CRS Buyer Representation and Counseling 3

Question 1

Which buyer counseling approach best reduces the risk of buyer's remorse?

Accepted Answer

Setting clear expectations, prioritizing needs vs. wants, and maintaining open communication

Answer

Rushing through the process to close quickly

Answer

Avoiding discussion of property negatives

Answer

Limiting the buyer to three property showings

Question 2

What is the primary advantage of a VA loan for an eligible veteran purchasing a home?

Accepted Answer

It allows eligible veterans to purchase with no down payment and no private mortgage insurance

Answer

It requires the lowest possible credit score of any loan type

Answer

It is exclusively for new construction homes

Answer

It offers a fixed interest rate locked for 30 years by law

Question 3

When reviewing a title commitment with a buyer, what does a Schedule B-II exception mean?

Accepted Answer

These are specific items not covered by the title insurance policy

Answer

The property has a clear title with no encumbrances

Answer

The seller has agreed to all outstanding liens

Answer

The buyer has waived all title objections

Question 4

A buyer's CRS agent discovers a material defect the seller did not disclose. What is the agent's obligation?

Accepted Answer

Disclose the material defect to the buyer promptly

Answer

Keep the information confidential to protect the transaction

Answer

Negotiate a price reduction without telling the buyer why

Answer

Ignore it if it's minor in the agent's opinion

Question 5

What is the purpose of a final walkthrough before closing?

Accepted Answer

To verify the property's condition matches the contract terms and agreed-upon repairs were completed

Answer

To renegotiate the purchase price one last time

Answer

To allow the buyer to move furniture in before closing

Answer

To give the listing agent a chance to show the property again

Question 6

Which document at closing outlines all final loan terms and closing costs that the buyer must review before signing?

Accepted Answer

The Closing Disclosure

Answer

The Loan Estimate

Answer

The Title Commitment

Answer

The Purchase Agreement