Sales Process Flashcards
7 cards from real Real Estate Sales Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Sales Process flashcards as text
A buyer submits an offer below asking price. What is the seller's BEST first response?
Answer: Issue a counteroffer addressing price and terms
A counteroffer keeps negotiations alive and allows both parties to work toward mutually acceptable terms.
Which document gives a real estate agent legal authority to represent a seller?
Answer: Listing agreement
A listing agreement is the contract between the seller and broker authorizing the agent to market and sell the property.
During a listing presentation, a seller insists on a price well above market value. What should the agent do?
Answer: Present comparable sales data and explain pricing consequences
Agents have a duty to provide honest counsel based on market data so sellers can make informed pricing decisions.
What is the primary purpose of a buyer needs analysis?
Answer: To identify the buyer's property requirements, preferences, and budget
A buyer needs analysis helps the agent match suitable properties to the buyer's specific criteria and financial capacity.
A property has been on the market for 90 days with no offers. What adjustment most commonly corrects this?
Answer: Reducing the listing price
Extended days on market typically signal overpricing; a price reduction brings the listing in line with buyer expectations.
Which closing technique involves summarizing all agreed points and asking the buyer to confirm?
Answer: Summary close
The summary close recaps benefits and agreed terms, making it natural for the buyer to say yes to moving forward.
When must an agent present all written offers to the seller?
Answer: All written offers, regardless of price or terms
Agents have a fiduciary duty to present all written offers to the seller promptly, regardless of the offer amount.
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