From Offer to Closing Flashcards
When you have a signed offer to purchase,
(a) call the listing office immediately and leave the details of the offer.
(b) call the listing agent directly and present the offer verbally.
(c) contact the listing office immediately to inform them of the offer and to arrange the presentation.
(d) contact the seller directly and have them call their agent.
(c) contact the listing office immediately to inform them of the offer and to arrange the presentation.
For an offer less than the list price, the sellers will want to know
(a) what the buyers plan on doing with the house.
(b) personal details about the buyers.
(c) the proposed length of escrow.
(d) what they will net from the offer.
(d) what they will net from the offer.
A good place to present the offer to the sellers is
(a) at an open-air coffee shop.
(b) at the kitchen table.
(c) at your office.
(d) at your home.
(b) at the kitchen table.
Painting a favorable picture of the buyers will
(a) make the sellers feel they have a better credit rating.
(b) give the sellers a good feeling about leaving certain items of personal property.
(c) make the sellers feel they are likable people who will appreciate the home.
(d) help you talk the sellers into concessions if that becomes necessary.
(c) make the sellers feel they are likable people who will appreciate the home.
When an offer is less than the asking price, you must be able to
(a) counter immediately.
(b) justify the offer.
(c) convey disgust.
(d) look on the bright side.
(b) justify the offer.
Before recommending a counteroffer, it is your duty to explain to the sellers that a counteroffer
(a) rejects the original offer.
(b) gives the buyer an out.
(c) gives the buyer more time to keep looking.
(d) all of the above.
(d) all of the above.
As the sellers’ agent, you have a duty to protect them from fraudulent or questionable practice by being wary of
(a) offers written on nonstandard forms.
(b) offers with low down payments and lengthy escrow periods.
(c) offers in which buyers want to exchange personal property or real property.
(d) all of the above.
(d) all of the above.
Which of the following will help you present the positive side of a reasonable offer?
(a) represent the difference between asking price and offer in dollars.
(b) show the difference not in dollars but in a percentage.
(c) steer the sellers away from price and focus on the buyer’s financing strength.
(d) concentrate on length of escrow.
(b) show the difference not in dollars but in a percentage.
The sellers are thinking in terms of thousands of dollars less than they had hoped for; however, you must present the positive side of a reasonable offer. You can do this by showing the difference not in dollars but in a percentage.
As a rule of thumb, a reasonable and acceptable offer falls within
(a) 1 percent of the asking price
(b) 5 percent of the asking price
(c) 10 percent of the asking price
(d) 15 percent of the asking price
(b) 5 percent of the asking price
All of the following will assist you in preparing and presenting a legitimate counter offer EXCEPT
(a) Number the items of the counteroffer and refer to the contract paragraph where possible.
(b) Use a simple checklist for all points to be included in the counteroffer when drafting it.
(c) Be sure that all changes are initialed or signed properly.
(d) Make a few changes in the contract simply for the sake of change to save face with your client.
(d) Make a few changes in the contract simply for the sake of change to save face with your client.
A qualified acceptance of an original offer is considered a(n)
(a) valid contract.
(b) acceptance.
(c) counteroffer.
(d) revocation.
(c) counteroffer.
Acceptance of an offer must be unqualified; a qualified acceptance must be considered as a new offer or a counteroffer.
Which of the following will improve the chances that a transaction will not fail in escrow?
(a) Check frequently to see if everything is moving according to schedule.
(b) Keep all parties fully informed of all events and conclusions.
(c) Keep the lines of communication open with buyers, sellers, lenders, and escrow.
(d) All of the above.
(d) All of the above.
For listing agents, selling real estate involves three separate sales. Which of the following is NOT one of the three?
(a) Selling the owner on giving a listing
(b) Selling the buyer on making an offer
(c) Selling the seller on an acceptance
(d) Selling the lender on making the loan
(d) Selling the lender on making the loan
In making an appointment to present an offer, the agent should:
(a) let the buyer know the price so they can consider it before the agent arrives.
(b) arrange to have all owners present for the presentation.
(c) both let the buyer know the price so they can consider it before the agent arrives AND arrange to have all owners present for the presentation.
(d) none of these
(b) arrange to have all owners present for the presentation.
When presenting multiple offers the agent should:
(a) present them in the order received, obtaining acceptance, rejection, or counteroffer for each offer before proceeding to the next offer.
(b) present the firm’s offer first and, if rejected, then present the other offer(s).
(c) keep in mind their first duty is to the owners, not to themselves or their firm.
(d) let the owners know which offers provide the agent with the greatest benefits.
(c) keep in mind their first duty is to the owners, not to themselves or their firm.
