NY “Educating Sellers” Questions only (no answers)
Answers will be revealed with proper subscription

1 Should a brokerage rely on a system of distributing keys to buyers through one individual as a way to manage showings?
A. Yes – having a single source for key distribution is 100% effective at preventing theft
B. Yes – when the keys are distributed through one person, it makes record keeping easier
C. No – having a single key distribution slows down the process
D. No – keys can be lost, returned in an untimely fashion, or even copied

2 What is something that should be done in every room before listing pictures are taken?
A. Wash the windows
B. Hang many pictures of the happy family
C. If the sellers have a cute pet, make sure they are in the picture
D. Add pillows

3 Which of the following would be a sign of a sellers’ market?
A. List to sale price ratio > 99%
B. List to sale price ratio < 95%
C. List to sale price ratio > 75%
D. List to sale price ratio < 90%

4 What should you tell your sellers about showing their home to potential buyers that knock on their door unannounced?
A. Go ahead and show them the property
B. Avoid showing the property because serious buyers would be working with an agent
C. Invite them in for a cup of coffee and have them wait until you can get there so you can show them the home
D. Tell them they should call the police immediately

5 Which of the following items are commonly disputed by buyers and sellers?
A. Microwave
B. Beds
C. Dishes
D. Curtains

6 What are good suggestions to protect real estate property and belongings in a vacant home that is listed for sale?
A. Ask a neighbor to park a car in the driveway
B. Have the post office hold or forward the mail
C. Put a lamp on a timer so it looks like the home is occupied
D. All of the answers shown are correct

7 In a case study covered in this chapter, what was stolen from an open house held in Highland Park, Illinois?
A. Passports and social security cards
B. Bank statements with images of cashed checks
C. $162,000 worth of jewelry
D. $78,000 worth of antiques

8 Getting a professional stager to work with your seller is:
A. Too expensive
B. Usually worthless
C. A way to save both you and your seller time and money in the end
D. Useful only in difficult to sell properties

9 When calculating months of inventory, what is considered a “Balanced Market?”
A. Having 1 month of inventory on the market
B. Having 12 months of inventory on the market
C. Having 6 months of inventory on the market
D. Having at least 100 properties for sale in the market

10 Which of the following items can “buyers see past” when looking at homes?
A. Clutter
B. Dirt
C. Bad furniture placement
D. None of these things

11. Which of the following documents should be compiled prior to meeting with a potential seller?
A. A draft CMA
B. The deed for the property
C. Sellers’ net proceeds worksheet
D. All of the answers listed are correct

12. When is it a good idea to use a lockbox?
A. It is never a good idea to use a lockbox because it poses too much risk
B. If the home is vacant and empty
C. When the desire for convenient showings outweighs the risks
D. When the buyers’ schedules are too busy to view the home with a licensed agent

13. When looking at months of inventory, what is considered a surplus?
A. 12 months of inventory
B. 6 months of inventory
C. 3 months of inventory
D. 1 month of inventory

14. Which of the following can be used as a guide to figure out if it is a “Sellers’ Market” or a “Buyers’ Market?”
A. Months of Inventory
B. Sale to List Price Ratio
C. Average Days on Market
D. All of the answers shown

15. What is the best way to keep a home secure?
A. Using a Supra lockbox
B. Having a sales team present when showing
C. Having the seller write down the serial numbers of valuable items
D. The brokerage holds a key for buyers’ agents

16. Getting a professional stager to work with your seller is:
A. Too expensive
B. Usually worthless
C. A way to save both you and your seller time and money in the end
D. Useful only in difficult to sell properties

17. Which of the following should be included in a listing presentation?
A. The services you will and will not provide
B. The going rate for commissions in the area
C. The market commission rate set by the local Board of REALTORS®
D. A suggested listing price that is 10% below market value

18. Which of the following is a common staging mistake?
A. Light, earth-tone paint colors
B. Too many items on kitchen counters
C. Toilet lids are down
D. Curtains are open to let in light

19. How do you calculate months of inventory?
A. Total annual sales divided by number of active listings
B. Take the number of sales in the last 12 months divided by 12, then divide the number of active listings by that number
C. Annual sales divided by 12
D. Multiply the number of active listings by 12

