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chapter 10 quiz questions only – answers will be revealed with Post-License subscriptions
1 of 10 – If your buyers’ offer is rejected, you should?
Tell your buyers to move on and find more reasonable sellers to work with.
Call the sellers directly and ask for an explanation.
Touch base with the sellers’ agent. Find out why the offer was rejected and see if you can at least negotiate.
Wait a couple of weeks and present the offer again. If the sellers have not gotten any other offers, they might be willing to negotiate.
2 of 10 – As a sellers’ agent, what should you do if the buyers’ agent wants to present an offer to your sellers?
Let him. That means less work for you.
Refuse to work with him. He is obviously trying to steal your clients!
Ask to meet with the buyers’ agent one-on-one first. Then you will present the offer to your sellers together.
Tell the agent that he is more than welcome to come with you, but you are going to present the offer yourself.
3 of 10 – The sellers have accepted your buyers’ offer. Your buyers have applied for a mortgage, and the house has been appraised, but was appraised for less than the agreed upon sale price. What do you do?
Contact the sellers’ agent and find out if the sellers are willing to agree to a lower sale price.
Add a contingency to the sales contract which states the sale will only be completed when the house’s value increases to match the sale price.
There is nothing you can do. Your buyers will simply have to purchase another house.
Present the appraiser with a Competitive Market Analysis, showing him that the house is priced fairly for the current market conditions.
4 of 10 – In giving an offer presentation, when is the best time to answer the sellers’ questions?
As you are going through the presentation, so that they do not forget.
As soon as they have emailed them to you in writing.
At the end of the presentation, because some questions might be answered in other parts of the offer.
Handle their questions before you even start presenting the offer, so you can get them out of the way.
5 of 10 – When making ________, most agents will simply mark on the original contract, rather than writing out a whole new one.
An oral contract
A nullification offer
6 of 10 – When you are presenting an offer, when is the best time to hand out copies of the paperwork?
At the beginning, so everyone can follow along.
It is best not to make copies at all; that way, no one gets confused about which copy is the “original.”
Do not print additional copies unless they intend to accept the offer.
Only after you have talked through the offer. That way, people will not get distracted by looking through everything themselves.
7 of 10 – If your buyers are making a low offer, which of the following should they expect?
For the seller to accept the offer as is
For the seller to counter with additional contingencies
For the offer not to be presented to the seller
For the seller to be potentially insulted and unwilling to negotiate
8 of 10 – When you contact the sellers’ agent to tell him your buyer is making an offer, you should?
Tell him you will text message the offer to his phone right away.
Set up a time to meet the other agent so you can present the offer in person.
Increase the offer so you receive a larger commission.
Call the sellers directly to discuss the offer.
9 of 10 – Before you begin presenting the actual offer to the sellers, you should?
Put a “Sold” sign in their yard.
Ask them how much they think their house is “really” worth.
Pay them a lot of compliments about their house to try to “butter them up.”
Spend some time talking about the buyers to try to help the sellers relate to the buyers.
10 of 10 – Which of the following is true in the case of a buyer’s market?
There are relatively few houses on the market.
Each house will receive numerous offers.
Most sellers will receive offers below list price.
Home prices are rapidly increasing during buyer’s markets.