part 1 unit 2; establishing client relationship

Question 1

three components of active listening

Answer 1

-Avoid distractions
-Ask questions
-Paraphrase

Question 2

6 questions to ensure you are fulfilling the stated obligation to your client

Answer 2

undivided loyalty, confidentially, full disclosure, obedience, reasonable care and skill, full accounting

Question 3

evaluating and balancing all elements of the transaction process to promote the clients advantage.

Answer 3

Best Interest

Question 4

following actions do not trigger the requirement on a written disclosure

Answer 4

attending an open house, revealing price range, location, and property styles, general questions with factual answers.

Question 5

legal document that allows one party to give authority to another, to act on their behalf in specified matters.

Answer 5

Power of attorney

Question 6

specific power of attorney & eg

Answer 6

-simplest form of POA
-grants limited powers to the person who holds POA
eg) one party granting another the authority to act of their behalf to sell a specific property

Question 7

general power of attorney & eg

Answer 7

-broader form of POA
-Has authorization to act for other party in all situations under the laws.
eg) right to act on behalf of the party relating to their business of finances and health.

Question 8

Enduring power of attorney AKA

Answer 8

-Springing POA
-Granted to make financial and legal decisions
eg) signatures, witnessing

Question 9

When signing a contract on behalf of a corp using a a corp seal the individual authority should be indicated where?

Answer 9

above their signature, and if no seal is used, the statement “I have the authority too bind the corp” should be included.

Question 10

hen the seller is a corporation, a real estate professional should

Answer 10

conduct a title search to ensure spelling is correct of corp.

Question 11

first time buyers

Answer 11

-young singles or couples
-limited budget & affordable housing

Question 12

move-up buyer

Answer 12

-relocating to a bigger, need or better house.
-clients should be prepared to handle potentially higher mortgage payments, utility bills, and ongoing maintenance costs.

Question 13

move-up buyer

Answer 13

-relocating to a bigger, need or better house.
-clients should be prepared to handle potentially higher mortgage payments, utility bills, and ongoing maintenance costs.

Question 14

before clients sell their house what should you make sure?

Answer 14

-They are pre-qualified for their next home
-Can they afford it

Question 15

move-down buyer

Answer 15

-move to a more economical property
-smaller, less expensive community

Question 16

smaller property with luxury features is known as

Answer 16

Jewel box home

Question 17

rightsizing

Answer 17

-understanding how you live in your home.
-dejunking your life, moving into a new space , which you can make better use of each room.

Question 18

Intended to protect the interests of prospective clients by ensuring they understand both their own rights and responsibilities.

Answer 18

Consumer relationships guide

Question 19

Once a licensee has found a client, qualified the client’s needs, and reviewed the Consumer Relationships Guide with them, the preferred practice is to formalize the licensee-client relationship through a

Answer 19

written service agreement

Question 20

most common types of service agreements

Answer 20

seller rep agreement
buyer rep agreement
customer acknowledgment

Question 21

seller rep agreement aka.
Brokerage is called?

Answer 21

-listing agreement
-a seller grants authority to a real estate brokerage to sell, exchange, or lease the seller’s property on the terms and conditions described in the contract.
-sellers agent

Question 22

buyer rep agreement
brokerage is called?

Answer 22

-buyer grants authority to a brokerage to locate a suitable property for them based on their stated requirements
-called the buyers agent

Question 23

customer acknowledgment

Answer 23

-you are not acting as their agent, have no fiduciary or agency obligations to them.

Question 24

in customer acknowledgment you may

Answer 24

-give stats on properties
-customer names of real estate providers
-agreements of purchase and sale and other forms
-present all offers/counter offers

Question 25

Some important questions to clarify with clients include:

Answer 25

-how long they plan on living on property
-upgrades or repairs
-grow their family
-budget

Question 26

canada anti-spam legislation

Answer 26

protects consumers and businesses from misusing digital technology with spam and other electronic threats

Question 27

t/f It is recommended that every client signs a privacy and consent agreement for any type of communication, electronic or otherwise

Answer 27

true

Question 28

explicit or expressed consent

Answer 28

-organization may process their personal info.
-Includes verbal, written or electronic

Question 29

deemed consent

Answer 29

when individuals provide their personal information to an organization for a particular purpose without actually giving their consent