20. Vacant and empty homes that are for sale have what risks?
A. There are no significant risks to sellers when their homes are empty
B. Appliances or copper pipes may be stolen
C. The home may take longer to sell because it is so easy to show
D. Neighbors may try to buy the home

21. Which of the following is choice that a seller would make when entering into a listing agreement?
A. Commission rate
B. Whether or not to post documents with their names on the internet
C. Length of the contract
D. All of the answers listed are correct

22. How does a Supra lockbox provide home security for listings?
A. It can be unlocked from a brokerage office
B. It collects data on who enters a home and when
C. It is equipped with a loud alarm if an unauthorized person tries to tamper with it
D. All of the answers shown are correct

23.Which of the following is NOT a protected class according to the Fair Housing Act?
A. Religion
B. Disability
C. National Origin
D. Education

24. Which of the following was a suggested way to obtain buyer feedback from a showing?
A. Follow the buyer during the showing, asking for feedback as they tour the property
B. Ask the buyer for feedback as they are leaving the property
C. Visit the buyer’s agent at their brokerage and ask for feedback
D. Make it easy for the buyer’s agent to give feedback by using a simple form or feedback service

25. Which of the following services were suggested to use for getting buyer feedback?
A. Feedback Monster
B. LinkedIn Feedback
C. Tweetback
D. Showing Suite (Showing Time)

26. If a seller asks you to decline any showings to people from a certain country, what should you do?
A. You must obey the wishes of your client
B. You must decline the listing
C. You must disclose that instruction in the disclosure form
D. You may not follow that instruction because it is a violation of the law

27. What does a counteroffer do?
A. It is a request to change some terms in a contract, if it is not acceptable, the initial offer is still binding
B. It effectively rejects the original offer in favor of the counteroffer
C. It alters the offer in a binding way
D. It is not legally allowed to counter an offer

28. Which of the following were recommended days to host Broker’s Open Houses?
A. Tuesdays and Thursdays
B. Sundays and Mondays
C. Friday and Saturday
D. The 1st and 15th of the month

29. What is a major challenge when issuing selling agency incentives?
A. Making sure agents know about it
B. Offering the most money
C. Making sure the incentive doesn’t get forgotten at closing
D. Making sure the seller doesn’t know about the incentive

30. Which of the following is a risk of having an open house?
A. More offers than the seller can handle
B. Theft and loss of privacy
C. Violation of zoning ordinances
D. Buyer complaints of too much competition

31. What is recommended if you receive a low-ball offer on one of your listings?
A. Save your sellers the frustration and don’t present the offer
B. Warn your sellers ahead of time that low offers may come in and they can accept them, reject them, or counter them
C. Let your sellers know about the offer, but insist they reject it
D. Tell the buyer’s agent to stop wasting your time

32. When would a seller ever reject all offers in a multiple offer situation?
A. If all the offers were unfavorable and the property was very recently listed
B. Anytime because buyers usually come back with better offers when their offer is rejected
C. This is a standard practice because for every rejected offer, 2 more are submitted
D. It is never a good idea to reject all the offers in a multiple offer situation

33. Which of the following were suggested ways to encourage attendance to a Broker’s Open House?
A. Offer a light lunch
B. Raffle a gift card, gas card, or sports tickets
C. Get together with agents that have listings in the neighborhoods and have a joint open house
D. All of the answers listed are correct

34. Which of the following is a reasonable strategy when a seller has received multiple offers on their home?
A. Start a bidding war
B. Accept the best offer
C. Ask all buyers for their highest and best offer
D. All of the answers may be reasonable in the right market

35. What was suggested to reduce your seller’s risk in a multiple offer situation?
A. Only accept offers from verified buyers
B. Skip the earnest money deposits
C. Ask the buyer’s agent to post a bond for their buyers
D. Ask for backup offers

36. Which of the following Acts established race as a protected class?
A. Civil Rights Act of 1866
B. Civil Rights Act of 1968
C. Housing and Community Development Act of 1974
D. Fair Housing Amendment Act of 1988

