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chapter 5 quiz questions only – answers will be revealed with any Post-License subscriptions
1 of 10 – What is the purpose of the Seller’s Net Proceeds Form?
It is another way for you to talk about your commission and defend your right to be compensated.
To give your sellers a breakdown of the costs associated with selling the home, and give a general idea what their net profit will be.
To give to potential buyers so they will understand that the sellers do not have a lot of room to negotiate.
To help you determine whether you can ask for a higher commission.
2 of 10 – How should your sellers respond if someone knocks on the door and says, “I saw your ‘for sale’ sign and wondered if I could come in and look at your house.”
“Absolutely! Come on in!”
“We would love to show you the house, but we need to tidy up a little first. Can you give us 15 minutes?”
Let the person in to see the home, but walk with him through the house.
Tell them to call your agent to arrange a formal showing.
3 of 10 – Should you include the Internet as part of your marketing plan? Why or why not?
Yes. Because most buyers start their search online, before they ever talk to an agent.
Yes. Being “tech savvy” will impress your sellers.
No. The Internet is too complicated. Trying to include it will only confuse your sellers.
No. Your sellers’ home will get so much exposure through the MLS that the Internet is not necessary.
4 of 10 – Suppose you are late to a listing appointment. Which of these is NOT mentioned as a way that your tardiness may be interpreted?
That your “plate” is already full and you do not have sufficient time to handle another listing.
That you are in such demand as an agent that you are always running late.
That you are disorganized.
That you have little respect for the sellers’ time.
5 of 10 – Your sellers’ home has been on the market for two months. It has had several showings but no offers. Today is Sunday, and you have scheduled an open house. When you walk in the sellers’ home, the first thing you notice is the smell of the cat litter. You also notice that the kitchen table is cluttered with junk mail and the kids’ homework. How should you respond?
Do your best to tidy the kitchen and get rid of the litter box smell. After the open house, you will call your sellers, ask about the condition of the home, and reiterate the importance of keeping it neat and smelling good.
Call the sellers and insist they return to the house and help you prepare for the open house.
Refuse to show the house until the sellers make it presentable.
Do nothing. It is the sellers’ choice not to clean up, and you are not responsible if their house does not sell.
6 of 10 – How should you respond if your sellers want to be present during open houses?
“Why do you feel the need to be there? do not you trust me?”
“That would be great! I would love to have some company.”
“I understand that you are anxious to sell your house, but buyers often feel uncomfortable when the sellers are present, which could affect their willingness to make an offer.”
“It is better if you are not there so that you do not get upset when a potential buyer does not like your house.”
7 of 10 – Where is the best place for you to meet during a listing presentation according to the course?
Outside their house. It is comfortable and quiet.
A neutral location like a café, restaurant, or bank.
Your office, where your computer and other resources are readily available.
The kitchen or dining room table of their house. It is less formal of a setting.
8 of 10 – When you begin explaining the CMA, why is it important to also explain current market conditions?
So you can impress your sellers by getting them a sale price that is higher than the current average.
Because then you sound more professional and the sellers are more likely to list with you.
So that the sellers will realize how complicated real estate is and how much they need the help of an agent like you.
So your sellers have a realistic idea of what to expect when they list their home.
9 of 10 – Who typically attends a Broker Open House?
Commission members to see how brokers are performing
Other brokers and agents from the area.
Testers that check if there is widespread discrimination
Only the agents from your office.
10 of 10 – If you are a new agent, and your sellers ask how long you have been in real estate, how should you answer?
Avoid the question. Change the subject.
Do not give them a specific answer. Just tell them you have been in long enough to know what you are doing.
Tell them you have only been in a short while, then focus on your company’s history and successes.
Tell them you have been in real estate for at least 5 years.