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UNIT 2 THE CE SHOP REAL ESTATE EXAMS | 116 QUESTIONS | WITH PASSED SOLUTIONS!!
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UNIT 2 THE CE SHOP REAL ESTATE EXAMS | 116 QUESTIONS | WITH PASSED SOLUTIONS!!
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UNIT 2 THE CE SHOPREAL ESTATE EXAMS |
116 QUESTIONS |
WITH PASSED
SOLUTIONS!!
THE CE SHOP
Evatee 8/24/24 THE CE SHOP REAL ESTATE
,UNIT 2 THE CE SHOP REAL ESTATE EXAMS |
116 QUESTIONS | WITH PASSED
SOLUTIONS!!
Which one of the following tasks must licensees perform for seller clients?
-Dictate the listing price of the property.
-Drive the sellers around to show them other properties that are for sale in
their neighborhood.
-Ensure that the buyer's earnest money is deposited.
-Show the sellers how they can market their property. Answer - Ensure that
the buyer's earnest money is deposited.
**A licensee must ensure the collection of the earnest money deposit from the
buyer. Earnest money may be used as liquidated damages by the seller in the
event of buyer default, so it's in the seller's best interest to ensure it's been
deposited.
When using the farming approach, affinity is a key factor when identifying a
neighborhood. Which statement best describes affinity?
-An area that is not currently farmed by another licensee
-An area that the licensee likes
-An area with a fair amount of listings ‒ not too many, not too few
-An area with a variety or home styles, sizes, features, price points, amenities,
buyers, etc. Answer - An area that the licensee likes
**Affinity is important when choosing a neighborhood. A licensee should
genuinely like the area where she intends to work.
Why should you know when the seller can vacate the property?
,-If a buyer wants to close before the seller can vacate, the seller may need to
rent it back from the buyer.
-You'll need to know when you can have the property staged.
-You'll want the house empty for showings.
-You'll want to schedule the closing during the seller's occupancy. Answer - If a
buyer wants to close before the seller can vacate, the seller may need to rent it
back from the buyer.
**The timing of vacating an occupied property is important when marketing to
buyers who may want to move in before the seller's ready to move out.
Continue to Unit 2: Listing Agreements and Disclosures in South Carolina
Return to Unit 1: Basics of Working with Sellers
View Exam Results
Why might some agents work for buyers without ever having met them?
-It's the most effective use of their time.
-They believe they'll be able to get the buyer to commit to an agency
agreement later.
-They don't particularly like people.
-They're afraid to turn down any business. Answer - They're afraid to turn
down any business.
**Some agents are willing to work for buyers without an agency agreement
and without ensuring buyer loyalty. This can be a waste of time.
Who does the agent assisting the buyer in a transaction represent if there's no
buyer agency agreement?
-No one
-The buyer in a sub-agency capacity
-The customer
-The seller Answer - The seller
, **Without a buyer agency agreement in place, the agent assisting the buyer
actually represents and owes loyalty to the seller.
________ have a fixed income, but they may have large down payments from
selling prior homes. Accessible properties with little to no maintenance tend to
be attractive to these buyers.
-First-time buyers
-Retirees
-Trade-down buyers
-Trade-up buyers Answer - Retirees
**Retirees are similar to trade-down buyers, but there are some key
differences. Little to no maintenance and accessibility are key factors for these
buyers, who may have fixed incomes, but also have larger down payments from
selling their previous homes.
From a real estate licensee's standpoint, what's the purpose of qualifying
buyers before working with them?
-To determine their financial wherewithal
-To determine their readiness to purchase and make sure they're not already
working with another agent
-To learn if you have things in common with them
-To pre-qualify them for a loan Answer - To determine their readiness to
purchase and make sure they're not already working with another agent
**The purpose of qualifying buyers is to determine their readiness to work
with you, and their readiness to purchase. It's also important to establish that
they're not already exclusively represented by another agent.
What type of buyer tends to look for properties with less space than their
existing home, but that will still offer them a similar quality of living?
-First-time buyer
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