37. If multiple offers are received on your listing, how can you help your seller to decide which offer is best?
A. Look at the offer prices to determine which offer is best
B. Ask the buyers to provide their credit reports
C. Do a thorough background check on the buyers
D. Consider the price, terms, closing dates, and concessions

38. What was a way to maximize the feedback from a Broker’s Open House?
A. Play the fishbowl game
B. Offer agents that show up a discounted price on the home
C. Provide agents that show up with an agent bonus if they bring in a buyer
D. Offer to host an open house for any agent that shows up

39. If a buyer gives a verbal offer to purchase a property, is that binding?
A. Yes – a verbal offer is binding and enforceable
B. Yes – if the seller is able to get an audio or video recording of the verbal offer
C. No – offers must be in writing to be binding and enforceable
D. No – no offer is binding until closing

40. What is the phrase used in a multiple offer situation when the seller wants the buyers to submit their top offer?
A. Easiest and fastest
B. Highest and best
C. Top and most
D. Upper limit

41. When is a selling agency incentive recommended?
A. When there is high inventory
B. When the price is too high
C. When the home has many defects
D. When the listing agent feels like it

42. This course suggested the use of a home tour. What is that?
A. A video tour of the property
B. A tour guided by a design expert
C. A coordinated agent tour of listings in an area
D. A self-guided tour for buyers

43. When responding to feedback, what was recommended?
A. Make sure to defend the home firmly
B. Make sure the buyer’s agent knows how wrong they are
C. Be thankful and polite
D. Give the buyer some feedback too

44. Fair housing laws are:
A. Only federal
B. Only state
C. Both federal and state
D. There are no federal or state fair housing laws

45. This chapter recommended what type of negotiation style?
A. Bullying
B. Uninterested noncommunication
C. Diligent professionals who are friendly, but firm
D. Stressful and dramatic

46. Which activities should be complete before the buyer conducts their final walkthrough?
A. The seller should be moved out
B. The property should be broom clean
C. The seller should remove all trash
D. All of the answers listed are correct

47. What is one key way that the seller’s agent has an advantage over the buyer’s agent?
A. The seller’s agent knows how much the buyers are willing to pay
B. The buyer’s agent doesn’t know their clients as well as the seller’s agent does
C. The seller’s agent requires more training than the buyer’s agent
D. The seller’s agent gets to meet both parties to the transaction
.

48. How long after the completion of business can you call a past client if their name appears on the Do Not Call List?
A. Immediately after the conclusion of business
B. 30 days
C. 18 months
D. The Do Not Call List does not apply to you if you did business with the person

49. What is a major risk the seller faces if they rent the property back from the buyers after closing?
A. They may have a hard time having a legitimate lease signed
B. They may need to repair items long after they move out
C. They may have to deal with a hostile landlord who does not want to give their security deposit back
D. The buyers may rescind the purchase and ask for a refund of the purchase price

50. Who should calculate the payoff balance on the seller’s mortgage loan?
A. The seller’s agent
B. The closing agent
C. The lender
D. The buyer’s agent

51. If a buyer has a home inspection that turn up undisclosed issues, which of the following can they do?
A. They can proceed with the transaction without any changes
B. They can request that the seller repair items
C. They can request cash back at closing to address the concerns
D. All of the options listed are correct

52. What is a major risk the seller faces when renting to the buyer before closing?
A. The sales price may go down if the property is occupied
B. The seller is responsible for any damage that may occur to the property while they own it
C. The sellers may not be able to have any security deposits refunded
D. The buyers may want to close sooner than anticipated

53. If a seller is trying to close on a home purchase the same day as their home sale, when must the sale conclude in order to wire transfer money for the purchase?
A. Before 9am
B. Before 2pm
C. Before 5pm
D. Anytime that day

54. Which is a stronger financial verification that a buyer can supply a seller?
A. A pre-qualification letter
B. A pre-approval letter
C. A verbal assurance from a lender
D. A debt to income ratio worksheet

55. Why do sellers hire real estate agents when they can sell their home themselves?
A. Most sellers do not hire real estate agents
B. Because sellers are lazy
C. Because agents are good at marketing, screening, paperwork, buffering, and keeping on track
D. Because sellers are required to use the services of real estate licensees

