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chapter 8 quiz questions only – answers will be revealed with Post-License subscriptions
1 of 10 – At your first appointment with a buyer, you need to have her fill out a(n) _________ so you know how much house she can afford.
Bank statement request form
Financial qualification sheet
Improvised wealth chart
2 of 10 – According to the course, the primary benefit of an early termination clause is that?
It can give a nervous buyer some peace of mind, because he is not locked into the full term of the contract.
It shows the client that you have enough other clients that it is okay with you if he decides to use a different agent.
The buyer will be more compelled to do what you ask because he knows you can terminate the contract at any time.
It ensures you will receive a higher commission rate.
3 of 10 – Intentionally directing someone to or away from specific areas based on the ethnicity of the person or the area is known as?
4 of 10 – What’s the best way to work with a buyer who “likes everything”?
Show him everything you can, so that when he makes his final decision, he is sure he has made the right one.
Suggest that he view homes outside the realm of his wants and needs. He might find something really good that he would have missed otherwise.
You do not have to do anything special with this kind of buyer. Just keep showing him homes. He will eventually find something he likes.
Limit your showings to homes that exactly fit what he told you he is looking for, and ask lots of questions to help him eliminate some of his choices.
5 of 10 – You are meeting with a new buyer. He walks into your office in jeans and a flannel shirt. You saw him pull up in an old pickup truck. He says he wants to purchase a home in the $500,000 to $650,000 range. What is the best response?
“You know, we have some beautiful homes listed in the $250,000 dollar range. Maybe we should start there and work our way up.”
“Great! We have some beautiful homes listed in that price range. Let us go through this mortgage worksheet together and get you pre-approved so that we can make a strong offer when we find you the right home.”
“Really? Do you know how much the monthly payment will be on a mortgage of that amount?”
“Great! I know just the house. I will set up an appointment and we can go see it this afternoon.”
6 of 10 – When you are viewing homes with your buyer,
Do your best to withhold your personal opinions.
Make sure to steer them towards certain neighborhoods.
Always encourage them to make an offer of at least 95%.
Provide both legal and tax advice.
7 of 10 – If your buyer enters into an Exclusive Buyer’s Agreement with you, and she purchases a home that will close after your Buyer’s Agreement expires?
You will not get paid a commission for the sale.
You need the buyer to sign an extension so you can continue representing her.
The buyer has the option of entering an agreement with someone else.
The agreement will automatically continue through to the close of the sale.
8 of 10 – Identify this type of buyer: “I used to be a real estate agent, so I could probably do this on my own, but my wife is nervous about all the legal stuff, so here we are.”?
Not in a Hurry
9 of 10 – You are in the office because you are scheduled for floor time. You take a call from a prospective buyer, but after finding out more information about a particular listing, he decides the property’s lot is too small. What’s the best response?
“I am sorry to hear that. Good luck in your search. Thanks for calling.”
“Actually, for this size home, the lot size is perfect!”
“I know the lot sounds small, but it looks bigger than it really is.”
“We have a very similar home listed that is on a larger lot. Can I tell you a little about it?”
10 of 10 – Two of your buyers call you. Both want to view homes this coming weekend. One is relocating from out of town. The other has six months left on an apartment lease. Which buyer should be your priority this weekend?
The one whose lease is up in six months, because it will take her at least two months to find a house she likes.
Both. You need to cancel your other plans and appointments for the weekend and meet with them both.
Neither. You have plans this weekend and you cannot let your clients dictate your schedule.
The one who is relocating, because your time with her is limited.