Course 1, Module 1, Lesson 4

Question 1

What are FIVE aspects of a Seller’s Market?

Answer 1

1. More demand than supply
2. Sellers prefer little or no conditions on an offer
3. There is usually less time to view homes
4. Prices are usually higher
5. Buyer’s may want to bring an inspector with them to viewings

Question 2

What are FIVE aspects of a Buyer’s Market?

Answer 2

1. Higher supply of homes
2. Lower prices
3. Buyers may take longer to buy houses
4. Multiple viewings may occur
5. Buyers feel comfortable including more conditions

Question 3

What are THREE characteristics of a Balanced Market?

Answer 3

1. Supply and demand are equal
2. Offers include terms readily acceptable by both parties
3. More relaxed atmosphere

Question 4

What are FOUR tasks associated wth representing a seller in residential real estate

Answer 4

1. Listing the property (including appropriate price)
2. Marketing the property
3. Finding qualified buyers (prospecting)
4. Preparing the property for a showing

Question 5

What are FIVE steps of representing a buyer

Answer 5

1. Determining needs, wants and financial means
2. Select appropriate listed properties for viewing
3. Prepare an offer
4. Present an offer
5. Follow up after offer acceptance (may be some conditions that aren’t being met after this period)

Question 6

What is Prospecting?

Answer 6

Finding new leads (buyers and sellers) to grow your business

Question 7

What are THREE prospecting techniques when looking for buyers?

Answer 7

1. Introducing yourself to neighbours (often friends or family have the right buyers)
2. Circulate flyers that highlight the features of the property
3. Ensure other sales people and brokerages are aware of the property. They likely have the right buyer

Question 8

What are TWO important things to do before showing a property?

Answer 8

1. Perform any needed repairs or maintenance

2. Be familiar with the home (ie: know where the light switches are, describe closet space etc).