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chp 7 second class > chap 7 > Flashcards

chap 7 Flashcards

1
Q

Multiple Listing Service (MLS) – An association of real estate agents providing for a pooling of listings and the sharing of commissions on a specified basis.

A

Multiple Listing Service (MLS) – An association of real estate agents providing for a pooling of listings and the sharing of commissions on a specified basis.

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2
Q

Multiple Listing Service (MLS) –

A

Multiple Listing Service (MLS) – An association of real estate agents providing for a pooling of listings and the sharing of commissions on a specified basis.

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3
Q

Escrow – Any transaction wherein one person, for the purpose of affecting the sale, transfer, encumbering, or leasing of real or personal property to another person, delivers any written instruments, money, or evidence of title to real or personal property, or other things of value to a third person, to be held by such third person until the happening of a specified event.

A

Escrow – Any transaction wherein one person, for the purpose of affecting the sale, transfer, encumbering, or leasing of real or personal property to another person, delivers any written instruments, money, or evidence of title to real or personal property, or other things of value to a third person, to be held by such third person until the happening of a specified event.

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4
Q

Escrow –

A

Any transaction wherein one person, for the purpose of affecting the sale, transfer, encumbering, or leasing of real or personal property to another person, delivers any written instruments, money, or evidence of title to real or personal property, or other things of value to a third person, to be held by such third person until the happening of a specified event.

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5
Q

Which of the following is one of the most common complaints about brokers from sellers…?
APoor communication from the broker
BConducting property showings at odd hours
CNot securing a buyer quick enough
DOver-pricing the property

A

Poor communication from the broker

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6
Q

An agent should ask the principal about what means of communication the principal prefers…?
AT (True)
BF (False)

A

true

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7
Q

Which of the following is the most effective platform to market a property…?
ACraigslist
BFacebook
CLinkedIn
DMLS

A

MLS

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8
Q

Appealing photographs of a property can be converted into a virtual tour…?
AT (True)
BF (False)

A

ture

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9
Q

Most prospective buyers who call after seeing a ‘For Sale’ sign in the front yard end up making an offer on the property…?
AT (True)
BF (False)

A

true

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10
Q

Which of the following can the agent do to get more exposure for a listing…?
AConduct an open house
BPut a “For Sale’ sign in the front yard
CList the property on the MLS
DAll of the above

A

all of the above

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11
Q

An agent can add more information to a ‘For Sale’ sign using a sign rider…?
AT (True)
BF (False)

A

true

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12
Q

Which of the following should be included when marketing a property to prospective buyers…?
AOpen houses
BFlyer boxes
CAppealing photographs
DAll of the above

A

all of the above

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13
Q

Which of the following may be willing to pay for marketing flyers about a property…?
AOther real estate brokers
BTitle companies
CLenders
DEscrow agents

A

Lenders

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14
Q

Where should agents market a property online…?
AFacebook
BTwitter
CBlog posts
DAll of the above

A

All of the above

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15
Q

Where should an agent post their listing to get more exposure…?
ARealtor.com
BZillow.com
CRedfin.com
DAll of the above

A

All of the above

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16
Q

Most prospective buyers start their search for a new home online…?
AT (True)
BF (False)

A

true

17
Q

An association of real estate agents providing for a pooling of listings and the sharing of commissions on a specified basis is known as the…?
ANAR
BCAR
CMLS
DBRE

A

mls

18
Q

A broker open house is typically used for high-end properties…?
AT (True)
BF (False)

A

true

19
Q

An agent marketing a high-end property should provide prospective buyers with a brochure about the property…?
AT (True)
BF (False)

A

true

20
Q

An agent cannot buy targeted ads on social media…?
AT (True)
BF (False)

A

false

21
Q

The listing agent must be accessible to the buyer’s agent…?
AT (True)
BF (False)

A

true

22
Q

A multiple counter-offer is illegal in California…?
AT (True)
BF (False)

A

false

23
Q

Any transaction wherein one person delivers any written instruments, money, or evidence of title to real property to a third person, to be held by such third person until the happening of a specified event is known as…?
AClosing
BDeed of trust
CEscrow
DSettlement trust

A

escrow

24
Q

A counter-offer voids the original offer on a property…?
AT (True)
BF (False)

A

true

25
Q

Which of the following may be used in place of a counter-offer…?
ABulletin
BAddendum
CNew contract
DAcknowledged statement

A

Addendum

26
Q

Which of the following is typically used as the escrow instructions…?
AThe listing contract
BThe independent contractor agreement
CThe purchase contract
DThe buyer representation agreement

A

The purchase contract

27
Q

The buyer may back out of a purchase contract during the inspection period, without losing their deposit…?
AT (True)
BF (False)

A

true

28
Q

An overpriced listing will often lead to a longer time on the market…?
AT (True)
BF (False)

A

true

29
Q

A lack of offers on a property is an indication that the property is underpriced…?
AT (True)
BF (False)

A

false

30
Q

The amount of time a property needs to be listed before it is sold is known as…?
ALead time
BDays to closing
CDays to transfer
DDays on market

A

Days on market

31
Q

At the very least, how often should brokers communicate with their clients…?
AEvery day
BOnce a week
CEvery other week
DOnce a month

A

Once a week

32
Q

As a means to ensure good communication with the seller, agents should provide which of the following…?
ANewsletters
BFollow-up emails
CWeekly activity reports
DObservation reports

A

Weekly activity reports

33
Q

If the listing contract is about to expire, the agent can ask the seller for which of the following…?
AListing modification
BListing addendum
CListing extension
DListing amendment

A

Listing extension

chp 7 second class (6 decks)

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