The following assignment is the creation of a typical real estate transaction Lifecycle. The assignment is broken into 3 sections. Each section has a blank flow chart with an answer key below. Your assignment is to place the steps in the order you think best illustrates the transaction lifecycle then, at the end of the assignment, please write 1 to 2 paragraphs explaining the logic behind your thought process. In completing this assignment please keep in mind that the answers in the three answer keys only apply to its respective section, also there are an exact number of answers as there are steps, all answers are used only once, and no answers are duplicated.
Section 1
1. Buyer previews property, does not like it, Buyer works with a licensee who shows the Buyer properties listed with the Broker and with companies other then the Broker.
2. Buyer views another property that is listed by the Buyers Broker but the licensee who the Buyer is working with IS NOT working with the Seller.
3. The Buyer reviews market information with the licensee and instruct the licensee to prepare an offer.
4. Buyer Calles off a Property With Questions
5. The licensee submits the offer.
6. The Buyer meets with a licensee in the company who IS NOT the licensee who listed the property. The licensee has the Buyer sign an agency disclosure stating that the Broker represents the Buyer, Consent for Dual Agency Form, and an Exclusive Buyer Agency Agreement.
7. Buyer is Pre-Approved by a Lender.
8. The Buyer signs an offer and affirms the consent for dual agency.
Section 2
9. A Seller calls a licensee with a Brokerage to list their home.
10. The Seller signs an Agency Disclosure, Consent for Dual Agency, and Exclusive Right to Sell Listing Agreement.
11. The property is placed on the market for sale in the MLS and on the Internet
12. The Client Seller follows the advice of their agent to properly stage and repair the property before it goes on market.
13. An offer is received from a Buyer who is represented by the same Broker. The offer contains the consent for Dual Agency form.
14. The Seller meets with the licensee who discusses pricing strategy, marketing, commission.
15. As the property is on the market, the Sellers agent gets feedback and monitors market activity, adjustments to the price are made
Section 3
16. The Deed is filed with the courthouse.
17. Title work is completed; the property has no title defects and can be insured.
18. The Buyer and seller attend a face to face closing and sign all documents ending with the deed, the title company disburses monies to all parties as stated on the HUD 1.
19. The Buyer excepts the Sellers Counter Offer, the contract is ratified and Executory,
20. The Ratified Contract is transmitted to a Title Company who will perform the title search
21. The Buyer makes formal application with their Lender
22. The Buyer performs the final walk through.
23. The Buyer has a home inspection after reviewing the report instructs their agent to send prepare a repair addendum this is sent to the Sellers agent. The seller agrees to the repairs.
24. The property is appraised
25. The Buyers loan is approved
26. The Buyer requests utility service in their name.
27. The Buyers Offer is voided in the form of a Counteroffer from the Seller.
28. The Buyer Occupies the property.
