HBA FINAL
Quiz by Antoinette Lee
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- Q1
In the Homeowner Benefit Agreement, what is “Exhibit A”
Sample listing agreement
Memorandum
Payment Authorization form
Copy of the HBA
30s - Q2
Who signs the Homeowner Benefit Agreement?
The husband, wife, and children
Anyone on the deed or with a legal interest in the property
Anyone on the mortgage
The parents of the deed holders
30s - Q3
What are the 4 payment methods offered?
Zelle, Electronic Check, hand delivered check (signed by Amanda Z.) , Direct Deposit (ACH), Venmo
Zelle, Apple pay, Mailed Check, Direct Deposit (ACH)
Cash app, Debit card, Mailed Check, Direct Deposit (ACH)
Zelle, Electronic Check, Mailed Check, Direct Deposit (ACH)
30s - Q4
How long is the rescission period after joining the Homeowner Benefit Program?
decades
3 years
5 days
3 days
30s - Q5
What percentage of ownership does the Homeowner hold after joining the Homeowner Benefit Program?
Depends on the comission floor
3
95
100
30s - Q6
By signing the Homeowner Benefit Agreement, are you listing the home for sale?
Yes, depends if the owner signs the listing agreement or not
No
Only when they file the memorandum
Yes
30s - Q7
If the HBA property owner lists their home with another (competing) agency after MV Realty is unable to procure a buyer within the time frame stated in the agreement, what must be true about the purchase through another real estate brokerage?
The home must be listed for sale under identical terms they had it listed for with MV Realty listing
The home must close within 60 days of the owner listing period starting
MV realty will get the commission floor when the purchase goes through or the memorandum stays.
This isn't allowed
30s - Q8
What is the best way to get a Zelle $1 amount confirmed?
Slack
Replying to the text notification “confirmed”
You don’t have to
In the offer tab and clicking “verify customer account”
30s - Q9
Same day payment is what you should offer the client if you see they are skeptical.
True
False
30s - Q10
What are the payment times for ach?
Monday, Wednesday, and Friday 9,1,4; no payments the other days
Weekdays 9,1,4; open on weekends
Monday-Saturday, Closed on Sundays
24/7
30s - Q11
Prior to contacting underwriting for a status update on your appointment, where is the first place to go and find an update on the funding status?
New agent training
Call the Hotline
The sales process in order to see if there were any changes
Slack payments channel. If they don’t answer, go to notaries and underwriting.
30s - Q12
When it comes to signing the payment page, who on the agreement should sign?
Only one property owner needs to sign if they are getting Zelle to one account
The property owner that signed the HBA if they are getting a check written out to their joint account
The property owners that signed the HBA
The owner receiving payment
30s - Q13
The notary forgot to have both homeowners sign the payment page which caused your funding request to be dq’d. What should you do next?
Send the payment page for e signature
Have the clients meet you at starbucks close by
They can no longer be funded
Send the notary back
30s - Q14
Leslie lives at 1211 Atlantic Ave., Delray Beach, FL 33445 and the property is Leslie’s primary residence. She also has a summer home in NJ, located at 4 Via Ripa, Sea Bright, NJ 07760.
RVM on Florida home: $575,000
Last Sold Date on Florida home: 10/01/2009
Last Sold Price on Florida home: $253,000
AVM on NJ home: $1,289,500
Last Sold Date on NJ home: 01/15/2020
Last Sold Price on NJ home: $1,365,000
What is the valuation for Leslie's primary residence in Florida and what is the most we can offer her for an HBA on that property?
$575,000; $1525
$575,000; $1725
$253,000; $759
$253,000; $532
30s - Q15
How long is the HBA Agreement?
40 years or until they sign a listing agreement
40 years unless they pay back the money we gave plus interest
40 years or until their mortgage runs out
40 years or until the agreement is executed by the homeowner selling their home with MV Realty as the listing agent
30s