CTC Timeline Management & Deadline Tracking 2

Question 1

A Notice to Perform (NTP) is typically sent when a party:

Accepted Answer

Has failed to meet a contractual deadline

Answer

Has successfully completed a contingency

Answer

Requests a price reduction

Answer

Submits the earnest money deposit

Question 2

What is the standard time frame for a seller to respond to a Notice to Perform in California?

Accepted Answer

2 business days

Answer

24 hours

Answer

5 calendar days

Answer

10 days

Question 3

Which of the following best describes a 'contingency removal' in a real estate transaction?

Accepted Answer

The buyer formally waives their right to cancel based on a specific condition

Answer

The buyer cancels the contract and requests a refund

Answer

The seller agrees to make repairs

Answer

The lender issues final loan approval

Question 4

A transaction coordinator should log a deadline reminder how far in advance to allow adequate response time?

Accepted Answer

At least 2–3 business days before the deadline

Answer

The day before the deadline

Answer

One week after the contract is signed

Answer

Only after receiving a reminder from the agent

Question 5

What is the purpose of the 'appraisal contingency' deadline in a purchase agreement timeline?

Accepted Answer

To allow the buyer to cancel or renegotiate if the property appraises below the purchase price

Answer

To allow the buyer to back out if the home appraises above list price

Answer

To require the seller to reduce the price to appraised value

Answer

To lock in the buyer's interest rate

Question 6

When a buyer removes all contingencies in writing, what is the buyer's earnest money deposit status?

Accepted Answer

It becomes non-refundable and at risk if the buyer cancels

Answer

It is returned to the buyer immediately

Answer

It is transferred to the seller automatically

Answer

It remains refundable for another 30 days

Question 7

What is 'time is of the essence' language in a real estate contract?

Accepted Answer

A provision requiring strict compliance with all specified dates and deadlines

Answer

A clause that allows flexible deadlines

Answer

A statement that the deal must close within 30 days

Answer

A requirement that all communications be made in writing