Book : California Real Estate Practice [Third Edition] By Robert L. Herd and Bruce A. Southstone
Chapter 11 : Servicing The Listing
Class Discussion Topics
1. Prepare a marketing plan for the home in which you currently live or for a home of your choice. Be prepared to discuss it in class.
2. Discuss the various things that a licensee should be looking for when conducting a “red flag” inspection of a new listing and the
differences between known and latent defects. List some types of latent defects.
3. Prepare two ads for the home in which you currently live or a hypothetical one. Be prepared to read them to the class for discussion.
4. Role-play your company’s advertising policy to another student, who will play the seller.
5. Discuss what most of the major topics of a counteroffer are and why they occur so often.
Chapter 11 Quiz
1. Which of the following is not considered good communication with the owner of a property?
a. Giving the sellers a weekly status report.
b. Telling the owner that the market is so hot that she will get over full price.
c. Making a weekly visit to the property to pick up business cards and call back licensees who showed the property for feedback.
d. Holding an Open House once a month.
2. Which of the following should not be included in the homeowner instructions?
a. Be at home every time the property is shown.
b. Keep lawns and bushes neatly trimmed.
c. Use fresh paint anywhere that looks tired.
d. Remove or kennel pets before showing.
3. Your marketing binder should include
a. a copy of any pest reports done for the last offer.
b. a copy of the last owner’s TDS.
c. a copy of the Listing Agreement.
d. a plat map of the property.
4. Prior to holding an Open House, you should
a. take 100 Open House flyers door to door in the neighborhood and invite the neighbors.
b. confirm the Open House date and time with the owners.
c. place an Open House ad in the local paper and on your company Internet site.
d. do all of the above.
5. The time for a broker to deliver a list of buyers that have been shown a property to a subsequent listing broker so as to safeguard her commission under paragraph 4A(2) is
a. no later than three calendar days after the end of the listing.
b. within ten days of the listing expiration.
c. whatever number of days are specified in paragraph 4A(1).
d. on or before the listing expires.
6. Prior to installing a for sale sign, you should
a. check with the city or county to see if there are any sign restrictions.
b. offer the listing on your website first.
c. try to sell the property yourself prior to entering it in the MLS.
d. check with the owners to see if there are any CC&Rs that restrict the use of a for sale sign.
7. The AIDA formula used in advertising stands for
a. attention, investment, deployment, and call to action.
b. attitude, in-depth ad, development, and area.
c. attention, interest, desire, and action.
d. action, initiation, desire, and application.
8. When writing a counteroffer, you should
a. never counter more than one offer at a time.
b. always counter only one offer at a time.
c. use all caps for clarity.
d. completely rewrite lengthy paragraphs that you want to change, not just change some words.
9. If a seller is responding to more than one offer at a time, she should:
a. use as many copies of the Seller Counter Offer forms as are required.
b. ensure that the counteroffer is given to only one buyer at a time.
c. see that all counteroffers made must be the same.
d. use the Seller Multiple Counter Offer form.
10. Which of the following is not a valid reason for an escrow to fail to close?
a. The sellers set a $1,000 limit on the termite damage repairs and the report came in with $2,000 in repairs and neither party will pay the
difference.
b. The buyers’ parents said they paid too much and have “buyer’s remorse.”
c. The buyers failed to qualify for the financing required in the purchase contract.
d. The sale was contingent on the sale and closing of the buyers’ home and it did not sell.