56. What key components are necessary to know your client’s bargaining position?
A. The aggressiveness of the buyer’s agent and how loudly they can argue
B. The number of requests from the buyers vs. the number of requests from the sellers
C. The total number of properties for sale on the market and the number of lenders available to originate loans
D. General market conditions, how the listing places in the market, and knowing how motivated the buyers are

57. What is screening?
A. Replacing or installing mesh in doors and windows
B. Filtering out contaminants in water systems
C. Making sure a buyer is serious and ready to purchase a home
D. Removing large rocks from soil

58. When dealing with demanding buyers and buyers’ agents, how should we treat our seller clients?
A. Use them as a place to vent your frustration in the transaction
B. Be the buffer. Inform you seller of all pertinent facts, but leave out the drama
C. Tell your seller to reject anything but a full-price, no contingency offer
D. Reject any requests on your seller’s behalf

59. Which of the following circumstances would put your seller in the dominant bargaining position in a buyers’ market?
A. The home is in a much better physical condition than the average home on the market
B. The home is poorly staged
C. The home has a poor floorplan
D. The home needs major repairs

60. Which agency manages the Do Not Call Registry?
A. The Federal Trade Commission
B. The Federal Reserve Bank
C. The Federal Emergency Management Agency
D. The Fannie Mae

61. According to Zillow, what percentage of sellers try to sell their homes themselves?
A. 0.05
B. 0.36
C. 0.75
D. 0.9

62. This chapter used the term “buffer” to mean what?
A. Something to polish windows and mirrors
B. A person who smooths things over to help reduce the stress of negotiations
C. A person who pays off service providers to provide a higher level of service
D. Someone who reads and copy edits contracts

63. Which tax benefits go to the seller after a real estate transaction?
A. Real estate commissions
B. Escrow fees
C. Home improvement expenses made within 90 days of closing
D. All of the answers listed are correct

64. Which of the following is an issue that may come up if the buyer requests cash back at closing?
A. The buyer’s agent may refuse because it negatively affects their commission
B. The seller may not have the cash handy and will have to wait for the proceeds from the sale to clear their bank
C. The lender may put limits on the amount and purpose of the cash back
D. Many brokers prohibit cash back at closing

65. What does the seller do at closing?
A. Signs the deed, affidavits, and hands over keys
B. Nothing
C. They file the new deed with the Registry of Deeds
D. They provide the buyers with an allowance for furnishings

66. What is a gift letter?
A. A letter signed by the buyers stating they understand any personal property is a gift, and not part of the sale
B. A letter signed by a person who gave a financial gift to a buyer that states the money was a gift and not a loan
C. A letter signed by a real estate client stating that the gift was not an inducement to do business with the agent
D. A letter signed by the lender, indicating the mortgage loan is a loan and not a gift

67. Which fiduciary duty allows the sellers to know if the buyers have made all of the contracted deposits?
A. Care
B. Confidentiality
C. Obedience
D. Accounting

68. Who is primarily responsible for making sure the buyers are on track to close on time?
A. The buyers and their agent
B. The sellers
C. The seller’s agent
D. The lender

69. What are three things that your seller must give permission for you to disclose?
A. The reason they are selling, the existence of multiple offers, and if they are willing to come down in price
B. If there are superfund sites, registered sex offenders, or drug activities in the neighborhood
C. If there are any mechanical, structural, or zoning issues with the property
D. The assessed value, tax rate, and deed restrictions for the property

70. When is a buyer incentive recommended?
A. When inventory is low
B. When the home receives multiple offers
C. When the home needs repairs or updates
D. When the listing is new and receiving a lot of attention

71. Which of the following circumstances would put a seller in a dominant bargaining position?
A. Being in a “buyers’ market”
B. Having a desirable architectural style
C. The home needs cosmetic upgrades
D. The home does not have enough bathrooms

72. Which of the following buyer’s paperwork does the seller have the right to see?
A. The pre-approval or commitment letter from the lender
B. The buyer’s credit report
C. The buyer’s full bank statements
D. The buyer’s employment verification

