The Buyer & Property Showing Flashcards
Since it is a known fact that people calling about classified ads or For Sale signs tend to buy property other than the property they initially inquired about, it is essential to have a list of
(a) rental properties.
(b) mobile homes.
(c) switch properties.
(d) income properties.
(c) switch properties.
Switch properties are other properties that a caller is likely to be interested in other than the property they called about.
When dealing with telephone inquires from prospective buyers, it is a good idea to
(a) obtain the caller’s name and telephone number.
(b) hold the details.
(c) close on an appointment.
(d) all of the above.
(d) all of the above.
At times callers will, for one reason or another, resist giving their names. If this happens,
(a) make an issue of it.
(b) hang up and use your caller ID.
(c) get them to volunteer their number by using nonthreatening techniques.
(d) at least get their email address.
(c) get them to volunteer their number by using nonthreatening techniques.
If you sense callers are motivated buyers, it is in your best interest to
(a) keep them off the phone.
(b) immediately call them back without permission.
(c) obtain their address and do a cold call.
(d) run their credit.
(a) keep them off the phone.
When callers are motivated buyers, there is a good likelihood that they will continue looking through ads as well as Web sites and contact other agents. You can’t do anything about calls made before prospective buyers called you, but it is possible to keep them off the phone.
To reduce jeopardizing your personal safety when showing property to new prospective buyers,
(a) lock the door of the dwelling behind you.
(b) meet prospective buyers at your office first whenever possible.
(c) when inside the property, have the prospect walk behind you.
(d) all of the above.
(b) meet prospective buyers at your office first whenever possible.
To reduce jeopardizing your personal safety, meet prospective buyers at your office whenever possible. Persons who have anything on their minds other than a purchase will not want to show themselves to other people.
A buyer has a monthly gross income of $5,000, total mortgage payments of $1,171, and total long-term debts of $325 per month. The back-end ratio is
(a) 23%
(b) 28%
(c) 30%
(d) 36%
(c) 30%
Lenders also take into account the borrower’s long-term debt for loan qualification purposes. This is the relationship between the borrower’s long-term debt payments and the monthly income called the back-end ratio. The formula is: total monthly credit obligations ÷ gross monthly income = back-end ratio. In this question, long-term debts total $325 per month, which, added to the mortgage payment of $1,171, gives us the total monthly expense of $1,496. $1,496 ÷ $5,000 = 30%.
It is a good idea to give prospective buyers a copy of the purchase contract your office uses before you leave the office because
(a) they can begin to fill out the contract in route to the property.
(b) this puts you in a better position in case of multiple offers.
(c) they will be less likely to object to the form at a later time.
(d) you can respond to questions about the form as you drive.
(c) they will be less likely to object to the form at a later time.
In sales, which of the following is most important?
(a) organized
(b) good listener
(c) smooth talker
(d) fearless
(b) good listener
When considering the Chinese market, which of the following should a real estate professional be aware of?
(a) Feng shui
(b) Colors
(c) Numbers
(d) All of these
(d) All of these
How can an agent make showings more effective?
(a) property tour presentation package
(b) listing presentation package
(c) buyer qualification package
(d) escrow analysis package
(a) property tour presentation package
A professional looking property tour presentation package can make showings more effective. It makes it easier for the buyer to evaluate and compare offerings and can lead to a natural closing.
Showing property in an intelligent and effective manner includes
(a) showing vacant homes on lockboxes first to give resident owners time to prepare for a showing.
(b) arranging showings by location to avoid wasting time backtracking.
(c) showing only as many properties as the situation dictates.
(d) all of the above.
(d) all of the above.
Successful showing techniques include
(a) educating buyers by discussing only relevant items.
(b) keeping the buyers attention focused on houses of similar price and on the quality of the neighborhood itself.
(c) pointing out recent sales of comparably priced homes as you drive through the neighborhood.
(d) all of the above.
(d) all of the above.
The best salespeople sell by asking open-ended questions rather than stating the obvious. True professionals never say
(a) “Would you use this room as a study or den?”
(b) “How do you think your new puppy would like this large yard?”
(c) “This is the master bedroom.”
(d) “Mr. Thomas, would you use this workroom?”
(c) “This is the master bedroom.”
All of the following questions include a tie-down EXCEPT
(a) “This is a large master bedroom, isn’t it?”
(b) “Didn’t you mention that you wanted to be in a top school district?”
(c) “You really need two bathrooms, don’t you?”
(d) “This is the quality neighborhood you’ve been looking for, isn’t it?”
(b) “Didn’t you mention that you wanted to be in a top school district?”
Why would an agent occasionally leave buyers alone while showing a property?
(a) buyers can often overcome their own objections.
(b) buyers may want a moment alone to discuss personal things.
(c) once inside the home, the agent only gets in the way as the buyers do their own tour.
(d) the agent can confirm the next appointment while the buyers do their own tour.
(b) buyers may want a moment alone to discuss personal things.
