Implementation and Presentation

Question 1

If a risk can result in a positive outcome, a neutral outcome, or a negative outcome, it is considered to be which of the following?

Answer 1

A speculative risk

Question 2

When considering multiple offers made as a seller’s agent, the first offer received

Answer 2

should be given no extra preference over other offers

Question 3

One of the most important pieces of information a buyer’s agent needs about their client is:

Answer 3

The buyer’s financial ability to actually purchase a home.

Question 4

The buyer’s agent is responsible for ensuring a smooth transaction by seeing that:

Answer 4

no deadlines are missed.

Question 5

Under standard contract law, any unclear clauses are determined in favor of:

Answer 5

the person who did not write the contract

Question 6

Which of the following is something the broker should do before there is any substantive discussion of seller’s agency or listing agreements?

Answer 6

Give the seller the Information about Brokerage Services (IABS) notice.

Question 7

With a listing, the listing agent becomes an actual agent of the seller at what point?

Answer 7

When the listing agreement is signed

Question 8

What is the term for a offer that is submitted after a seller has already signed a purchase contract with a buyer?

Answer 8

A backup offer

Question 9

which of the following should be included in the buyer’s agent’s profile of the buyer?

Answer 9

• The maximum monthly loan payment the buyer can afford
• How far away from their place of employment the buyer is willing to live
• The date when the buyer wants to take possession of the property he or she purchases