required disclosures have been done.B. Attend the final

PRINCIPLES Real Estate Practice Chapter 11 Flashcards

• of 10 - Which of these is not a good thing to do when

writing a counteroffer?A. Fill out a separate, numbered counteroffer form.B. Rewrite whole paragraphs to ensure clarity.C. Date and attach supporting documents.D. Exert pressure on the sellers to include something the other party wants.

• Exert pressure on the sellers to include something the

other party wants.

• of 10 - Once an offer has been accepted, the agent

should do all of the following except which?A. Make sure all required disclosures have been done.B. Attend the final walkthrough.C. Be sure all requested inspections have been ordered.D. Meet with the buyers' lender to ensure they're getting a good deal.

• Meet with the buyers' lender to ensure they're getting a

good deal.10 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?A. The buyers' family is pressuring them to purchase this home.B. The buyers have been pre-qualified by a lender.C. The buyers are interested in another property.D. The buyers love the landscaping improvements the sellers have made.

• The buyers' family is pressuring them to purchase this

home.

• 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?A. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer.B. Present the $200,000 first and recommend rejection. Then present the $208,000 offer.C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting.D. Hold both offers because he heard that a full-price offer is on its way.

• Present the $208,000 offer and the $200,000 offer

together at the same presentation meeting.

• of 10 - When you believe an offer is both fair and

reasonable but it does not meet the sellers' asking price,

you should:A. Make no recommendations and let the

sellers decide on their own.B. Recommend a counteroffer back to list price.C. Work toward acceptance.D.Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer.

• Work toward acceptance.
• of 10 - Which of these statements about counteroffers is

not true?A. A counteroffer represents a rejection of an offer.B. A counteroffer by a seller to a buyer turns the seller from offeree to offeror.C. A counteroffer can give the buyers an "out" if they want one.D. If the buyer rejects the

first counteroffer, the seller can accept the first offer.

• If the buyer rejects the first counteroffer, the seller can

accept the first offer.

• of 10 - When you receive an offer on a listing for less

than asking price, you should not:A. Study the other terms

of the offer so that you can maximize the offer's benefits

and minimize the lower price.B. Set up a face-to-face meeting with the sellers as soon as possible.C. Prepare additional documentation to take to the presentation.D.Give the sellers the price over the phone so that they can think about it before you meet with them.

• Give the sellers the price over the phone so that they

can think about it before you meet with them.

7 of 10 - Most sellers object to offers based on:A. Closing

issuesB. Offering priceC. Financing issuesD.Contingencies

• Offering price
• of 10 - Who typically presents an offer to the sellers?A.

Selling brokerB. Listing agentC. Listing broker and selling brokerD. Selling agent

• Listing agent
• of 10 - Which of these is not a true statement?A. A

purchase offer is a binding contract between the buyer, the seller and their agents.B. If a seller changes the terms of the offer to purchase, he has created a counteroffer.C. An offer or counteroffer can be withdrawn at any time before it has been accepted.D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed.

• A purchase offer is a binding contract between the

buyer, the seller and their agents.