Free Home Selling Smarts Question and Answers

Question 1

When choosing a listing agent, a Comparative Market Analysis (CMA) is a helpful resource. What does a CMA have to accomplish?

Accepted Answer

a method of calculating a listing price using recent sales statistics of homes similar to yours

Answer

A Comparative Market Analysis (CMA) is a crucial tool used by real estate agents to estimate a property's value. It involves comparing the subject property to recently sold homes with similar characteristics in the same area. This helps to determine a competitive and realistic listing price for your home.

Question 2

Before you sign a listing agreement with your listing agent, what details should you give them?

Accepted Answer

nothing

Answer

Before signing a listing agreement, a seller is not legally obligated to disclose personal details like their reasons for selling, market opinions, or potential property issues. While discussing these might help an agent understand your needs, the signing of the agreement is primarily about formalizing the agent's representation and terms of service. It's crucial to understand the contract before committing to any disclosures.

Question 3

Listing representatives can access the MLS (Multiple Listing Service). Describe the MLS.

Accepted Answer

a database of local homes that are listed for sale

Answer

The MLS (Multiple Listing Service) is a comprehensive database used by real estate agents to share information about properties for sale. It allows agents to see all available listings in a given area, facilitating cooperation among brokers and increasing the exposure of properties to potential buyers. This system is crucial for efficient real estate transactions, providing a centralized platform for property data.

Question 4

How much more do homes that are sold by an agent typically sell for than those that are sold by the owner, according to the National Association of Realtors?

Accepted Answer

3 to 11 percent

Answer

According to data from the National Association of Realtors (NAR), homes sold with the assistance of a real estate agent typically fetch a higher price than those sold by the owner (FSBO). This difference, often cited as 3 to 11 percent, is attributed to an agent's expertise in pricing, marketing, negotiation, and broader market reach. Agents can maximize a home's value through strategic listing and professional guidance.

Question 5

What distinguishes a Realtor from other listing agents?

Accepted Answer

Realtors are real estate agents that belong to the National Association of Realtors.

Answer

The term "Realtor" is a registered trademark of the National Association of Realtors (NAR). It specifically designates a real estate professional who is a member of NAR and subscribes to its strict Code of Ethics. While all Realtors are real estate agents, not all real estate agents are Realtors, as membership in NAR is voluntary.

Sell My House Practice Test

Sell My House Practice Test

Free Home Selling Smarts Question and Answers