POWER HOUSE TRAINING: CHAPTER 4|57 Questions with Verified Answers,100% CORRECT

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POWER HOUSE TRAINING: CHAPTER 4|57 Questions with Verified Answers Net ListingCORRECT ANSWER Under such listings, the seller establishes a minimum, acceptable net price Open ListingCORRECT ANSWE... R This listing gives the seller the right to list the property with multiple competing brokers and to sell the property personally without liability for payment of a commission Senate Bill 489CORRECT ANSWER Subagency disclosures are more stringent due to this law SubagencyCORRECT ANSWER When a license holder is not associated with the seller's broker buy is representing the seller through a cooperative agreement with the seller's broker Listing AgreementCORRECT ANSWER an employment contract used by sellers to employ a real estate broker, or brokerage firm, to find a buyer for their property Listings are the key to success in real estate. True or False?CORRECT ANSWER True Typically, sellers focus on....CORRECT ANSWER list price, commission rates, marketing, and the real estate agent's experience The Listing Presentation should cover....CORRECT ANSWER your qualifications, the brokerage you work for, info about the local housing market, how the seller's home fits into that landscape, and what you will do to market the seller's property if you were to get the listing An effective preexisting packet will cut the time of an average listing appointment in half. True or False?CORRECT ANSWER True What should the pre listing packet contain?CORRECT ANSWER A cover letter, a short bio and outline your skills, a personal marketing brochure, brief bios of your team members, testimonials of your past clients, a property disclosure for sellers to complete Your listing packet should consist of....CORRECT ANSWER -a CMA along with your analysis of the property -your bio -a detailed marketing plan for the home -a detailed list of services that you will provide -agency disclosure form -a listing agreement prepared A listing package should include...CORRECT ANSWER -The IABS form -An explanation of duties to clients -A legal description of the property -the names of the parties to the contract -a description of the fixtures that will be included in the sale -agreement to pay commission -a beginning and end date -fair housing language -Intermediary consent Types of Listing AgreementsCORRECT ANSWER -Open Listing -Exclusive Agency -Exclusive right to sell -Net Listing Why do brokers recommend against open listings?CORRECT ANSWER -owner may be subject to commission claims by more than one broker -it is not always possible to easily determine who was responsible for the sale and that could lead to litigation -an open listing does not protect the broker who diligently advertises the property -can cause procuring cause lawsuits In an exclusive agency....CORRECT ANSWER the seller agrees to list the property with only one broker during the listing term, with the provision that the seller can sell the property himself or herself, without payment of a commission. Exclusive agency agreements are often used with who?CORRECT ANSWER builders Exclusive right to sellCORRECT ANSWER a commission is paid even if the property is sold by the owner What is the commission on a net listing?CORRECT ANSWER The difference between the minimum net established by the seller and the price that the buyer is willing to pay. Net listings are outlawed in many states. True or False?CORRECT ANSWER True TREC passed 2 specific rules regarding net listings...CORRECT ANSWER 1. A broker should take net listings only when the principal insists upon a net listing and when the principal appears to be familiar with current market values of real property 2. A real estate license holder is obligated to advise a property owner as to the license holder's opinion of the market value of the property when negotiating a listing As a buyer's agent, you cannot ask for any compensation not advertised in MLS. True or False?CORRECT ANSWER True ____________ is the most obvious benefit of seller agency.CORRECT ANSWER Marketing What are the benefits of having a listing agent?CORRECT ANSWER -Marketing (putting in MLS) -negotiations are easier -legal and finance details of the transaction are better facilitated -save time by qualifying buyers What are the 4 reasons a house doesn't sell?CORRECT ANSWER Price, condition, marketing plan, location AIDACORRECT ANSWER Attention, Interest, Desire, Action 4 types of buyers in any given areaCORRECT ANSWER -first time buyers -those "moving up" -investors -relocators Subagency tends to show up in more rural communities. True or FalseCORRECT ANSWER True What will dictate the marketability of a home?CORRECT ANSWER The condition of the home and its readiness for a sale Build in a price reduction option during the listing presentation and have the seller sign an agreement to lower the price by pre-approved percentages such as.....CORRECT ANSWER percentages per time frame so 3% in 30 days, etc. 5 steps every seller should take to improve their chances of selling quicklyCORRECT ANSWER 1. De-cluttering 2. Cleaning 3. Repairing 4. Neautralizing 5. Dynamizing The areas of a home to pay most attention to in regards to showing is....CORRECT ANSWER curb appeal, entry, kitchen, bathrooms Here are some things you may say when dealing with pricing