Chapter 10: Writing the Offer and Closing the Sale Flashcards
What are the five aspects that are involved in any selling approach?
Knowing your product. Communicating information effectively. Establishing rapport with the buyer. Identifying and handling objections. Asking for the sale.
When establishing rapport, what’s one of the best ways to get to know your buyers?
Ask open-ended questions to get buyers talking about their needs, wants and desires.
What signals do buyers use to indicate they may be willing to make a purchase?
Buying signals include actions, words and body language.
What’s a bonus closing and what’s important to keep in mind about this technique?
A bonus closing offers an inducement for the sale, usually in the form of something the seller will include in the sale. An agent should use this close carefully and always be sure to have the seller’s approval beforehand.
Why is it important for the buyers to indicate whether or not they intend to occupy the property?
It can have an effect on such items as loan qualification, rates and terms.
What’s important to know about the Liquidated Damages paragraph?
This paragraph must be initialed by both parties for it to apply.
What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration?
If they don’t initial it, binding arbitration will not be part of the agreement and they could choose to settle a dispute in court.
Which section of the purchase agreement does not apply directly to the buyers and sellers?
There is a final section where the escrow holder acknowledges receipt of the contract and agrees to act as the escrow holder in the transaction.
All of the following are good approaches for handling objections except which?
View an objection as the buyer’s request for more information.
Use the “yes-but” technique to handle the objection.
Ask the buyer more questions.
Tell the buyer it’s not an issue.
Tell the buyer it’s not an issue.
Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply?
Dispute resolution by mediation
Removal of contingencies
Liquidated damages
Buyer indemnity and seller protection
Liquidated damages
Which paragraph of the purchase agreement states that if the buyer defaults after acceptance, he or she may be liable for the broker’s commission?
Terms and conditions of offer
Broker compensation from buyer
Dispute resolution
Liquidated damages
Terms and conditions of offer
The Terms and Conditions of Offer paragraph states that the agreement is a purchase offer and that if the buyer defaults after acceptance, the buyer may be responsible for the broker’s commission.
Offering a buyer more than one option and having him or her choose is using what kind of closing technique?
Bonus
Alternative
Ownership
Standing-Room-Only
Alternative
What does the paragraph on repairs state?
The buyer must make all repairs.
If checked, the seller can complete repairs after closing.
The seller can do all repairs himself.
All repairs must be in compliance with existing building codes.
All repairs must be in compliance with existing building codes.
Which of these is an emotional reason that buyers buy property?
Tax advantages
Status
Investment
Schools
Status
All of these might be a buying signal except which?
Taking room measurements.
Asking about a possession date.
Moving closer to the agent to get a better look.
Walking through the home quickly.
Walking through the home quickly.
The signals that buyers send that indicate they may be ready to buy include actions such as taking pictures or measurements, words such as asking about a closing date or talking about how their furniture will fit, and body language such as signaling each other with a smile or moving closer to the agent to get a better view. Walking through the home quickly shows a lack of interest.