73. Which of the following should be included in your listing presentation?
A. Your resume
B. A copy of your criminal background check
C. A copy of your broker’s operating license
D. A listing presentation packet with market information
74. What should be taken into consideration when setting a commission rate?
A. The going rate of commission in the area
B. The most common commission rate in the area
C. What services you will and won’t supply
D. The rate set by the local board of REALTORS®

75. What information should you have ready prior to meeting with a potential seller client?
A. A draft comparative market analysis (CMA)
B. A copy of the homeowner’s insurance policy
C. A flood certificate for the property
D. An abstract of title for the property

76. Which of the following would indicate a Sellers’ Market?
A. More than 6 months of inventory on the market
B. Sale-to-list ratio of less than 95%
C. Average days on market of greater than 60 days
D. Sale-to-list ratio of greater than 99%

77. How is sale-to-list ratio calculated?
A. Sale price – list price
B. Sale price / list price
C. List price – sale price
D. List price / sale price

78. When does a listing get the most traffic?
A. After the first significant price drop
B. Tuesday afternoons
C. Within the first two weeks after listing
D. About one month after listing

79. Where can an agent obtain a standard listing agreement form?
A. From their Association of REALTORS®
B. From their brokerage
C. From an attorney
D. All of the answers listed are correct

80. Which of the following requires seller permission to disclose?
A. If the seller is willing to come down in price
B. A leaking roof
C. If the septic system has failed
D. The number of bedrooms in the home

81. Which of the following is an item that buyers often assume will stay with the home, but the sellers assume they will be taking?
A. The television
B. The refrigerator
C. The living room couch
D. The kitchen table

82. Which of the following is the best way to keep a home secure?
A. Keep the key in a Supra lockbox onsite
B. Keep the key in a combination lockbox onsite
C. Make the key available for buyers’ agents to pick up from the listing brokerage office
D. Have the listing agent attend showings

–add ny – 1/4/23—
1) Which of the following items should be stored in a secure location or taken offsite while a property is being shown?
a. Prescription medications
b. Small electronics like iPods and tablets
c. Spare keys
d. All of the answers shown are true

2) How is sale-to-list price ratio calculated?
a. Sale Price ÷ List Price
b. List Price ÷ Sale Price
c. Sale Price x List Price
d. List Price x Sale Price

3) Which of the following is considered a buyers’ market?
a. < 3 months of inventory
b. Average days on market < 30 days
c. Sale-to-list price ratio > 99%
d. Sale-to-list price ratio < 95%

4) Which of the following can be used as a guide to figure out if it is a seller’s market or buyer’s market?
a. Months of inventory
b. Sale to list price ratio
c. Average days on market
d. All of the answers shown

5) Which of the following is a choice that a seller would make when entering into a listing agreement?
a. Commission rate
b. Whether or not to post documents with their names on the internet
c. Length of the contract
d. All of the answers listed are correct

6) When looking at sale to list price ratio, what is considered a balanced market?
a. A Ratio of 25%
b. A Ratio of 50%
c. A Ratio of 75%
d. A Ratio of 95%

7) Which of the following was suggested to make a listing stand out?
a. Post only one picture of the front of the property
b. Include virtual tours and drone footage
c. Do not include any photos to create mystery and raise interest
d. Include the listing agent in every picture

8) Which of the following is on the top-10 list of home inspection issues?
a. Termite damage
b. Bats in the attic
c. Sun bleaching of carpeting
d. Faulty electrical wiring

9) When calculating months of inventory, what is considered a balanced market?
a. Having 1 month of inventory on the market
b. Having 12 months of inventory on the market
c. Having 6 months of inventory on the market
d. Having at least 100 properties for sale in the market

10) What does DOM stand for?
a. Do not market
b. Days on market
c. Does offer marketing
d. Demand on management

11) How many days on market (days until a property is under contract) is considered a balanced market?
a. 120
b. 7
c. Between 30 and 60
d. Less than 90

12) Once an offer is received, what is an advantage of a slow response from your seller?
a. It gives you time to call buyer’s agents to see if any potential buyers who have seen the property would like to make an offer
b. The sellers won’t have a chance to thoroughly think about the offer
c. The home will get more showing activity
d. Buyers may continue to look at properties and end up rescinding an offer if the seller takes too long to respond

