Section 8 Unit 1 Exam

A  Keep a record of the number of hours spent on marketing each property, and show that to the seller.

B  Advise the seller to file a complaint with the local association of REALTORS® if they’re unhappy with the service received

C  Explain that real estate is a complicated game with many factors affecting the length of time a property takes to sell.

D  Educate sellers about why a list price has been recommended, and the effect of current market conditions on the length of time a property takes to sell.

A  Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount.

B  Ralph is selling his townhome for $225,000 and is paying a brokerage fee of $25,000.

C  Carmel is selling her condo for $280,000 and is offering 6% commission to the listing broker.

D  Jason is listing his duplex for $400,000 but reserves the right to find his own buyer and not have to pay a listing commission.

A  “I base my commission on my services. These are the services I will provide for you. Which would you like to forego?”

B  “If you’re already disagreeing with my methods, it’s clear that we’re not a good fit. I’ll be happy to refer you to one of my colleagues.”

C  “You’re right. I’ll adjust the commission rate.”

D  “With all due respect, I’m the real estate expert. As such, my rate is non-negotiable.”

A  Branching

B  Cold calling

C  Farming

D  A referral

A  So that no one steals important photos.

B  Because family photos are old fashioned.

C  So that buyers can picture their own items in the home.

D  To protect themselves from visitors with criminal intent.

A  Getting the seller an acceptable price and terms

B  Making sure the seller profits on the sale of the property

C  Purchasing the property in the event that it does not sell

D  Assisting the seller with hiding defects, such as water intrusion and mold

A  Open

B  Exclusive right to sell

C  Net

D  Exclusive agency

A  He must get the seller’s permission to place the lockbox.

B  The lockbox can’t remain on the property for longer than 60 days.

C  Lockboxes aren’t a good idea.

D  The lockbox must be visible from the street.