Chapter 1 - Residential Real Estate - The Listing Function

Question 1

The _______________ always makes the final decision on the listing price.

Answer 1

seller

Question 2

The listing agreement is important because it creates the ______________ and impacts ____________.

Answer 2

contractual agency relationship; how soundly and smoothly a transaction evolves

Question 3

List the five main areas that the sellers and buyers must agree on in every real estate transaction.

Answer 3

1. Price
2. Terms
3. Possession
4. Contingencies
5. Extras

Question 4

The listing agreement is entered into between the ________ and the ______.

Answer 4

seller; real estate brokerage

Question 5

When a salesperson receives multiple offers for his or her listing, he or she must ____________.

Answer 5

present all offers to the seller

Question 6

In order to comply with FINTRAC’s “know your client” identification and transaction reporting requirements, a salesperson must _________ for every real estate transaction.

Answer 6

keep receipt of funds and client information records

Question 7

What are two consequences of showing an unrealistically priced listing to a buyer?

Answer 7

1. It is usually a waste of time.
2. There is a loss of confidence in the salesperson’s judgment and ability; the buyer may seek out a more competent salesperson.

Question 8

In Saskatchewan, it is generally the __________ who presents the offer to the seller.

Answer 8

listing salesperson

Question 9

Mortgage qualifying can be defined as ________.

Answer 9

the formal qualifying procedure done by banks and mortgage companies whereby they use Gross Debt Service and Total Debt Service ratios.

Question 10

Two classes of people who may need the services of a registrant are people with ____________ and people with ___________.

Answer 10

current needs; future needs