13) Can a seller negotiate with all the buyers in a multiple-offer situation?
a. Yes – until a deposit is accepted, the seller may negotiate in writing with all the offers
b. Yes – until the property has closed, the sellers can accept as many offers as they like
c. No -the seller must reject all the offers in a multiple offer situation
d. No – sellers may negotiate in writing with only one offer at a time

14) Which of the following was considered the most reliable when it comes to getting an opinion of price for a listing?
a. Playing the fishbowl game
b. Asking buyers to give their opinion
c. Asking agents in a feedback form
d. Asking agents to go on a home tour

15) When is a price reduction recommended?
a. When buyer feedback is generally positive
b. When there is less than 6 months of inventory on the market
c. When there is a selling agency incentive
d. When the property is overpriced

16) Why would a seller’s agent ask for feedback after a showing?
a. To justify why they haven’t sold the property yet
b. To make the sellers feel bad for not listening to the advice of their agent
c. To give the seller useful information so that they may make their home more salable
d. To make money off of staging or cleaning services

17) The Federal Fair Housing Act prohibits discrimination based on sex, race, color, familial status, physical or mental disability, religion, or national origin. What is an additional protected class that some states have added?
a. Sexual orientation
b. Education level
c. Criminal history
d. Number of children

18) What is a flood certificate?
a. An official document that lets a buyer and their lender know if a property is in a flood zone
b. An engineering report of the most recent flood in the area
c. A certification that a property has been thoroughly flood-proofed
d. Proof that a homeowner has flood insurance

19) If a buyer has a home inspection that turns up undisclosed issues, which of the following can they do?
a. They can proceed with the transaction without any changes
b. They can request that the seller repair items
c. They can request cash back at closing to address the concerns
d. All of the options listed are correct

20) What information can be used to determine your seller’s bargaining position in negotiations?
a. Market inventory
b. Sale price to list price ratio
c. Average days on market
d. All of the answers listed are correct

21) What is the most powerful marketing platform to sell homes in the US?
a. The MLS
b. Zillow
c. ForSaleByOwner.com
d. Local newspapers

22) Verbal agreements and offers are:
a. Unenforceable and not binding
b. Fully enforceable
c. Binding
d. Preferred

23) The Civil Rights Act of 1866, the Housing and Community Development Act of 1974, the Fair Housing Amendment Act of 1988 and the Court decision, 1968: Jones v. Mayer are collectively known as:
a. The Americans with Disabilities Act
b. The Residential Act
c. The Fair Housing Act
d. Housing for Older Persons Act

24) What is the best way to focused feedback on the seller’s property?
a. Visit the buyer’s agent’s office
b. The listing agent should call the buyers
c. Place video cameras in every room
d. Use a pre-designed form

25) When scheduling a broker’s open house, you can entice attendance by:
a. Raffling a gift card
b. Choosing days that are common for brokerage meetings
c. Offering a light lunch
d. All of the above

26) One high-risk strategy when fielding multiple offers on a property is to:
a. Start a bidding war
b. Accept the best offer as is
c. Ask for highest and best from all buyers
d. Ask all buyers to pay 15% more

27) What is the first step to take to set up an agent incentive?
a. Contact agents directly and let them know that the seller will pay them directly
b. Open up a dedicated bank account to hold the incentive
c. Get the seller to decide on how much to offer
d. Call every brokerage in the area to let the office managers know about the incentive

28) When scheduling a closing, what days should you try to avoid?
a. Fridays
b. The first and last days of the month
c. The second week of the month
d. The third week of the month

29) HOPA stands for:
a. Home Office Planning Act
b. Housing for Older Persons Act
c. Housing in Planning Board Act
d. Historical and Older Properties Act

30) How can you calculate the payoff balance on your seller’s mortgage loan?
a. Ask the seller for their most recent mortgage bill
b. Put the loan amount, interest rate, and sale date into a mortgage calculator
c. Have your seller obtain a payoff balance for the closing date directly from the lender
d. Look up the sales price and deduct 3.3% for each year the seller has owned the property

