Prospecting: How to Market, Advertise & Promote
The Listing Agreement: How to Secure A Listing
Breakdown of the Listing Agreement
The Purchase Offer
Additional Forms for the Purchase Contract
100
"FSBO" is an abbreviation of: a. for sale by operator b. for sale buyer's option c. forced sale by owner d. for sale by owner
d. for sale by owner
100
In California, a listing agreement: a. is an employment contract b. must be in writing to be enforceable c. is both a and b d. is neither a nor b
c. is both a and b
100
An agent is required to give a copy of the listing agreement to his or her principal: a. at the time an offer is presented b. at the time the signature is obtained c. when the principal pays the commission d. all of the above
b. at the time the signature is obtained
100
Unless instructed otherwise in writing, deposit funds received must be disposed of within: a. three business days after acceptance. b. five business days after acceptance. c. 30 business days after acceptance. d. 90 business days after acceptance.
a. three business days after acceptance.
100
A few days prior to the closing of the sale, a Verification of Property Condition form is used to confirm that: a. the property is basically in the same condition as when the offer was made. b. the agreed upon repairs and/or alterations have been satisfactorily performed. c. both a and b. d. none of the above.
c. both a and b.
200
In general, the most effective media to use in the advertising of homes is: a. billboards b. magazines c. newspapers d. none of the above
c. newspapers
200
A listing contract is basically a: a. unilateral contract. b. bilateral contract. c. both a and b. d. neither a nor b.
b. bilateral contract.
200
Lead-based paint disclosure is necessary for homes built: a. before 1978 b. before 1988 c. after 1978 d. all of the above
a. before 1978
200
After the sale, a tenant with a valid lease: a. is automatically evicted from the premises. b. may remain in possession after the sale. c. is entitled to live rent free for one year after sale of the property. d. none of the above.
b. may remain in possession after the sale.
200
When the offer is not accepted in its entirety: a. counter offers are made back and forth between the parties. b. the price of the property is always increased. c. the agent is always entitled to a commission. d. the property is permanently removed from the MLS.
a. counter offers are made back and forth between the parties.
300
Property owners who owe more on their loans than their properties are worth are referred to as: a. under exposed. b. under water. c. rightside up. d. over the rainbow.
b. under water.
300
A "safety clause" is usually found in which type of listing? a. Open listing only b. Exclusive right to sell listing c. Net Listing d. Multiple listing
b. Exclusive right to sell listing
300
To earn a commission guaranteed by a safety clause, the original listing broker must provide the seller with a list of prospective buyers who were shown or made offer on the property within: a. 2 calendar days of the expiration of the original listing. b. 3 calendar days of the expiration of the original listing. c. 5 calendar days of the expiration of the original listing. d. 10 calendar days of the expiration of the original listing.
b. 3 calendar days of the expiration of the original listing.
300
As an agent, when a buyer asks you how he or she should take title, you: a. should first get a signature on the purchase offer. b. should never advise how to take title. c. should charge a fee for title advice. d. are obligated to give your expert advice as to how to take title.
b. should never advise how to take title.
300
Before making an offer, the buyer needs to know the total cost of the purchase, including the monthly payments. The form used to calculate this estimate is called the: a. Estimated Seller’s Costs. b. Estimated Buyer’s Costs. c. Estimated Commission Costs. d. none of the above.
b. Estimated Buyer’s Costs.
400
Advertising of real estate credit is under the jurisdiction of the: a. Federal Trade Commission. b. Department of Real Estate. c. Supreme Court. d. all of the above.
a. Federal Trade Commission.
400
If you leave the employ of a broker and go to work for another broker: a. your listings stay with your old broker b. your listings are your own and go with you to your new brokerage c. you must split your commissions between your old and new broker d. none of the above
a. your listings stay with your old broker
400
What type of valuation approach involves calculating the current cost of replacing or reproducing the improvement, less depreciation, and adding the value of the land? a. comparative approach b. cost approach c. capitalization approach d. all of the above
b. cost approach
400
The sum of money, agreed to in advance and stated in the contract, that will be paid for not fulfilling a clause or condition in the contract, is called: a. solid damages b. soft damages c. liquidated damages d. none of the above
c. liquidated damages
400
FIRPTA refers to the: a. Federal Investment Protection Tax Act. b. Foreign Investment in Real Property Tax Act. c. Foreign Interest in Regulation of Transfer Accounts. d. Federal Inspection of Real Property Tax Accounting.
b. Foreign Investment in Real Property Tax Act.
500
If any financing term is mentioned in an ad, it must also mention: a. the annual percentage rate (APR). b. all other financing terms. c. both a and b. d. none of the above.
c. both a and b.
500
The listing which is most likely to give rise to charges of misrepresentation or fraud is the: a. multiple listing b. open listing c. net listing d. exclusive listing
c. net listing
500
Which of the following is true concerning the adoption of HVCC? a. HVCC refers to Home Valuation of Code of Conduct b. Appraisals must be ordered by third-party appraisal management companies c. As a result, AMCs are experiencing a tremendous growth d. All of the above
d. All of the above
500
If there is a contradiction between the written or typed words and the printed words in a purchase contract, the words given less importance are the: a. printed words. b. written words. c. typed words. d. none of the above.
a. printed words.
500
After the physical inspection, the buyer requests the seller to repair the defects noted in the report. Which of the following is correct? a. The seller must comply and do all the work b. The seller is responsible for making the repairs, but the buyer has to pay for them c. The seller may do some, all, or none of the repairs d. None of the above are correct
c. The seller may do some, all, or none of the repairs
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