Real Estate Sales Exam FREE Real Estate Sales Process Question and Answers 2

Question 1

During a real estate transaction, when does the buyer typically submit earnest money?

Accepted Answer

After the purchase agreement is signed

Answer

Earnest money is typically submitted shortly after the purchase agreement is executed to demonstrate the buyer's good faith.

Question 2

What is the primary purpose of a Comparative Market Analysis (CMA) in the sales process?

Accepted Answer

To determine an appropriate listing price

Answer

A CMA compares recent sales of similar properties to help determine a competitive and realistic listing price.

Question 3

Which of the following is considered a counteroffer in a real estate negotiation?

Accepted Answer

The seller accepts the offer but changes the closing date

Answer

Any modification to the original offer terms, such as changing the closing date, constitutes a counteroffer that the buyer must accept or reject.

Question 4

What typically triggers the due diligence period in a residential real estate sale?

Accepted Answer

Mutual acceptance of the purchase agreement

Answer

The due diligence period generally begins once both parties have mutually accepted and executed the purchase agreement.

Question 5

In a real estate closing, what does the term 'proration' refer to?

Accepted Answer

Dividing shared expenses between buyer and seller based on the closing date

Answer

Proration is the process of dividing ongoing expenses like property taxes and HOA dues between buyer and seller proportionally based on the closing date.

Real Estate Sales Exam Practice Test

Real Estate Sales Exam Practice Test

Real Estate Sales Exam FREE Real Estate Sales Process Question and Answers 2