objections from your sellers....CORRECT ANSWER -a higher price is not likely to be supported by an appraisals, so buyers won't be able to obtain financing -if your property exludes an important feature like open floor plan that must be reflected in the price -real estate agents do not control the market or dictate price; the market does -the monthly payments required on a higher-priced home will eliminate a large number of buyers -the beauty and sentimental value of your home will help it sell, but they are not indicators of price _____________ immediately eliminates buyers who know the market and know the area.CORRECT ANSWER Overpricing Listing Agreement Paragraph 1CORRECT ANSWER identifies the parties and the last sentence creates the employment agreement between broker and seller by giving the broker the exclusive right to sell the property Listing Agreement Paragraph 2CORRECT ANSWER Property includes the land and all improvements to the land. The physical land is identified as well as any permanently installed and built-in improvements and/or accessories that will be included in the sale. Any exclusions from the sale. If there's an HOA fee. Listing Agreement Paragraph 3CORRECT ANSWER states the listing price Listing Agreement Paragraph 4CORRECT ANSWER states the term, the listing start and end date Listing Agreement Paragraph 5CORRECT ANSWER brokers fee is stated, as well as the fact that the broker is due the fee even if the seller sells the property. States that the fee is payable upon the closing and funding of a sale, but there are exceptions. There is a protection period or a time after the listing expires during which the seller may owe the broker a fee if the property sells. The protection period is negotiated and stated. The broker must provide the list within 10 days. The protection period terminates under several conditions including listing with another realtor. Listing Agreement Paragraph 6CORRECT ANSWER The broker has 5 days in which to enter the listing in MLS. It also has the option to NOT put the listing in MLS Listing Agreement Paragraph 7CORRECT ANSWER Seller is authorizing access to the property, allow for scheduling companies (companies that allow agents to schedule showings over the phone or online). Allow for a key box to be put on the property Listing Agreement Paragraph 8CORRECT ANSWER Specify what will be paid to another broker if the property is in a cooperative sale. Also, how to pay a buyers agent and a subagent. Listing Agreement Paragraph 9CORRECT ANSWER seller give written consent to potentially enter into an intermediary status, or not. There is also an option for seller to check No Intermediary Status if they don't want the LA to show the property Listing Agreement Paragraph 10CORRECT ANSWER everything is confidential Listing Agreement Paragraph 11CORRECT ANSWER The broker promises to use reasonable efforts and act diligently to market the property. Also states that the agent can't sign or initial for the seller. This is also where the agent obtains written permission to advertise on social media Listing Agreement Paragraph 12CORRECT ANSWER The property is not subject to encumbrances that limit the seller's ability to deliver sufficient title and emphasizes that the seller isn't currently engaged in a listing agreement with another broker. Entering into agreements with more than one broker at a time could result in a seller owing more than one commission Listing Agreement Paragraph 13CORRECT ANSWER Seller agrees to cooperate with the broker in marketing the property, including making the property available for showing at reasonable times. Listing Agreement Paragraph 15CORRECT ANSWER Special provisions Listing Agreement Paragraph 18CORRECT ANSWER the prevailing party in a lawsuit has the right to recover reasonable attorney's fees and court costs Listing Agreement Paragraph 19CORRECT ANSWER Addenda--check the appropriate boxes as needed Listing Agreement Paragraph 20CORRECT ANSWER Make sure that it is the ENTIRE agreement no page is missing Listing Agreement Paragraph 21CORRECT ANSWER Lists important additional notices including brokerage fees, fair housing laws, and anything else that could trigger the need for additional addenda or disclosures. Also that Broker's fees are always negotiated between the client and the broker. Advises sellers to put valuables away in case of theft What other terms in the contract besides list price will be important in determining the final decision?CORRECT ANSWER -earnest money -closing date -potential contengencies -purchasing strength of the buyer What are some tips when presenting counteroffers?CORRECT ANSWER -think of big picture -remind sellers that many times the value of concessions tend to be less costly than more days on the market. More time on the market will cost your seller more money. -if the price is reasonable, prevent the seller from continuing to negotiate just for the sake of negotiating. After a contract is executed, the next ______ to ______ days are busy for all parties involved.CORRECT ANSWER 7, 10 Who is the procuring cause of a real estate transaction?CORRECT ANSWER The first broker who sells the property Are net listings legal in Texas?CORRECT ANSWER Yes What is Dynamizing?CORRECT ANSWER the final touch of a bit of glamour, making your home stand out. [Show More]

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