Chapter 11 Random Flashcards
Which one of the following statements is FALSE regarding successful negotiations?
(1) Honed negotiation skills are essential for handling all aspects of a client’s real estate transactions.
(2) Learned negotiation skills can be used in one’s personal and professional life.
(3) Reading about negotiation skills is not sufficient to master the skills, as practice is required as well.
(4) Practice through trial and error is the best way to internalize learned negotiation skills.
4
Where a buyer makes an offer to purchase land, and does NOT pay a deposit:
(1) acceptance by the seller will not form a contract.
(2) the licensee should personally pay $1.00 of his or her own money into the brokerage’s trust account.
(3) a contract will be formed on acceptance without existence of a deposit.
(4) none of the above statements is true.
3
When the licensee receives a deposit in a typical real estate transaction the licensee holds it:
(1) for the seller.
(2) for the buyer.
(3) as agent for both.
(4) as a stakeholder.
4
What is a “time clause” or “72 hour clause”?
(1) It refers to the fact that the offer is only open for a stipulated time.
(2) It refers to the period in which either the seller or buyer can change his or her mind.
(3) It refers to the length of time that a condition subsequent is in force.
(4) It refers to the length of time the other party has to remove a condition precedent once the clause is invoked.
4
Which one of the following lists accurately describes the correct criteria, as agreed upon by negotiation experts, for a successful negotiation?
(1) Efficiency, a zero-sum game, minimal wasted resources, preservation of the relationship.
(2) Efficiency, satisfaction of both parties, distributive results, minimal wasted resources.
(3) Efficiency, satisfaction of both parties, minimal wasted resources, preservation of the relationship.
(4) Efficiency, a zero-sum game, satisfaction of both parties, preservation of the relationship
3
In order to facilitate the exchange of possible resources in a negotiation, it is important:
(1) to make repeated concessions in order to get the other negotiator to follow.
(2) to deliberate issue by issue.
(3) to make concessions when necessary.
(4) not to disclose your true interests to the other side.
3
You have recently listed a property for sale at $850,000. An offer of $843,000 was received this morning. At noon, a second offer of $845,000 was received with a “subject to financing” clause. This evening an offer of $850,000 was received, also with a “subject to financing” clause. Which of the offers must be presented?
(1) all of the offers
(2) only the offer of $850,000
(3) the two highest offers
(4) none of the offers
1
Which one of the following statements is FALSE regarding successful negotiations?
(1) Honed negotiation skills are essential for handling all aspects of a client’s real estate transactions.
(2) Learned negotiation skills can be used in one’s personal and professional life.
(3) Reading about negotiation skills is not sufficient to master the skills, as practice is required as well.
(4) the single best thing you can do to improve your negotiation effectiveness is to take detailed notes during negotiations
4
in a binding contract, a condition precedent can best be described as
- a “subject to” clause that gives a party sole discretion over whether or not to proceed with a sale
- a condition or event, the occurrence of which will discharge the principle obligations of a party to the contract
- a condition allowing a seller to terminate a contract when a buyer defaults on deposit obligations
- a condition that must occur before a party is liable to perform their principle obligations under the contract
4
an offer to purchase real estate
- must have the words “or nominee” or “or assignee”if the buyer wishes to assign the contract
- must by default have standard terms relating to contract assignments unless the buyer instructs otherwise
- always provides either party with the option to assign the contract
- can be assigned
2
Where a buyer makes an offer to purchase land, and does NOT pay a deposit:
(1) acceptance by the seller will not form a contract.
(2) the licensee should personally pay $1.00 of his or her own money into the brokerage’s trust account.
(3) a contract will be formed on acceptance without existence of a deposit.
(4) none of the above statements is true.
3
Which one of the following lists accurately describes the correct criteria, as agreed upon by negotiation experts, for a successful negotiation?
(1) Efficiency, a zero-sum game, minimal wasted resources, preservation of the relationship.
(2) Efficiency, satisfaction of both parties, distributive results, minimal wasted resources.
(3) Efficiency, satisfaction of both parties, minimal wasted resources, preservation of the relationship.
(4) Efficiency, a zero-sum game, satisfaction of both parties, preservation of the relationship
3
Which one of the following statements is FALSE regarding successful negotiations?
(1) Honed negotiation skills are essential for handling all aspects of a client’s real estate transactions.
(2) Learned negotiation skills can be used in one’s personal and professional life.
(3) Reading about negotiation skills is not sufficient to master the skills, as practice is required as well.
(4) the single best thing you can do to improve your negotiation effectiveness is to take detailed notes during negotiations
4
Where a buyer makes an offer to purchase land, and does NOT pay a deposit:
(1) acceptance by the seller will not form a contract.
(2) the licensee should personally pay $1.00 of his or her own money into the brokerage’s trust account.
(3) a contract will be formed on acceptance without existence of a deposit.
(4) none of the above statements is true.
3
Which one of the following lists accurately describes the correct criteria, as agreed upon by negotiation experts, for a successful negotiation?
(1) Efficiency, a zero-sum game, minimal wasted resources, preservation of the relationship.
(2) Efficiency, satisfaction of both parties, distributive results, minimal wasted resources.
(3) Efficiency, satisfaction of both parties, minimal wasted resources, preservation of the relationship.
(4) Efficiency, a zero-sum game, satisfaction of both parties, preservation of the relationship
3
