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

Managing expectations throughout the process and aligning the search with true priorities significantly reduces post-purchase regret.

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

VA loans offer a significant benefit by eliminating down payment requirements and PMI for eligible veterans and service members.

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

Schedule B-II lists specific exceptions—like easements or restrictions—that the title policy will not insure against, requiring careful buyer review.

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

Agents have a duty to disclose known material facts that could affect the buyer's decision, regardless of whether the seller disclosed them.

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

The final walkthrough confirms that the property is in the agreed condition, any required repairs are done, and no new damage has occurred.

CRS - Certified Residential Specialist Practice Test