Chapter 5 - Selling: Finding the Right Buyer

Question 1

for most buyers the purchase of a home is

Answer 1

the largest asset they will ever own, and the most important financial decision they will ever make

Question 2

most property owners move on an average of

Answer 2

6/8 years

Question 3

any major insurance claims made within the last five years must be

Answer 3

disclosed to the buyer

Question 4

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

Answer 4

physical depreciation

Question 5

an insurance company may deny full coverage for a fire if additions or alterations are

Answer 5

non-permitted

Question 6

functional obsolescence refers to loss of value due to adverse factors

Answer 6

within a structure

Question 7

a purchaser who over improves a fixer upper

Answer 7

risks not being able to recover the investment

Question 8

which of the following is an advantage attributed to owning a home

Answer 8

Equity build-up, tax benefits, and appreciation

Question 9

for a couple to benefit from the $500,000 capital gains tax advantage, the home must have been the Principal residence for a minimum of

Answer 9

2 out of The Last 5 Years

Question 10

buyers who don’t make an effort to be pre-qualified demonstrate a lack of

Answer 10

good credit or motivation

Question 11

when selling real estate, the least effective form of communication is

Answer 11

by letter (one way)

Question 12

when soliciting clients via the telephone

Answer 12

use your normal speaking voice, don’t expect to make a sale over the phone, stay on the line only long enough to make an appointment to meet in person

Question 13

before using the telephone to solicit business you should

Answer 13

check the National Do Not Call Registry

Question 14

record-keeping is essential for

Answer 14

controlling expenses, controlling revenue, and follow up

Question 15

a switch sheet is

Answer 15

a quick reference list of similar properties to the one being advertised

Question 16

before prospects purchase a home, they must have the

Answer 16

intent to buy, Financial ability to buy, and desire to buy

Question 17

character, capacity, and capital are the three C’s of

Answer 17

credit

Question 18

showing a prospect a large number of properties at once

Answer 18

can lead to the prospect sensory overload

Question 19

the main purpose of feng shui is

Answer 19

to align and environment so as to live in harmony and balance with nature

Question 20

Ch’i is

Answer 20

the breath or life force of feng shui