Real Estate Practice, Edition 9, Chapter 5 Quiz

Which of the following statements regarding selling time is TRUE?

NONE of these. 1. Because buyers seldom offer the list price, the list price has no effect on time to sell. 2. Properties listed below market value tend to take longer to sell than properties listed at market value. 3. Properties listed above market value tend to sell faster than properties listed at prices closer to market value. (Direct relationship between list price and time to sell.)

As an indication of value, which of the following would BEST indicate the market value of a home?

Similar properties sold within the past 3 months (Recent data is most reliable.)

A listing presentation manual should include

all of these. Benefits of listing, information about your firm and information about yourself. (Must sell owner on a listing and on you and your firm)

Benefits that an owner receives by listing with an agent include

all of these. The benefit of multiple listing, promotion and advertising paid by the agent and qualification of prospects. (Agents sell while owners seldom sell themselves.)

If your firm is small, to obtain a listing when competing against a large firm you should emphasize that

because you concentrate on a small number of select properties, you are able to give more individual attention to the property. (Turn perceived negative into a positive.)

Serious buyers contact real estate agents because

both agents have inventory and they want to quickly locate property that meets their needs. (It saves time and buyers don't have to deal with owners directly.)

The likelihood of a sale within 90 days is

both increased by a list price below that indicated by the comparative market analysis and decreased by listing above the market value. (Buyers are attracted to bargains, not overpriced property.)

In preparing estimated seller proceeds, you should remember that

both, an owner who gets less than they expected to receive from a sale is likely to be unhappy with you, and it is better to estimate costs a little on the high side than the low side. (An unhappy seller could mean a sale that does not close.)

A comparative market analysis would be LEAST valuable in indicating market value for a

commercial property. (Need adequate number of comparable sales.)

In describing sales successes, it would NOT be advantageous to point out that

your firm sells 50% of its listings. (Since it indicates that you fail to sell 50 percent of your listings.)