chap 7 Flashcards by reyna sanchez

Multiple Listing Service (MLS) – An association of real estate agents providing for a pooling of listings and the sharing of commissions on a specified basis.

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Multiple Listing Service (MLS) –

Multiple Listing Service (MLS) – An association of real estate agents providing for a pooling of listings and the sharing of commissions on a specified basis.

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Escrow – Any transaction wherein one person, for the purpose of affecting the sale, transfer, encumbering, or leasing of real or personal property to another person, delivers any written instruments, money, or evidence of title to real or personal property, or other things of value to a third person, to be held by such third person until the happening of a specified event.

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Escrow –

Any transaction wherein one person, for the purpose of affecting the sale, transfer, encumbering, or leasing of real or personal property to another person, delivers any written instruments, money, or evidence of title to real or personal property, or other things of value to a third person, to be held by such third person until the happening of a specified event.

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Which of the following is one of the most common complaints about brokers from sellers…?
APoor communication from the broker
BConducting property showings at odd hours
CNot securing a buyer quick enough
DOver-pricing the property

Poor communication from the broker

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An agent should ask the principal about what means of communication the principal prefers…?
AT (True)
BF (False)

true

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Which of the following is the most effective platform to market a property…?
ACraigslist
BFacebook
CLinkedIn
DMLS

MLS

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Appealing photographs of a property can be converted into a virtual tour…?
AT (True)
BF (False)

ture

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Most prospective buyers who call after seeing a ‘For Sale’ sign in the front yard end up making an offer on the property…?
AT (True)
BF (False)

true

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Which of the following can the agent do to get more exposure for a listing…?
AConduct an open house
BPut a “For Sale’ sign in the front yard
CList the property on the MLS
DAll of the above

all of the above

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An agent can add more information to a ‘For Sale’ sign using a sign rider…?
AT (True)
BF (False)

true

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Which of the following should be included when marketing a property to prospective buyers…?
AOpen houses
BFlyer boxes
CAppealing photographs
DAll of the above

all of the above

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Which of the following may be willing to pay for marketing flyers about a property…?
AOther real estate brokers
BTitle companies
CLenders
DEscrow agents

Lenders

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Where should agents market a property online…?
AFacebook
BTwitter
CBlog posts
DAll of the above

All of the above

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Where should an agent post their listing to get more exposure…?
ARealtor.com
BZillow.com
CRedfin.com
DAll of the above

All of the above

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Most prospective buyers start their search for a new home online…?
AT (True)
BF (False)

true

An association of real estate agents providing for a pooling of listings and the sharing of commissions on a specified basis is known as the…?
ANAR
BCAR
CMLS
DBRE

mls

A broker open house is typically used for high-end properties…?
AT (True)
BF (False)

true

An agent marketing a high-end property should provide prospective buyers with a brochure about the property…?
AT (True)
BF (False)

true

An agent cannot buy targeted ads on social media…?
AT (True)
BF (False)

false

The listing agent must be accessible to the buyer’s agent…?
AT (True)
BF (False)

true

A multiple counter-offer is illegal in California…?
AT (True)
BF (False)

false

Any transaction wherein one person delivers any written instruments, money, or evidence of title to real property to a third person, to be held by such third person until the happening of a specified event is known as…?
AClosing
BDeed of trust
CEscrow
DSettlement trust

escrow

A counter-offer voids the original offer on a property…?
AT (True)
BF (False)

true

Which of the following may be used in place of a counter-offer…? ABulletin BAddendum CNew contract DAcknowledged statement

Addendum

Which of the following is typically used as the escrow instructions…? AThe listing contract BThe independent contractor agreement CThe purchase contract DThe buyer representation agreement

The purchase contract

The buyer may back out of a purchase contract during the inspection period, without losing their deposit…? AT (True) BF (False)

true

An overpriced listing will often lead to a longer time on the market…? AT (True) BF (False)

true

A lack of offers on a property is an indication that the property is underpriced…? AT (True) BF (False)

false

The amount of time a property needs to be listed before it is sold is known as…? ALead time BDays to closing CDays to transfer DDays on market

Days on market

At the very least, how often should brokers communicate with their clients…? AEvery day BOnce a week CEvery other week DOnce a month

Once a week

As a means to ensure good communication with the seller, agents should provide which of the following…? ANewsletters BFollow-up emails CWeekly activity reports DObservation reports

Weekly activity reports

If the listing contract is about to expire, the agent can ask the seller for which of the following…? AListing modification BListing addendum CListing extension DListing amendment

Listing extension