Ch 11: Preparing to Take a Listing Flashcards
List the three general ways a licensee should prepare for a listing appointment.
Ask the seller questions.
Gather preliminary information.
Assemble the prelisting manual.
What kinds of documents should a licensee ask a seller to gather prior to the listing appointment?
The sellers should find paperwork on any underlying loans, major repairs, health and/or safety concerns (such as termite treatments or radon levels), and any Homeowners’ Association documents, if relevant.
What are the four tasks a licensee should perform to gather preliminary information before the listing appointment?
Find tax records.
Research in your MLS.
Search probate records.
Become familiar with the neighborhood.
How can information from MLS sold listings, current listings, and expired listings help a licensee prepare for a listing appointment?
The licensee can use information gathered from MLS and other sources to become familiar with recent market activities and also establish a base to formulate a fair market value.
What is probate property?
Probate property is owned by a deceased person. When an owner of a house dies, if he or she did not have a will, the house usually goes to probate court to be sold.
Why is it important for a licensee to become familiar with the neighborhood of the listing before the listing appointment?
The licensee needs to get a personal view of which types of properties are selling and which ones are just sitting. It also allows the licensee to view the outside of the potential client’s home and evaluate the curb appeal.
A listing presentation manual should be made up of two sections that address what issues?
Why the person should enter into a listing agreement
Why the listing agreement should be with you and your company
Name three benefits of listing a home with an agent that you could share with sellers.
Advice on getting the home ready for sale
Advertising and promotion activities paid for by agents
Assistance with completing required forms and disclosures
Qualification of all prospective buyers
Multiple listing service advantages
Advice on offers and counteroffers
Help during the escrow period
Name three benefits of listing a home with an agent that you could share with sellers.
A picture of your office
A group picture of all the licensees
Information on your multiple listing service
Information about your specialty areas (if applicable)
Documents showing your affiliations with real estate organizations
A picture of the REALTOR® trademark to use as a backdrop to your explanation of what it means
Press releases about your company
Information on your advertising budget and/or your advertising successes
Your overall marketing plan
Special services you offer sellers
A list of customer references
When a licensee is discussing his or her opinion of value with the seller, how should price be stated?
The licensee should explain the range of values in the current market, the absorption rate in the market, and allow the seller to determine where they would like to list the property given all information needed to properly price the property.
When should a licensee NOT take a listing after having a listing presentation with a seller?
It’s critical that the seller agree to comply with antidiscrimination laws. If a seller will not make that commitment, the licensee should refuse to take the listing.
How should a licensee respond to a seller who makes a discriminatory comment about potential buyers at the listing appointment?
The licensee must tell the seller that the request is against the law and that neither the licensee nor the licensee’s company engages in housing discrimination.
Even though a firm rejects a listing due to discrimination, if the licensee and the managing broker remain silent and the discrimination continues, the licensee:
may still liable.
What manual will include a listing agreement, required disclosures, business cards, a comparative market analysis, and information on working with the licensee?
A pre-listing manual
Often buyers view FSBO homes as:
distress sales.
