privileges'. Mortgage rates -ANS- Fixed Rate - interest is fixed for full term of mortgage. - payments set in advance - typically higher rate, longer term - in initial years payments go to interest rather than principal Variable Rate - may change periodically during the term - changes with market interest rates Adjustable rate - similar to VR, usually adjusted at predetermined intervals Mortgage Priviledges -ANS- Early Renewal - allows to renew before maturity, fees may be associated Pre-payment - make payments in addition without any fees. (percentage, double up, accelerated, skip, switch, payout) Portability - transfer terms/conditions of existing mortgage to another property Expendability - increase principal amount Cash Back - receives % of mortgage back in cash Municipal Tax Installment - allows property taxes to be paid monthly Mortgage Payment methods -ANS- Blended payment - includes principal + interest - mortgage payment remains constant - portion attributed to interest and principal changes - greater portion pays the interest Interest only - at maturity the entire principal must be repaid, no time during mortgage term is the principal reduced Mortgage penalties -ANS- if borrower repays mortgage before end of term, lender is entitled to compensation. Three month interest penalty = outstanding Balance x (annual int. rate/12 month) x 3 months interest rate differential (IRD) IRD=(annual int. rate - current int. rate)/12 X months remaining in Mortgage term Lenders uses whichever method is higher High ratio Mortgage vs Conventional -ANS- Loan to value - determines whether a mortgage is conventional or high ratio LTV = Mortgage amount/Value of Property - if less than 80% its a conventional mortgage -If 80% + high ratio, higher risk, loan insurance required Loan insurance protects lenders from losses related to payment default by borrowers (CMHC, Genworth, Canada Guaranty) - allows borrows to purchase a property with a minimum down payment of 5% Borrower vs Lender -ANS- Borrower obligations - repay mortgage and loan interest - keep property adequately insured - maintain the condition of the property - pay any charges against the title Rights - possession of property - redeem or further mortgage the property - receive a discharge of the mortgage Lender Obligations - discharge the mortgage upon payment - Not interfere with borrowers use of property - Provide annual statement of principal, interest and taxes Rights - assign the mortgage - be paid under terms of mortgage Dower Act -ANS- - Is the owner of the property the only name on the Certificate of Title - Is the owner of the property legally married - Has either spouse lived in the property since the time of marriage Mortgages on Title -ANS- Postponement - altering the priority of a mortgage Transfer - current lender allocates mortgage to another party who than holds mortgage Assignment of Mortgage - sells an interest and the security in the property to a new lender in return for money Assumption- process of acquiring title and access to a property that has existing mortgage and agreeing to fulfil terms/conditions and payments Rural real estate -ANS- - cannot be comprised of more than four residential premises (would need commercial license for more) Specialized Municipalities in Alberta -ANS- - municipalities of Crowsnest, Jasper, Wood Buffalo and counties of Strathcona and Mackenzie The council structure of Municipal districts include one councilor per ward, one of whom is elected by council as the "Reeve" or administrator Rural utility association has five or more people - main purpose to supply its members utility services for electricity, gas, or water Population numbers -ANS- - 18 Cities must have 10,000 people (mayor + even number of councilors) - 108 towns must have 1,000 (6 councilors + mayor) - 87 Villages must have 300 (3 councilors including mayor) - 51 summer villages, can no longer be created natural water sources (6) -ANS- Surface water, rivers, river basins and watersheds, lakes, wetlands, and springs confined vs unconfined aquifer -ANS- confined - lies between layers of impermeable materials, fully saturated with ground water unconfined - also called water table, upper water surface is at atmospheric pressure water -ANS- - be used in best manner - support eco system - ensure supplies are naturally replenished - maintained and withdrawals do not exceed replenish rate - Water Act governs - need a water license, runs with land - can use 1250 cubic meters or 275,000 gallons during times of shortages - older license holders are entitled to allocation first - households receive the highest priority - First in Time, First in Right Septic Disposal -ANS- Septic Tanks (size requirements relate to # of beds) Disposal Fields (most common) - lawn is only appropriate cover Treatment Mounds Sewage Lagoon Open Discharge (only for remote rural areas) typical septic systems should be pumped out 1-3 years Do not put Bleach, Septic Tank Additives, Garbage, and Disinfectants in septic tanks soil tests determine if septic disposal is at risk of failure - percolation test - rate water moves through soil - saturation percentage test - high percentage of clay in soil increases risk of system failure - sodium absorption - high sodium increases risk of failure Sewer vs Septic system -ANS- Sewer - contaminants are removed at facility and water is discharged back into local water supply