Broker working with Sellers

Question 1

What is the primary criticism that sellers have about their agents?

Answer 1

lack of communication

Question 2

What kinds of things should you include in a weekly activity report?

Answer 2

Number of inquiries on the property that week
Number of showings
Advertising done that week
Open houses held
Number of open house visitors
Comments made by other agents or prospective buyers

Question 3

What should you tell a seller to do if someone shows up on the doorstep wanting to see the home?

Answer 3

Get the person’s name and then call your office immediately so an agent can come to do the showing.

Question 4

What is the difference between an office home tour and an agent open house?

Answer 4

In an office home tour, the agents from your firm tour the property. In an agent open house, agents from other firms are invited to tour the property.

Question 5

Why is it important to give the sellers information about the buyers who are making an offer on the property?

Answer 5

It’s a way to raise the sellers’ comfort level that they will be selling their home to people who will really appreciate it.

Question 6

List three terms, not including price, that are important in an offer to purchase. (See screen 16 for other correct answers.)

Answer 6

Proposed closing date
Proposed possession date
Contingencies

Question 7

How would you define a counteroffer?

Answer 7

A counteroffer is in effect a rejection of the original offer and the beginning of a new offer.

Question 8

What three things are important when accepting an offer?

Answer 8

The person or persons who made the offer or counteroffer must receive notice of the acceptance.
The acceptance must be made in a certain manner.
None of the terms of the offer can change as a result of the acceptance.

Question 9

During the first few days, you are doing multiple property marketing tasks

Answer 9

preparing flyers and ads, getting the property information into the MLS, etc. – which your sellers may not be fully aware of. It may look like you are unavailable or not present.

Question 10

Once you have secured the listing

Answer 10

let your sellers know what to expect in the first few days.

Question 11

When you meet with your sellers, you should share important information on the following topics

Answer 11

homeowner tips, activity reports, advertising plan, showings, and open houses.

Question 12

It’s helpful to give the sellers tips or suggestions to help with the marketing effort

Answer 12

These suggestions should be written and include information about the cosmetic aspects of the exterior and interior of the home.

Question 13

An important part of your seller communication is

Answer 13

A weekly activity report

Question 14

Another important piece of information to share with your sellers is

Answer 14

your advertising plan. Sellers need to know the “schedule” of when their property will be advertised and the methods you’ll use to do that advertising.

Question 15

Sellers are most familiar with

Answer 15

the “showing” aspect of the marketing plan, so be sure to advise them of how things could go.

Question 16

An open house

Answer 16

for agents can give you important feedback on your listing as well as get the property in front of more agents. It’s especially valuable for properties that are unusual.

Open houses for the public are the most familiar to agents, buyers and sellers alike. With any open house or home tour, encourage the sellers to have their home in the best possible condition.

Question 17

let the seller’s know

Answer 17

If at any time during the course of the listing period, you decide that you made an error in your assessment of what the property is worth or if the market conditions change in such a way as to suggest the price should be modified

Question 18

Likewise, you should schedule a meeting with your sellers a few weeks before the listing is set to

Answer 18

expire

Question 19

When you receive an offer of a property, you need to set up a meeting with the sellers to present it. Organize your presentation to cover:

Answer 19

A brief review of what has happened over the life of the listing
Information about the buyers
The offer itself

Question 20

Be sure that when you talk about the buyers

Answer 20

you say nothing that could be a violation of fair housing laws.

Question 21

Once you present an offer, the seller can take one of three actions.

Answer 21

Accept the offer exactly as it is written.
Reject the offer totally.
Reject the offer and submit a counteroffer to the buyer for his or her consideration.

Question 22

It’s important for you to make it clear to the sellers that a counteroffer is in effect

Answer 22

a rejection of the original offer and submitting a counteroffer gives the buyers a way out.

Question 23

Once an offer (or a subsequent counteroffer) is accepted

Answer 23

a contract is legally formed. Both parties are bound to complete the contract.