Question 1

If Call Broker and Get No Answer

Accepted Answer

Please leave a voicemail or text message for your assigned broker and the broker will return the call/ text by end of day or possibly next business day if after hours.

Question 2

Who Binds the contract once it is accepted?

Accepted Answer

The acceptance needs to be communicated to the last party involved in the contract. Once the last party (buyer or seller) receives the accepted contract, it will then be “bound”/acknowledged by the agent.

Question 3

If I misspelled or left out a name on the Purchase & Sale Agreement, what do I do?

Accepted Answer

An amendment to the Purchase & Sale Agreement (RF653) can be used for any items that need to be corrected. Amendments are also available for Listing Agreements and Buyer Representation Agreements.

Question 4

Does our Keller Williams office allow wires for earnest money?

Accepted Answer

No, the office only accepts checks (personal or cashiers). If client needs to wire money, then it will have to be held at the title company.

Question 5

What if I don’t know which title company the Seller is using when preparing an offer?

Accepted Answer

First, try to call the listing agent and get information. If unable to acquire, then leave the space blank and use RF 653 Amendment to the Purchase & Sale Agreement once you find out the information.

Question 6

If I am working through a Counter offer, do I have to re-write all the agreed upon items on the next counter?

Accepted Answer

Yes! Very importantto state all items that are agreed upon with each Counter Offer.

Question 7

What are the 4 dates that do not roll in the contract (if on holiday or weekend)?

Accepted Answer

Closing date, time limit of the offer , date the repairs are to be completed ,Date of possession

Question 8

Are we under contract if the PAS is not Acknowledge (Bound)?

Accepted Answer

YES Signed sealed delivered your under contract The acknowledgment date starts the timelines in the contract

Question 9

Can I use TBD in the contract?

Accepted Answer

NO

Question 10

Can I strike though and just have them initial?

Accepted Answer

NO

Question 11

If the time limit of the offer expires can I just do an amendment?

Accepted Answer

No you can not amend a dead contract

Question 12

Buyers first right of refusal Addendum: can I leave it active or will it need to be marked under contract?

Accepted Answer

Active as long as the kick out is 72 hours or less

Question 13

What is considered Advertising?

Accepted Answer

Print advertising 
Radio Advertising 
Television Advertising 
Signs (ALL KINDS ) 
Flyers 
Letterhead 
Email Signatures 
Social Media (Facebook, Twitter, Linkedin etc.) 
Video or Audio Recordings (including Podcasting, YouTube, Vines, eat.

Question 14

How long can I leave a listing in Coming Soon?

Accepted Answer

There is no time limit (I do not suggest more than two weeks)

Question 15

Do I put Buyer Broker compensation in the PSA and use a Compensation Agreement?

Accepted Answer

You need to do one or the other not both, as it could be presumed that they are being paid by the seller and the listing company

Question 16

Do I need a Buyers Rep agreement if I’m working with a Renter?

Accepted Answer

NO

Question 17

What do I put in the VA addendum Blank for non Allowable?

Accepted Answer

Consult the lender but it is always most likely 0.00

Question 18

My inspection period ends today. Do I need to send the repair proposal today?

Accepted Answer

Yes

Question 19

I need to pull my listing of the market and put it back on in a few days what form do I need?

Accepted Answer

Realtracs Chase of Status form Signed by the seller, the agent, and the Broker

Question 20

Advertising as a TEAM?

Accepted Answer

Terms such as Real Estate, Real Estate Brokerage, Realty, Company, Corporation, LLC, Corp, Inc, and Associates CANNOT be used

Question 21

Do I use an Amendment or an Addendum and when?

Accepted Answer

Amendment - When you need to change or AMEND something on the contract Addendum - when you need to ADD something to the contract

Question 22

Where can I find that document with the Special Stipulation verbiage?

Accepted Answer

ADDITIONAL CONTRACT LANGUAGE (Language to be inserted in Offers, Counters, Addenda, Amendments or Special Stipulations) 
RF707 – Additional Contract Language can be found with the other TREC documents in Dotloop under Templates , KW and TN Residential Forms

Question 23

Can I negotiate a flat fee commission with a buyer or seller?

Accepted Answer

Yes, as both Listing Agreement and Buyers Representation Agreement state :COMPENSATION: BROKER COMPENSATION IS NOT SET BY LAW AND COMPENSATIONRATES ARE FULLY NEGOTIABLE.

Question 24

If someone calls to see my listing and is unrepresented do I need to have them sign a showing agreement or buyer's representation?

Accepted Answer

No, since you are in a representation agreement with the seller you can show the property to a buyer that is currently underrepresented. 
If you were to show this buyer any other properties you would need to discuss the Showing Agreement or Buyer's Representation Agreement before proceeding.

Question 25

If I have one client that is going to buy and sell, do I have to have 2 opportunities?

Accepted Answer

Yes, each transaction needs to have it's own Loop and Opportunity

Question 26

On the COA. If buyer is unrepresented - nothing is filled out under their name- no selling agent or selling company?

Accepted Answer

That is correct. Only the buyers name, box checked unrepresented, and buyers signature is needed

Question 27

When to submit advertising for Open Houses

Accepted Answer

Please submit all advertising on or before Thursday at 4:30 pm for approval for the following weekend.

Broker FAQs