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

A Notice to Perform is sent to a party who has not met a contractual obligation or deadline, giving them a final opportunity to perform before the other party can cancel.

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

Under standard California contracts, a party receiving a Notice to Perform has 2 business days to comply before the other party may exercise their right to cancel.

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

A contingency removal is the buyer's written acknowledgment that a specific condition has been satisfied and they are waiving their right to cancel under that contingency.

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

Setting reminders 2–3 business days before a deadline gives all parties sufficient time to act, gather documents, or negotiate extensions without breaching the contract.

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

The appraisal contingency protects the buyer by allowing them to cancel or renegotiate the purchase price if the property appraises for less than the agreed purchase price.

CTC - Certified Transaction Coordinator Practice Test

CTC - Certified Transaction Coordinator Practice Test

CTC Timeline Management & Deadline Tracking 2