31) When delivering offers, timing is:
a. Unimportant
b. Vital
c. Annoying
d. Slow

32) Other than market conditions, what could put your seller in a better bargaining position?
a. Avoiding staging the home
b. Having their home in better than average condition
c. Leaving a few major repairs for the home inspector to find
d. Pricing the home 5% above market value

33) If a home inspection uncovers issues, what can a buyer do?
a. Sue the seller for fraud
b. Sue the listing agent for negligence
c. Ask the inspector to remedy the issues
d. Accept the property as is, request repairs, ask for money back at closing, or ask for a reduction in price

34) What are some reasons sellers hire real estate agents?
a. Agents can bring excitement, stress, and drama to a transaction
b. Agents are known to help repair homes and help pack for moving
c. Agents are best at marketing, screening buyers, and navigating the paperwork
d. Agents know how to throw great going away parties

35) In what condition should a home be for closing?
a. Sanitized
b. Broom clean
c. Like new
d. Occupied

36) What right does a seller have with respect to earnest money deposits?
a. They have a right to cash the check once an offer is accepted
b. They have a right to know the deposit has been made
c. They have a right to see the buyer’s account balance
d. They have a right to triple the deposit if the buyer asks for repairs after a home inspection

37) Which letter should a seller request from buyers?
a. A letter of intent
b. A pre-approval letter
c. A letter of good standing
d. A gift letter

38) One good way for a seller to figure out how much buyer incentive to offer is to:
a. Offer 20% of the property value
b. Multiply the number of days on market by 2% of the list price
c. Get an estimate for the work that needs to be done on the house and offer that amount as a concession at closing
d. Take the listing agent commission and dedicate it to a buyer incentive instead

39) One benefit of providing a buyer’s offer with a fast response is:
a. It makes multiple offers more likely
b. The faster a home goes under contract, the faster it will close
c. It allows more time for the sellers to consider the offer
d. It allows the sellers to feel better after a good offer rejection

40) What is the capital gains tax exemption?
a. It is an exemption of $250,000 per person ($500,000 for married couples) if the owner has lived in the home for at least 2 out of the last 5 years
b. It is an exemption for the proportion of the property that was used for business
c. It is a tax credit for interest charges
d. It is a tax deduction for closing costs

41) It is important to warn your sellers that they may receive:
a. More money than they asked for
b. Gifts from potential buyers
c. Some ridiculous or insulting offers
d. Strange phone calls

42) Why would a potential buyer want to search for a home without the help of an agent?
a. They aren’t serious about buying
b. They are criminals with bad intentions
c. They are unreasonable or possibly criminal and have not been able to work with an agent
d. All the answers shown are correct

43) What percent of home sellers will successfully sell their homes without a real estate agent?
a. 1%
b. 11%
c. 42%
d. 78%

44) Who is responsible for closing utility accounts for the seller?
a. The seller
b. The buyer
c. The seller’s agent
d. The buyer’s agent

45) How can you let agents know if you are offering an agent incentive on your listing?
a. Put a note in the non-public comments in the MLS
b. Hire a marketing firm to get the word out
c. You should only share this info with the agents at your brokerage
d. Advertise it on social media

46) One downfall of hosting a public open house might be that:
a. It might only attract nosey neighbors and people who are not seriously looking
b. It might bring in an unrealistic offer
c. Too many offers may come in
d. A bidding war will ensue

47) Most simply, discrimination means:
a. Not working with clients you don’t know
b. Treating others differently, based on certain characteristics
c. Efforts to include all groups of people
d. Ensuring everyone has access to view a property

48) HOPA is an exception to the Fair Housing Act, but only for the protected class of:
a. Family status
b. Gender
c. Race
d. Ethnicity

49) Which of the following is a top-10 common home inspection issue?
a. Old furniture
b. Bad grading or drainage around the building
c. Rusted swing sets
d. Outdated kitchen countertops

50) Getting feedback from buyers and buyer’s agents can help your sellers:
a. Feel good about their plans to move
b. Appreciate their current home
c. Know what kind of job you are doing
d. Make adjustments so that their property is more saleable

