Chapter 5: Selling | Finding the Right Buyer Flashcards
Any loss of value due to conditions outside of the property itself (external).
Economic obsolescence
Normal wear and tear as things need to be repaired or replaced.
Physical Depreciation
The loss of value due to adverse design factors within a structure that affect the marketability of the property.
Functional obsolescence
This tool provides the salesperson with a series of questions to ask the caller, and furnished a handy record of calls for follow-up now or later.
Incoming call register
A quick reference list of properties within a similar price range, school district, size, etc.
Switch sheet
A weekly outing whereby all available salespersons from one office preview all the newest brokerage listings as well as other brokerages’ “listings”.
Office caravan
The process of reconciling a buyer’s needs and desires with the reality of his or her financial capacity.
Counseling/Qualifying
A natural progression culminating in getting an offer to buy.
Closing the sale
Character, Capacity, and Capital. Ways to evaluate someone’s creditworthyiness.
Three C’s of credit
After previewing available properties during a caravan, each agent is expected to full out this form.
Agent comment sheet
A commission earned by introducing your client to another broker.
Referral fee
Used when showing potential buyers properties to help them to keep track of what they’ve seen.
Buyers comment sheet
The loss of value due to conditions outside of the property is considered:
a) functional obsolescence and curable.
b) economic obsolescence and incurable.
c) economic obsolescence and curable.
d) none of the above.
b) economic obsolescence and incurable.
The most effective communication usually occurs:
a) by way of phone calls.
b) through letters.
c) face-to-face.
d) none of the above.
c) face to face.
When selling an older home, its important to remember that insurance claim disclosures must be made to the buyers of any major material repairs or insurance claims made within the last:
a) three years.
b) five years.
c) ten years.
d) fifteen years.
b) five years.
