Exam (elaborations)
unit 2 The CE SHOP real estate exams
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unit 2 The CE SHOP real estate exams
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KUNIT 2 THE CE SHOP REAL ESTATEEXAMS QUESTIONS WITH VERIFIED
ANSWERS
Which one of the following tasks must licensees perform for seller clients?
-Dictate the listing price of the property.
-Drive the sellers around to show them other properties that are for sale in their neighborhood.
-Ensure that the buyer's earnest money is deposited.
-Show the sellers how they can market their property. - Ensure that the buyer's earnest money is
deposited.
**A licensee must ensure the collection of the earnest money deposit from the buyer. Earnest money
may be used as liquidated damages by the seller in the event of buyer default, so it's in the seller's best
interest to ensure it's been deposited.
When using the farming approach, affinity is a key factor when identifying a neighborhood. Which
statement best describes affinity?
-An area that is not currently farmed by another licensee
-An area that the licensee likes
-An area with a fair amount of listings ‒ not too many, not too few
-An area with a variety or home styles, sizes, features, price points, amenities, buyers, etc. - An area that
the licensee likes
**Affinity is important when choosing a neighborhood. A licensee should genuinely like the area where
she intends to work.
Why should you know when the seller can vacate the property?
-If a buyer wants to close before the seller can vacate, the seller may need to rent it back from the buyer.
-You'll need to know when you can have the property staged.
-You'll want the house empty for showings.
-You'll want to schedule the closing during the seller's occupancy. - If a buyer wants to close before the
seller can vacate, the seller may need to rent it back from the buyer.
**The timing of vacating an occupied property is important when marketing to buyers who may want to
move in before the seller's ready to move out.
,Continue to Unit 2: Listing Agreements and Disclosures in South Carolina
Return to Unit 1: Basics of Working with Sellers
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Why might some agents work for buyers without ever having met them?
-It's the most effective use of their time.
-They believe they'll be able to get the buyer to commit to an agency agreement later.
-They don't particularly like people.
-They're afraid to turn down any business. - They're afraid to turn down any business.
**Some agents are willing to work for buyers without an agency agreement and without ensuring buyer
loyalty. This can be a waste of time.
Who does the agent assisting the buyer in a transaction represent if there's no buyer agency agreement?
-No one
-The buyer in a sub-agency capacity
-The customer
-The seller - The seller
**Without a buyer agency agreement in place, the agent assisting the buyer actually represents and
owes loyalty to the seller.
________ have a fixed income, but they may have large down payments from selling prior homes.
Accessible properties with little to no maintenance tend to be attractive to these buyers.
-First-time buyers
-Retirees
-Trade-down buyers
-Trade-up buyers - Retirees
**Retirees are similar to trade-down buyers, but there are some key differences. Little to no
maintenance and accessibility are key factors for these buyers, who may have fixed incomes, but also
have larger down payments from selling their previous homes.
From a real estate licensee's standpoint, what's the purpose of qualifying buyers before working with
them?
-To determine their financial wherewithal
-To determine their readiness to purchase and make sure they're not already working with another agent
-To learn if you have things in common with them
, -To pre-qualify them for a loan - To determine their readiness to purchase and make sure they're not
already working with another agent
**The purpose of qualifying buyers is to determine their readiness to work with you, and their readiness
to purchase. It's also important to establish that they're not already exclusively represented by another
agent.
What type of buyer tends to look for properties with less space than their existing home, but that will
still offer them a similar quality of living?
-First-time buyer
-Retiree
-Trade-down buyer
-Trade-up buyer - Trade-down buyer
**want to maintain a similar quality of living as their existing home.
If a buyer wants to write an offer and asks for your help but doesn't want to sign an agency agreement
with you, who do you represent?
-Both the buyer and the seller
-No one
-The buyer
-The seller - The seller
**Without an agency agreement with the buyer, you'd represent the seller.
Without a buyer agency agreement in place, which party does the agent who's assisting the buyer
represent?
-No one
-The agent
-The buyer
-The seller - The seller
**If there is no agency agreement in place, the agent who's assisting the buyer represents the seller.
The Hendersons are having a very difficult time finding a property that meets their needs. What is a way
they can find off-market listings?
-Ask a real estate agent to poll her sphere of influence.
-Ask a real estate agent to search the MLS.
-Search homebuying websites.
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