chapter 11 quiz
From the real estate agent's perspective, selling real estate involves which of the following...?
Selling the owner on the listing Selling the buyer on the offer Selling the seller on the acceptance
In addition to a home inspection, what other inspection can a buyer obtain...?
Termite inspection Septic inspection Well inspection
In making a counter-offer, the seller may counter which of the following terms...?
The offer price The proposed occupancy date The amount of earnest money required
When a listing agent presents an offer to the seller, which of the following information is described...?
The sales history of the listing Information about the buyer The terms of the offer itself
When does the listing agent typically present an offer to the seller...?
as soon as the offer is received
To mingle or mix, for example, a client's funds in the broker's personal or general account, is known as...?
commingling
The unlawful appropriation of another's property or funds is known as...?
conversion
A desirable neighborhood will typically have an abundance of active listings...? (t/f)
false
Buyers should make an offer immediately after viewing a property...? (t/f)
false
Multiple counter-offers are illegal in California...? (t/f)
false
Termite inspections are required on all homes built prior to 1978...? (t/f)
false
The buyer's agent should do which of the following for their client...?
fully explain their client's offer
In a seller's market, prices generally....?
increase
A seller must provide the buyer with all necessary disclosures during the...?
inspection period
A broker's commission is typically based on a percentage of the...?
sales price
Who typically pays for the home inspection...?
the buyer
Who typically presents an offer to the seller...?
the listing agent
Which of the following is the most common objection to a buyer's offer...?
the price
A buyer's agent should run comps on a property prior to their client making an offer...? (t/f)
true
A counter-offer voids the original offer...? (t/f)
true
A seller will typically receive more offers in a seller's market compared to a buyer's market...? (t/f)
true
Escrow is opened after a prospective buyer's offer is accepted by the seller...? (t/f)
true
Home inspections are required when qualifying for an FHA loan...? (t/f)
true
If there are not too many active listings in the marketplace, the listing agent may be able to increase the listing price...? (t/f)
true
Listing agents have a duty to protect their client from fraudulent practices...? (t/f)
true
Listing agents must disclose to buyers if there is a multiple counter-offer situation...? (t/f)
true
Real estate agents must always put their client's interests before their own...? (t/f)
true
Unless stated otherwise, the buyer's agent has the right to present an offer in-person...? (t/f)
true
A home warranty will protect which of the following for the first year of occupancy...?
Appliances HVAC Plumbing fixtures
Which of the following serves as insurance for the homebuyer...?
home warranty