Ch. 11 - Preparing to Take a Listing

Name three benefits of listing a home with an agent that you could share with sellers.

-Advice on getting the home ready for sale -Advertising and promotion activities paid for by agents -Assistance with completing required forms and disclosures -Qualification of all prospective buyers -Multiple listing service advantages -Advice on offers and counteroffers -Help during the escrow period

List the three general ways a licensee should prepare for a listing appointment.

-Ask the seller questions. -Gather preliminary information. -Assemble the prelisting manual.

What are the four tasks a licensee should perform to gather preliminary information before the listing appointment?

-Find tax records. -Research in your MLS. -Search probate records. -Become familiar with the neighborhood.

A listing presentation manual should be made up of two sections that address what issues?

-Why the person should enter into a listing agreement -Why the listing agreement should be with you and your company

To cover what your firm has to offer

A picture of your office A group picture of all the licensees Information on your multiple listing service Information about your specialty areas (if applicable) Documents showing your affiliations with real estate organizations A picture of the REALTOR® trademark to use as a backdrop to your explanation of what it means Press releases about your company Information on your advertising budget and/or your advertising successes Your overall marketing plan Special services you offer sellers A list of customer references

When doing a listing presentation, what laws should the agent go over with the prospective seller? Fair housing laws Mortgage assistance laws Truth in lending Home protection laws

Fair housing laws

When should a licensee NOT take a listing after having a listing presentation with a seller?

It's critical that the seller agree to comply with anti-discrimination laws. If a seller will not make that commitment, the licensee should refuse to take the listing.

What is probate property?

Probate property is owned by a deceased person. When an owner of a house dies, if he or she did not have a will, the house usually goes to probate court to be sold.

seller debt vs credit

Seller's Debits; Loan balance Unpaid items due from seller Other expenses, such as closing fees and document preparation Seller's Credits; Contract sales price Items paid for in advance

How can information from MLS sold listings, current listings, and expired listings help a licensee prepare for a listing appointment?

The licensee can use information gathered from MLS and other sources to become familiar with recent market activities and also establish a base to formulate a fair market value.

How should a licensee respond to a seller who makes a discriminatory comment about potential buyers at the listing appointment?

The licensee must tell the seller that the request is against the law and that neither the licensee nor the licensee's company engages in housing discrimination.

Why is it important for a licensee to become familiar with the neighborhood of the listing before the listing appointment?

The licensee needs to get a personal view of which types of properties are selling and which ones are just sitting. It also allows the licensee to view the outside of the potential client's home and evaluate the curb appeal.

What kinds of documents should a licensee ask a seller to gather prior to the listing appointment?

The sellers should find paperwork on any underlying loans, major repairs, health and/or safety concerns (such as termite treatments or radon levels), and any Homeowners' Association documents, if relevant.

When a licensee is discussing his or her opinion of value with the seller, how should price be stated?

When discussing the pricing of the seller's property, a licensee should give the seller a firm price. There is no advantage to giving the seller a range; they will always select the highest figure.

A pre-listing packet should at least include listing forms, real estate brokerage services disclosure forms, comparable home sales, seller disclosure forms, business cards, and: construction forms. a listing presentation manual. contract for deeds. mortgage statements.

a listing presentation manual.

Relying on tax reports provides an agent: access to financial records. piece of mind. an avenue to learn about the home. access to any known defects.

an avenue to learn about the home.

When an agent asks sellers a variety of information about the property such as type, size, improvements, loans, number of rooms, and amenities, it will help the agent create the: listing packet. comparative market analysis (CMA). MLS sheet. sales brochure.

comparative market analysis (CMA).

Often buyers view FSBO homes as: inexpensive. a great deal. distress sales. an improved home.

distress sales.

Taking a chance on accepting a listing that has negative fair housing implications is just not something a licensee should do. If there is even a hint of discrimination, a licensee could lose his or her: commission. NAR status. license. cooperating brokers.

license.

Knowing the motivation and reasons behind the seller's desire to sell the property can help an agent prepare his or her: listing packet. purchase contract. comparable sales. agency disclosure.

listing packet.

A presentation manual is NOT a substitute for a good verbal presentation. It's a: listing presentation. subsidy. valuation. support piece.

support piece.

Even though most owners choose not to do a For Sale By Owner (FSBO), when an agent is making a presentation he or she should approach them as if: a FSBO is a good idea. that's a choice they're considering. a FSBO will bring less money. a FSBO is a terrible choice.

that's a choice they're considering.