Chapter 5

Question 1

agent comment sheet

Answer 1

after previewing available properties during a caravan, each agent is expected to fill out this form

Question 2

buyer comment sheet

Answer 2

used when showing potential buyers properties to help them keep track of what they’ve seen

Question 3

closing the sale

Answer 3

a natural progression culminating in getting an offer to buy

Question 4

counseling/qualifying

Answer 4

the process of reconciling a buyers needs to desires with the reality of his or her financial capacity

Question 5

economic obsolescence

Answer 5

any loss of value due to conditions outside of the property itself (external)

Question 6

functional obsolescence

Answer 6

the loss of value due to adverse design factors within a structure that affect the marketability of the property

Question 7

incoming call register

Answer 7

this tool provides the salesperson with a series of questions to ask the caller, and furnishes a handy record of calls for follow-up now or later

Question 8

office caravan

Answer 8

a weekly outing whereby all available salespersons from one office preview all the newest brokerage listings as well as other brokerages “listings”

Question 9

physical depreciation

Answer 9

normal wear and tear as things need to be repaired or replaced

Question 10

referral fee

Answer 10

a commission earned by introducing your client to another broker

Question 11

switch sheet

Answer 11

a quick reference list of properties within a similar price range, school district, size, etc.

Question 12

three C’s of credit

Answer 12

Character, Capacity, and Capital. Ways to evaluate someones creditworthiness.