You had better know every part of the contract inside and out and know how to properly explain it to a client.

I think that is the most important thing as an agent- since you will be representing clients and asking them to sign contracts... You need to know what they mean- an what that means to the client.

Can they back out of a deal without penalty? what inpsections are included, who is paying ofr what? what is agency, etc. 

If you cannot give satisfactory answers about questions regarding the contract, your clients will wonder about your possible lack of knowledge in other area, also. You need to know enough about the documents that you present to a client to answer their questions without crossing the line into giving legal advice. 

It depends on what you consider familiar Andrew Cooper . You should be prepared to answer clients questions about it intelligently.

Extremly vital....study that contract forwards and backwards. And your broker will be there to guide you as well. Remember to always ask questions!  There is so much to learn the first 5 years! Good luck!

You need to be able to explain everything in the contract. You may need to take some local classes.

Of Course! You need to know the contract and all documents inside and out, up and down, and sideways.  Study, review, and then study and review some more.  Make sure you understand completely.  

You do need to be familiar with EVERY part of the contract because you need to be able to give a factual answer about what they are signing.  I have heard stories of some horrible (untrue answers) to client questions.  When it comes to contracts, you can't fake it til you make it.

Not only do you need to know what every clause in the contract says, you need to practice the explanation so that you look like you are an expert. It will help your confidence as well.

You need to KNOW every line, paragraph and section.

It is even better if you can convey such information, conversationally, to the consumer. Of CRITICAL importance, is understanding how 'days' are calculated regarding date sensitive matters.

And if in your area, proprietary contracts are used dominantly, you will be spending a LOT of time reading or prepare to get burned.

Where many words exist, transgression occurs. It is the agents responsibility to ensure the transgressions are consensual.

You have to know your contract thoroughly as well as all forms related to it. 

It is our job to explain to a buyer or seller the details of the offer or listing documents ... it is our fiduciary duty. We cannot give Legal Advise ... that is for the Attorney.

you should be able to explain each section of the purchase and sales agreement.... but that does not mean you play attorney...it's an understanding of it.... each of our clients have a real estate attorney and that atty does the explaining....

Good to know, and good to have a broker who will work with you and teach you the intricacies of the various contracts.

We have several contract classes in our Market Center each week.

Every part, every paragraph, every sentence, every word.

You should have a general understanding of it all IMHO and then defer to attorneys for specifics. 

It is very vital. 

It's important that you know the contract back and forth

Highly important.  A

You should understand what you are asking clients to affix their signatures to. Also, encourage your clients to engage a Real Estate attorney to represent them.

You have to explain all the parts required or what they ask. What did you think? 

Study contracts and keep up with the constant changes.

It is absolutely vital - you need to know it inside and out, backwards and forwards. 

Only once or twice have I been quizzed in depth on the contract.  Both times were lawyers and both times they actually read the contract word-for-word.  99.9% of the time you need to know what the contract is about and how to explain it, but the likelihood of having to explain it beyond a very "high level" is pretty slim to none.

You need to be able to explain the ramification of intend of each sentence. For first few transactions suggest you find a mentor and realtor to prepare contracts which will be full of flaws. 

Yes, more than familiar.  IMO Clients should not have to ask about any part of the contract you are asking them to sign, it should be explained to them before you get to that point.

The clauses in contracts consist of boiler plate standard provisions and some clauses are to trigger events consisting of conditions, covenants and restrictions. The fill in the blanks is worth paying attention to as well. 

Depends on whether you want to be sucessful or not. Even though you are not an attorney or CPA renedering those opinions do you want to say I don't know?

Very important ,  you don't want to look like a deer in head lights when that questions comes!

You have to be prepared to answer questions on everything contained in the contract because you never know when someone will ask you to explain it andwhattheir questions might be. It's not if someone will ask, it's when. 

Holy Crow!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

We should be explaining the contract before our clients sign it.  

It is absolutely vital. How can you properly fill in the blanks if you don't know exactly what every sentence means? After that you need to be able to explain every part to clients.

You need to know every single part of the contract front and back.  

Nina has the answer

It is a must to know every part of it, what it is, why it is for and how to fill it out. The one thing is do not practice law. That means not deciding what is best for a client, they have to decide that and when one does not understand ask the broker and your client should ask their lawyer when it comes to the legal aspect. 

It is very important.

You better know it well and be able to explain it in layman terms. Include the caveat that you are not an attorney and if they need further explanation or clarification they should engage a real estate attroney.

While you cannot give legal advice, it is essential to know what the contract forms in your state say.  

It is yopur profession so you should know everything in it.

You need to go over line by line, paragraph by paragraph with your clients.  READ it and know it thoroughly.

Very important to know it thoroughly. Period.  Good luck with your real estate licensing studies.

Interview with KW !!!