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Questions for a Real Estate Salesperson (Commonwealth of Virginia)
Backup Contract
- Should you submit a backup contract – with Backup Contract Contingency addendum – on a property with primary contract that is “contingent, no kick out”?
Pros? Cons?
Should you check terms that apply to conventional financing on an offer to purchase in which the purchaser has indicated “FHA” financing will be obtained?
When approached about “inconsistencies” on paperwork you have submitted on your clients’ behalf, do you:
a) answer, “I have X years experience and have done it this way for X years.”
b) ASK your broker to review your paperwork and answer, “My broker and I have reviewed the paperwork and [proposed alternative]“When the person STILL questions you about “inconsistencies”, do you:
a) rely on your gut feeling based on X years experience
b) ASK your broker to review your paperwork – again
c) ASK a local expert (perhaps recommended by your local association of Realtors)
