1 of 10 - Who typically presents an offer to the sellers?
Selling broker
Listing agent
Listing broker and selling broker
Selling agent
You answered correctly
2 of 10 - When you believe an offer is both fair and reasonable but it does not meet the sellers' asking price, you should:
Make no recommendations and let the sellers decide on their own.
Recommend a counteroffer back to list price.
Work toward acceptance.
Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer.
You answered correctly
3 of 10 - Most sellers object to offers based on:
Closing issues
Offering price
Financing issues
Contingencies
You answered correctly
4 of 10 - Jake has received two offers on one of his listings. The home is listed at $210,000. One offer is for $208,000; the other is for $200,000. What should Jake do?
Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer.
Present the $200,000 first and recommend rejection. Then present the $208,000 offer.
Present the $208,000 offer and the $200,000 offer together at the same presentation meeting.
Hold both offers because he heard that a full-price offer is on its way.
You answered incorrectly
If the agent receives more than one offer on the property, he or she must present all offers together. The agent must also inform the seller of any upcoming offers or verbal offers that the agent knows about when he or she presents other offers.
5 of 10 - Which of these statements about counteroffers is not true?
A counteroffer represents a rejection of an offer.
A counteroffer by a seller to a buyer turns the seller from offeree to offeror.
A counteroffer can give the buyers an "out" if they want one.
If the buyer rejects the first counteroffer, the seller can accept the first offer.
You answered incorrectly
Once an offer is rejected, it is dead in the water, and the sellers have lost their right to enter into a contract with those buyers. Therefore, once either party rejects a counteroffer, there is no going back to a previous offer.
6 of 10 - Once an offer has been accepted, the agent should do all of the following except which?
Make sure all required disclosures have been done.
Attend the final walkthrough.
Be sure all requested inspections have been ordered.
Meet with the buyers' lender to ensure they're getting a good deal.
You answered incorrectly
Once an offer is accepted and the acceptance delivered, the agent should provide all documentation to the escrow company, make sure all disclosures are completed, verify that all inspections are ordered, help the buyers with loan applications and check on loan approval letters, and attend the final walkthrough. Meeting with the buyer's lender on the buyer's behalf would be inappropriate.
7 of 10 - Which of these is not a true statement?
A purchase offer is a binding contract between the buyer, the seller and their agents.
If a seller changes the terms of the offer to purchase, he has created a counteroffer.
An offer or counteroffer can be withdrawn at any time before it has been accepted.
Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed.
You answered incorrectly
Once the offer or counteroffer is accepted and the acceptance is delivered to the buyer, the offer becomes a legally binding contract between the buyer and the seller. The agents owe fiduciary duties to their clients but are not a party to the contract.
8 of 10 - When you receive an offer on a listing for less than asking price, you should not:
Study the other terms of the offer so that you can maximize the offer's benefits and minimize the lower price.
Set up a face-to-face meeting with the sellers as soon as possible.
Prepare additional documentation to take to the presentation.
Give the sellers the price over the phone so that they can think about it before you meet with them.
You answered correctly
9 of 10 - When presenting information about the buyers to the sellers, which piece of information might not be useful in helping the sellers make a decision?
The buyers' family is pressuring them to purchase this home.
The buyers have been pre-qualified by a lender.
The buyers are interested in another property.
The buyers love the landscaping improvements the sellers have made.
You answered incorrectly
Having a family pressure the buyer to purchase the home may mean that the buyer him or herself is not all that interested in the home and issues may result. On the other hand, sellers will want to know the buyer is pre-qualified and loves any improvements the sellers have made. Telling the seller that the buyer is interested in another home will let the seller know the buyer may simply move on if the offer is rejected.
10 of 10 - Which of these is not a good thing to do when writing a counteroffer?
Fill out a separate, numbered counteroffer form.
Rewrite whole paragraphs to ensure clarity.
Date and attach supporting documents.
Exert pressure on the sellers to include something the other party wants.
