C2U11 From Offer to Closing Flashcards
For listing agents, selling real estate involves three separate sales. Which is NOT one of them?
a. Obtaining the listing
b. Advertising for buyers
c. Selling the buyer as to an offer
d. Selling the seller on acceptance
b. Advertising for buyers
You receive two offers on a property you have listed. One is from your own firm and the other, which was received an hour earlier, is from another firm. You should:
a. present the offers in the order received.
b. present the highest-price offer first and, if not accepted, present the next offer.
c. present the offers at the same time.
d. always present your firms’ offer before offers from other firms.
c. present the offers at the same time.
It would be MOST difficult to persuade an owner to accept a reasonable offer received:
a. 3 days after listing the property.
b. 30 days after listing the property.
c. 90 days after listing the property.
d. 180 days after listing the property.
a. 3 days after listing the property.
When presenting an offer on your listing for less than list price, it is good policy to:
a. immediately tell the seller what the offer is.
b. not recommend acceptance or rejection.
c. recommend that sellers counter or reject offers when acceptance is not in their best interest.
d. have a number of your office staff present to intimidate the sellers.
c. recommend that sellers counter or reject offers when acceptance is not in their best interest.
Many buyers have second thoughts after placing an offer. This buyer apprehension is commonly known as:
a. feedback.
b. the gambler syndrome.
c. buyer’s remorse
d. negative motivation
c. buyer’s remorse
Which statement regarding counteroffers is NOT true?
a. A counteroffer serves as a rejection of an offer.
b. If the counteroffer is not accepted, the owner has the option of accepting the original offer.
c. A counteroffer turns the original offer (the owner) into an offeror.
b. If the counteroffer is not accepted, the owner has the option of accepting the original offer.
You should be particularly wary if an offer is received on your listing that contains the word(s):
a. “subordination.”
b. “transfer disclosure.”
c. “time is of the essence.”
d. “liquidated damages.”
a. “subordination”
Rent skimming is:
a. charging minorities an exorbitant rent.
b. a property manager’s failure to disclose all rents received.
c. a buyer’s failure to apply rents to loans that were assumed.
d. a tenant making monthly rent payments every 40 days.
c. a buyer’s failure to apply rents to loans that were assumed.
After 2 months, you receive an offer on one of your listings. Although less than the listing amount, the offer is certainly reasonable based on the CMA. You should recommend to the owners that:
a. they counteroffer at a price halfway between list price and the offer to split the difference.
b. the offer be rejected so that the offeror will raise the offer to the list price.
c. they let the offer period expire without taking any action to make the offeror anxious.
d. they accept the offer.
d. they accept the offer.
After an offer is accepted, the listing agent should:
a. keep track of escrow progress.
b. make certain all papers are signed by the parties.
c. make certain that conditions are being met.
d. do all of these.
d. do all of these.
