Real Estate and Home Sale Programs Flashcards
6 cards from real CRP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Real Estate and Home Sale Programs flashcards as text
What does 'loss-on-sale' assistance cover in a relocation policy?
Answer: The difference between the employee's purchase price and the lower sale price, compensating for equity loss
Loss-on-sale benefits compensate employees who must sell their home at a price lower than they paid, protecting them from forced equity loss due to the transfer.
What is a 'duplicate housing' benefit in relocation?
Answer: Covering carrying costs when an employee owns a home in both the origin and destination temporarily
Duplicate housing benefits reimburse mortgage, utility, and maintenance costs on the old home while the employee is paying for housing in the new location.
Which professional does a relocation company typically assign to list an employee's home under a corporate home sale program?
Answer: A pre-approved real estate broker or agent from the relocation company's network
Relocation companies maintain networks of pre-approved real estate professionals to ensure qualified, consistent service for transferees' home sales.
What is the typical listing period an employee is given to market their home before the relocation company makes its buyout offer?
Answer: 60 days
Most corporate home sale programs allow a 60-day marketing period before the employer or relocation company is required to honor the guaranteed offer.
Which closing cost is the employer most commonly required to pay in a corporate home sale?
Answer: Real estate commission and customary seller's closing costs
Under corporate home sale programs, the employer typically covers the real estate commission and customary seller-side closing costs as part of the relocation benefit.
What is 'equity advance' in home sale relocation benefits?
Answer: An advance of the employee's estimated net equity paid by the relocation company before the home sells
An equity advance provides the employee access to funds tied up in their home so they can purchase in the new location without waiting for the old home to close.