My electrician calls for his final inspection after... well when he pulled the permit he didn't spell out exactly what was being done (he said a new service and adding a few circuits).

@Chris Mason appreciate it, apologize about the spelling error I was on my phone and entered it not knowing how to edit the post after.

This is a very basic explanation and again your contract should spell this out.The buyer would get their EMD back, and no realtors would get commission as the deal fell apart not different than any other reason a deal can fall apart.With all that said, CA may have different rules/laws.

  #1 - Just looking at their website, they spelled Residential wrong:#2 - When you search for their company name on the NMLS website (http://www.nmlsconsumeraccess.org/) to verify whether they're licensed, you get "No matches found!"

I'm using my VA loan so I'd be living there for a spell. 

Disclosure: The following is  written on the fly, spelling errors are intentional, semantics are for everyone's enjoyment.Honestly, what truly bothers me is to see the horrible advice given by Bob.

The listing agreement will spell out what the seller will allow the agent/broker to relay to prospective buyers when and if an intermediary relationship is formed.

Then comes a dry spell and there ya go.

The operating agreement should spell out your roles and responsibilities, profit sharing, what happens if one of you dies, etc.

What I can say for certain is that everything needs to be spelled out in your operating agreement.