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Quiz by Antoinette Lee

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50 questions
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  • Q1

    In the Homeowner Benefit Agreement, what is “Exhibit A”

    Sample listing agreement


    Payment Authorization form

    Copy of the HBA

  • 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

  • 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)

  • Q4

    How long is the rescission period after joining the Homeowner Benefit Program?


    3 years

    5 days

    3 days

  • Q5

    What percentage of ownership does the Homeowner hold after joining the Homeowner Benefit Program?

    Depends on the comission floor




  • 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


    Only when they file the memorandum


  • 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

  • Q8

    What is the best way to get a Zelle $1 amount confirmed?


    Replying to the text notification “confirmed” 

    You don’t have to

    In the offer tab and clicking  “verify customer account”

  • Q9

    Same day payment is what you should offer the client if you see they are skeptical.



  • 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


  • 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.

  • 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

  • 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

  • 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

  • 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


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