Sell My House Home Selling Smarts 3

Question 1

What is a 'seller's disclosure' form?

Accepted Answer

A legal document where sellers reveal known material defects or issues with the property

Answer

Seller's disclosure forms are legally required in most states and must honestly reveal known defects like water damage, foundation issues, or pest infestations.

Question 2

Which type of listing agreement gives one agent exclusive rights to sell the home AND earn the commission even if the seller finds the buyer?

Accepted Answer

Exclusive right-to-sell listing

Answer

An exclusive right-to-sell listing guarantees the agent earns commission regardless of who finds the buyer, making it the most common agreement type.

Question 3

What does 'as-is' mean when a seller lists a property?

Accepted Answer

The seller will not make repairs or offer credits for defects found during inspection

Answer

An as-is sale means the buyer accepts the property in its current condition and the seller will not make repairs, though buyers can still inspect and walk away.

Question 4

How does staging a home typically affect its sale?

Accepted Answer

It typically helps homes sell faster and for more money

Answer

According to NAR research, staged homes sell faster and typically command higher prices because buyers can better visualize themselves living there.

Question 5

What is a 'comparative market analysis' (CMA)?

Accepted Answer

An agent's evaluation of a home's value based on recent nearby sales of similar properties

Answer

A CMA is prepared by a real estate agent using recent sales of comparable nearby homes (comps) to estimate a property's current market value.

Sell My House Practice Test

Sell My House Practice Test

Sell My House Home Selling Smarts 3