51) If a property you represent isn’t moving, what is the first step you should take?
a. Tell the sellers you can no longer represent them
b. Ask a friend to make a fake offer to start a bidding war
c. Tell the sellers they should take it off the market, wait a year, and try again
d. Gather the feedback you’ve received from showings and note the consistencies

52) What rights do sellers have with respect to the buyer’s loan application?
a. They have a right to ask for a commitment letter with detailed contingencies
b. They have no rights to information about the buyer’s financing
c. Sellers may only know what is written in the purchase contract
d. Sellers may have the full loan application file from the lender

NY Educating Sellers CE CLASS

53) Which of the following is a top-10 staging mistake?
a. Too many items on the kitchen counters
b. Not enough personal photos posted
c. Home is too clean
d. Light, neutral paint colors

54) How can hosting a broker’s open house help your listing?
a. It generally won’t help at all
b. Agents can give their opinions on price and help market the property
c. It will allow you to let other agents know how desperate your seller is
d. It will let you choose golf partners so you can talk about the listing to other golfers

55) When fielding multiple offers, one low-risk solution is to:
a. Start a bidding war
b. Negotiate with the best offer and accept a backup offer
c. Reject all offers, knowing the serious buyers will come back with better offers
d. Accept the best offer

56) What should be done for the listing photographs?
a. Include cute pets in the photos
b. Make sure the refrigerator looks useful by adding magnets, photos, notepads, and receipts
c. Have a variety of different colored and aged towels in the bathroom to give a homey feel
d. Wash the windows

57) One benefit of taking your time to respond to a buyer’s offer is:
58) Your sellers can relax and enjoy the feeling of an offer in hand
a. Your sellers can brag to their neighbors
b. Your sellers will have more time to thoroughly consider the terms of the offer
c. Your sellers must stop showing their property while they consider this offer

59) When receiving offers, sellers always have three options. They can:
a. Accept an offer, counter an offer, or reject an offer
b. Sue a buyer for more money, completion of a contract, or damages
c. Delete section 4, 8, or 15, but not all
d. Increase the real estate commission, the list price, or the buyer concessions

60) If you are representing a property that is difficult to price, you may want to talk to other brokers to:
a. Unload the property on uninformed buyers
b. Ask other agents to help you justify your price
c. Get more opinions on the best price
d. Ask them to take the listing off your hands

61) Which of the following can protect a vacant property from vandalism or fraud?
a. Take photos of the property while furniture is still in it
b. Ask a neighbor to park a car in the driveway
c. Put a lamp on a timer
d. All of the answers listed are correct

62) Which of the following plays an important role in selling a home for top dollar?
a. Having a list of previous owners from the last 50 years
b. Having the seller present to answer questions during showings
c. Good staging
d. Making the home look as lived in a possible, with personal pictures and knickknacks

63) Fair housing has both:
a. Commercial and residential requirements
b. Federal and state requirements
c. State and local requirements
d. Retail and wholesale requirements

64) Many mortgage loans limit the amount of seller concessions to:
a. 1% of the sale price
b. $10,000
c. $50,000
d. 3% of the sale price

65) Which of the following indicates that the buyer has a better bargaining position?
a. There is low inventory on the market
b. The average days on market is less than 30
c. The condition of the seller’s home is better than average
d. The list-to-sale ratio is less than 95%

66) What is a common scam that happens with listed vacant homes?
a. Posting the property for rent and fraudulently collecting deposits on it
b. Selling the home multiple times to multiple buyers
c. Using the property to host parties and events
d. Showing the property and fraudulently collecting earnest money deposits on a sale

67) Is it a good idea for a seller to show their property themselves?
a. Yes – the more showings, the better
b. No – there have been cases of sex offenders and robbers posing as buyers
c. Yes – the seller may be able to sell their home to a buyer who doesn’t want to use an agent
d. Yes – the seller is usually better at negotiating a sale than the agent

68) How does being a buffer help your sellers?
a. While your sellers must be educated about important facts to their sale, stress and drama do not help, and may make the transaction fall apart
b. Their home will sell faster with shiny countertops
c. Having you buffer up the buyers’ agent gives them more of an incentive to close the transaction
d. A buffer makes an excellent closing gift

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