Section 4 - Negotiating Offers in Alabama

C

"In this market, I can sell this house in two days!" Michele said to her seller client. What does this type of statement likely represent? A. A misleading statement about the property's condition. B. A misrepresentation of the number of offers that will be received. C. An exaggeration of Michele's ability to sell the property. D. A true statement based on Michele's extensive experience and skill.

D

A buyer, hoping to beat out all other offers, included a clause in the offer that reads, "Buyer to beat all competing offers by $1,000 up to a price of $700,000. Seller to provide copies of competing offer to buyer on acceptance." What type of offer is this an example of? A. Bad B. Dynamic C. Elevator D. Escalator

B

Active listening involves ______. A. Filling the void when there is silence B. Giving your whole attention to the speaker C. Interrupting D. No effort

D

Alice has signed a back-up contract with Harry, the seller. Upon what does their agreement depend? A. Alice qualifying for a mortgage loan B. The first buyer's consent to a back-up offer C. The seller's property appraising at the back-up offer price D. The termination of the first contract

B

Alma is a busy lady who rarely takes the time to concentrate on any one task. As a result, she often fails to listen fully and frequently misunderstands her clients' needs. Which of the following is a true statement? A. Alma doesn't care about her clients' needs. B. Alma needs to work on her active listening skills. C. Alma needs to work on her passive listening skills. D. Alma's listening skills cannot be improved.

D

How is the documentary stamp tax rate usually calculated? A. It's a flat fee of $50 for all sales prices under $100,000 and doubles every $50,000 after that, up to a maximum of $250. B. It's a flat fee of $50, regardless of sales price. C. Multiply $100 for every $10,000 in the sales price. D. Multiply the tax rate by the number of $100s in the sales price.

D

In Alabama, who generally prepares the seller's estimated closing statement? A. The closing agent B. The lender C. The seller D. The seller's agent

A

Which of the following is a listing agent's duty? A. Caution the seller against sharing sensitive information during the listing term. B. Ensure the property sells quickly. C. Stage the property appropriately. D. Store excess belongings on the seller's behalf.

C

Closing day is finally here! As an Alabama qualifying broker, how much time does Amanda have to disburse all funds held in trust for the transaction? A. 10 days B. 30 days C. Seven days D. Three days

C

Jonathan wants to move to Las Vegas as soon as possible to start a new career as a blackjack dealer. He wants to sell his house immediately. What should you do as his listing agent? A. Advertise the home as "Must sell ASAP!" B. Convince him to let you keep it on the market after he's gone so you can wait for a higher offer. C. Suggest that he accept a lower offer, even if it means a reduced commission for you. D. Tell buyers' agents that he wants to move as soon as possible.

D

Larry's selling his house in Mobile as a For Sale by Owner. Which of these would be a no-no? A. Ensuring all monies are handled property B. Not charging a fee for his services C. Providing a Property Condition Disclosure Statement D. Stating he's a real estate professional when he's not

C

Licensees are required to relate all information that's material to the transaction to their clients. How does this relate to presenting offers to the seller? A. Licensees are not required to review the offers, just to present them. B. Licensees must present all offers after determining whether they meet the seller's criteria. C. Licensees must present and explain all offers. D. Licensees should advise sellers to share information about offers on social media sites.

D

Sam wants to be a better listener. Which of the following are ways he could do this? A. Develop his multi-tasking skills. B. Fill the void when there is silence. C. Finish people's sentences. D. Give 100% of his attention to whomever is speaking.

A

What skill is key to building relationships and achieving transactional agreements? A. Active listening B. Passive listening C. Simultaneous listening D. Simultaneously doing many things at once

C

Which of the following is a qualification for Alabama sellers to list their property For Sale by Owner? A. Advertise they are a licensed real estate professional even if unlicensed. B. Charge a fee for their services. C. Disclose if they are a licensed real estate professional. D. Make the Property Condition Disclosure Statement optional.

D

Which of the following is true about trust funds in Alabama? A. Cash and checks must be deposited immediately. B. Licensees aren't allowed to accept trust funds. C. Licensees must deposit all trust funds immediately. D. The qualifying broker is responsible for all trust funds received by all the licensees they supervise.

B

Which of the following statements about estimated closing statements in Alabama is true? A. An estimated and an actual closing statement are two terms for the same document. B. Estimated closing statements help prevent mortgage fraud by showing all costs up front. C. Licensees are required to prepare an estimated OR an actual closing statement, but not both. D. Presenting your client with an estimated closing statement is not necessary, but it's a good idea.

B

Which of these choices is an example of a listing agent negotiating on a seller's behalf? A. Advertising that the seller needs to sell as soon as possible B. Reviewing offers and explaining any special requests or requirements C. Reviewing the buyer's credit history and account balances D. Sharing all email communications with the buyer's agent with the seller

B

Which statement best describes your responsibility when presenting offers to a client? A. Don't present offers below the asking price. B. Present all offers in a timely manner. C. Present only offers at asking price. D. Use your own judgment to decide which offers to present.

D

Who usually pays the transfer tax in Alabama? A. Buyer B. Lender C. Real estate licensee D. Seller