Septic - bacteria breaks down solid waste and the liquid effluent is released into a leach or drain field soil conservation -ANS- - property owner is responsible to take appropriate measures to prevent soil loss - may be served a notice to correct soil issues - there is an appeal process to settle soil-related disputes Soil conservation Act Water Wells -ANS- bored - Large diameter (18-36 in) and drilled in locations where aquifers are found close to the surface (under 100ft) - produce low yields of ground water Drilled - for domestic use, smaller in diameter - access to deeper aquifers (hundreds of feet) - safer and provide better quality water factors influence supply of ground water - surrounding wells in area - basic geology of soil -aquifer configuration - well construction - pumping equipment Household needs are not a factor Components of wells -ANS- well screen, water pump, well casing, drop pipe, annular seal, annular space, pitless adapter, pressure tank, and well cap Cisterns - hold and store large volumes of water - should be pumped clean and chlorinated one a year Well Pits -ANS- Should be removed or filled in - risk of children/animals falling in - gasses or low oxygen content in the well pit - toxic gas build up - contaminated flood water or runoff into the pit Contaminates in well -ANS- can enter from - runoff or flood water - disposal of waste into the well - nearby feed lots, livestock - oil and gas activitys - leaking underground and above ground fuel storage Treatments to disinfect water NSF/ANSI certified - Chlorinators - UV light - Distillers - Ozonators to remove chemicals + more appealing - reverse osmosis - distillers - water softeners Abandoned wells -ANS- - physical threat - allowing surface runoff to directly enter an aquifer - permitting cross contamination of different aquifers by a well bore can tell that its running dry - air bubbles in waterline - no water flow - water outages after heavy use - pump does not produce as much water as it used to - pump runs for long time before shutting off - low water pressure - sediment in water making it appear muddy Water Well Tests -ANS- Bacteriological tests - E.coli and total coliform - 2 times per year (50ft deep) - 4 times per year (less than 50 ft) Chemical Tests - every 2-5 years Well Yield test - water volume that is withdrawn over period of time Alternative energy sources -ANS- - solar panels - wind energy - solar shingles - geothermal energy systems Waste Management Services -ANS- - recycling - waste disposal - waste collection - landfills Rural residential Utilities -ANS- Include water, sewage, electricity, heat and telecommunications Heating systems -ANS- - where natural gas is not available - usually electricity or propane - wood, oil and coal not as common Legal Land Descriptions -ANS- Alberta Townships System (ATS) - identifies undivided land Legal Subdivision Section (Quarter Section) - Section - Township - Range- Meridian (longitude) The Plan, Block and Lot (PBL) - identifies subdivided land Zeroscaping vs Xeriscaping -ANS- Zeroscaping - mostly hard surfaces, concrete, rock, stone or gravel Xeriscaping - uses native and low water demand plants to reduce or eliminate the need for supplemental water Alberta Wildlife Act -ANS- - to identify, recover and protect species at risk Environmental issues -ANS- indicators - prior uses of the property - petroleum or chemical odors - chemical use on the property - residue on the soil ESAR source of public info - includes records of environmental site assessments - approvals, registrations, applications, remediation certifications, reclamation certifications, enforcement orders and environmental protection orders Remediation vs Reclamation -ANS- Remediation - reducing contamination to a level that does not impair or damage the environment Reclamation - returning disturbed land to a productive state GST -ANS- - property sellers are the only ones who can determine is GST applies to their property - seller is responsible to collect GST unless seller is a non-resident of Canada Conservation Easement -ANS- - allows the alberta government to designate private lands as protected - regulated the allowable uses of land - may restrict certain activities on the land Telecommunications -ANS- Satellite Internet - Satellite in orbit, gateway, dish Final Mile Rural connectivity - initiative between service alberta and Alberta Agriculture - brings highspeed internet to unserviced areas - currently 94% have access to high speed - want 98% Fixed Wireless - uses radio waves to connect to internet Alberta Supernet - created to connect schools, hospitals ect - promotes rural economic development + business opportunities Alberta 2nd call - unregistered underground facilities Consumer Relationship Guide -ANS- - makes consumers aware of relationship options available to them - should be discussed when entering into relationship with prospective client - discusses obligations and duties associated with representation relationship Transaction brokerage -ANS- when conflicts of interest arise Sellers Real Estate Professional -ANS- - doesn't typically track the cost of advertisements that have been placed on the property Documents required to be retained -ANS- - Successful purchase contracts - collapsed purchase contracts - failed offers to purchase - notices waiving purchase contract conditions Conditions can be -ANS- Waived not waived extended