real estate finance - full book (500 pgs)

2 statement to person solicited when broker benefits

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Unformatted text preview: ncluding disposition of the late charge and prepayment penalty fees. Joint Parties –Detailed information concerning any joint beneficiaries or obliges. Self–Dealing Broker – If the solicitation is subject to the provisions of Section 10231.2 [self dealing], a detailed statement of the intended use of the funds and benefits to the broker. DISCLOSURE TO PURCHASER (b) If the real estate broker is... negotiating the sale of a real property sales contract or promissory note secured directly or collaterally by a lien on real property, the statement required to be given to the prospective purchaser ... shall include, but shall not necessarily be limited to, the following information: Property Identification – Address or other means of identification of the real property that is the security for the tractor’s or vendee's obligation. Market Value – Estimated fair market value of the real property, and if the broker is relying on an appraisal in estimating the fair market value, the date that the appraisal was made and the name and employment of the person who made the appraisal. Improvements – Age, size, type of construction and description of improvements to the real property if known by the broker. Trustor or Vendee – Information available to the broker relative to the ability of the trustor or vendee to meet his or her contractual obligations under the note or contract including the trustor's or vendee's payment history under the note or contract. Terms – Terms of the contract or note including principal balance owed. Servicing. Provisions for servicing of the note or contract, if any, including disposition of late charge, prepayment penalty or other fees or charges paid by the trustor or vendee. Joint Parties – Detailed information concerning any proposed arrangement under which the prospective purchaser along with persons not otherwise associated with him or her will be joint beneficiaries or obligees. Dynasty School (www.dynastySchool.com) 10-5 REAL ESTATE FINANCE Dealer's Role – A statement as to whether the dealer is acting as a principal or as an agent in the transa...
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This note was uploaded on 12/30/2010 for the course SOC 101 taught by Professor Zhung during the Spring '10 term at Punjab Engineering College.

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