A hot market is generally great for sellers, except for ______.
Appraisal issues
Bidding wars
Buyer interest
Multiple offers
Changes in the national market may have little (or significantly delayed) impact on local markets. This is because the real estate market is ____________.
Highly influenced by governmental policy
Indestructible
Slow to respond
Unique
Willa quit her corporate job to pursue her dream of becoming a watercolor artist. She gave up her four-bedroom house in the suburbs for less expensive accommodations. What type of buyer is Willa?
First-time buyers
Relocating buyers
Trade-down
Trade-up
Denise is a real estate licensee performing a market analysis. She uses the rule of three, which means that she selects three comparables that ______.
Are located no more than three miles apart
Each have three similar factors to the subject property
Have been on the market no more than three months before an offer was accepted
Sold in the last three months
Barbara just received a packet of documentation from a title company. It contains a property profile, deed, and assessor’s map. What did the title company send her?
A closing report
A trio
Information she needs to complete the MLS listing
Information that will be recorded after closing
The principle of substitution says that a buyer won’t ______.
Change agents if the agent is providing exemplary service
Change financing programs unless the contract specifies “or assigned”
Pay more for a similar house
Switch houses if the market is tight
One of the most powerful marketing tools for a listing agent is ______.
Co-op advertising
The MLS
Videos
Word of mouth
Olivia is giving a listing presentation, and the seller has several questions about how to price the property. Data from Olivia’s ______, which she derived from current market data, will help her answer the seller’s questions.
Appraisal
BPO
CMA
Title search
At what point in the CMA process would you verify information you’d gathered about the subject property from other sources?
Checking records for liens or judgments
Requesting reports from a title company
Researching the MLS
Touring the subject property
Pamela is your seller client. Which motivating factor would impact pricing strategy when performing a market analysis?
How much Pamela paid for the property
How soon Pamela needs to sell
What a similar property in another town sold for
What her neighbor’s house sold for
Properties that are similar to the subject property in terms of financing, conditions of sale, market conditions, location, and physical characteristics are known as ______.
Comparables
Comparison values
Similarly available
Substitutes
Your nephew Tom has his first listing and is posting it on the MLS. What advice would you give him for the private remarks?
Gear them toward buyers
Include showing instructions
Mirror public remarks
Use them to market his services
The Markhams no longer want to take care of a big yard and clean a big house all weekend. They’ve been eyeing a condominium development that offers lots of amenities, including all landscaping being handled by someone else. What type of buyers are the Markhams?
First-time buyer
Relocating buyers
Trade-down
Trade-up
If there’s no activity on one of your listings recently, what’s your communication responsibility toward the seller?
Ask the seller to drop the price
Contact the seller to discuss the situation
None, until something happens, such as an offer or showing
Send MLS activity data for competing properties
Mitch is signing a new listing with the Carlsons. They say they’d be most comfortable if he could be present for all showings. What should he tell them?
“Absolutely. You’re the client.”
“I always am.”
“I’ll need to raise my commission rate to compensate for the extra time.”
“This may cut down on your showings.”
Marcus is about to sign a listing agreement with his sellers, the Thompsons. Marcus wants to make sure they actually own the property first, and wants to see a map with dimensions of the property and its tax assessment. What should he request from his favorite title company?
Curriculum vitae
Dossier
Marketing report
Trio
Which of the following illustrates the principle of substitution?
All homes in the Brentwood neighborhood are listed at varying price ranges.
Jen tells her clients that a market analysis can substitute for an appraisal.
Kelly won’t pay $350,000 for condo in the Pricer Building when a similar condo in the building is listed at $335,000.
When Mack prepares a CMA, he often substitutes room size for room number.
Gina knows that the best photography to use on the MLS is ______.
Black and white
Color
Grainy
Professional
What’s a rehabilitation loan?
A loan available to borrowers who’ve recently cleaned up their credit
A loan borrowers can take to stall foreclosure
A loan that encompasses repair or remodeling costs with a home purchase
A loan that pays off a junior mortgage
Why might it be important to check the MLS for information on a subject property, as opposed to just comparables?
It can give you a good idea of the suggested list price for the property.
It can help you predict the sales price.
It can show you if it’s been on the market recently and what it sold for at that time.
It can tell you how long it will take to sell.