Section 6 Unit 1 Exam Review

When using the farming approach, turnover is a key factor when identifying a neighborhood. Which statement best describes turnover? - An area that is not currently farmed by another licensee - An area that the licensee likes - An area with a fair amount of listings-- not too many, not too few. - An area with a variety of home styles, sizes, features, price points, amenities, buyers, etc

An area with a fair amount of listings-- not too many, not too few.

Ned represents Sofia in the sale of her townhome. Luciana represents Sofia's buyer, Arturo. What is Luciana's responsibility to Sofia? - Assist Sofia in performance of tasks that Sofia needs to accomplish in order to get a successful closing. - Contact the tax assessor's office for an estimate real property taxes. - Disclosure of the fact that the buyer is a registered sex offender. - Disclosure that the buyer will not have the funds for the down payment unless they sell their current home.

Disclosure that the buyer will not have the funds for the down payment unless they sell their current home.

When finding listings, which statement describes the owner sales approach? - Choosing a neighborhood and concentrating real estate activities there - Contacting homeowners whose listing contracts have ended without a sale - Contacting prospective clients through previous clients, co-workers, networks, etc. - Identifying properties being sold by owners and persuading them to list with a licensee

Identifying properties being sold by owners and persuading them to list with a licensee

What's the best strategy for pricing a home?

Prepare a detailed comparative market analysis and base the price on recent comparable sales.

What responsibility does the seller's agent have to the seller? - Advocate for and ensure the sale is profitable for the seller. - Advocate for the seller and help present the property in the best light, even if it means covering up material defects. - Ensure the sale is profitable for the seller. - Seek a sale at the best price at terms acceptable to the seller.

Seek a sale at the best price at terms acceptable to the seller.

When a licensee represents a seller, which one of the following statements is true about the licensee's ability to list other properties that are for sale? - The licensee isn't permitted to list other properties for sale. - The licensee is permitted to list other properties for sale as long as they're not competing properties. - The licensee is permitted to list other properties for sale, even if they're competing properties. - The licensee must list the seller's property only for the first 90 days, after which the licensee may list other properties.

The licensee is permitted to list other properties for sale, even if they're competing properties.

After you've made a professional listing presentation and the seller has declined to use you as a listing agent, what's the best practice?

You should accept the outcome either way.

What is a CMA?

comparative market analysis

Choosing a neighborhood and concentrating real estate activities there is an example of the _____ approach to finding listings.

farming

Tamara has identified a neighborhood where she'll concentrate her real estate activities. She starts by sending postcards to all residents, then walks door to door to introduce herself. Over time, she sends more communications, participates in neighborhood events, and eventually becomes the "go to" real estate professional for the neighborhood. What approach has she used?

farming

Identifying properties being sold by owners and persuading them to list with a licensee describes the _____ _____ approach to finding listing.

owner sales

Contacting prospective clients through previous clients, co-workers, and networks describes the _____ approach to finding listings.

referral