Practice: Chapter 10 • Servicing The Listing

Front 1

Do not
put the key that the sellers gave you in the keybox; keep it as
a master and make at least __ copies; if a licensee inadvertently walks off with the
key, you have others.

Back 1

two

Front 2

This is called staging
a home and can include things such as painting one or more
rooms or the exterior of the house, removing furniture to give a
room a bigger feel, storing clutter that may distract a potential
buyer, and doing some much-needed __ work.

Back 2

yard

Front 3

Ask the sellers if they
would like your assistance in getting any of the repairs scheduled
or if they would like any contractor or handyman referrals. When
providing contractor referrals, always provide __ or more names.

Back 3

three

Front 4

While you are at the property for the second visit, it is a good
idea to conduct your Agent’s Inspection Disclosure, also known
as a walk-through “red flag” inspection. The observations you make here will be put into Part III of the Real Estate Transfer
Disclosure __ (TDS) before giving it to a buyer’s licensee.

Back 4

Statement

Front 5

During “red flag” inspection for the TDS, Start at the curb and work your way around and through the
entire home, noting anything about the property’s condition you
see that may be of interest to a prospective buyer. Note things such
as buckled sidewalks that may be a trip hazard; leaning fences
(which often indicate dry-rotted posts); stains on carpets, ceilings,
or walls; sticking doors; uneven floors; and any visible “smoky”
wall sockets that may indicate an electrical problem. If you are listing
an older home with an obviously remodeled kitchen, you have
a duty to ask about the existence of building permits and if they
were signed off by the building inspector. Keep in mind that you
do not have a duty to disclose “latent defects”; as the listing
licensee, you do have a duty to ask if the __ know of any.

Back 5

sellers

Front 6

If the sellers want inspections, schedule them and meet
the inspectors at the property to accompany them as they do the
inspection. You can’t beat firsthand knowledge about a property’s
condition as seen through the eyes of a qualified __.

Back 6

professional

Front 7

A for-sale sign is considered
advertising by the __ and you must disclose
your owner/licensee status in all advertising.

Back 7

DRE

Front 8

Talking signs: FM
models have a greater range (about __ feet).

Back 8

250

Front 9

Explaining that you need to work as a team, have the sellers
keep the information box full of __.

Back 9

brochures

Front 10

Most MLS organizations
allow only exclusive authorization to sell listings placed into their
databases with some __

Back 10

exceptions

Front 11

No
one may advertise the listing except the listing broker, unless she
has the broker’s __.

Back 11

permission

Front 12

If the property is sold by a “cooperating broker”
who represents the __ in the transaction, the commission is
paid according to the published offering in the MLS.

Back 12

buyers

Front 13

Proper procedure requires that the cooperating licensee
call the listing broker/licensee before submitting an offer to attempt
to negotiate any change in the compensation offered in the MLS, and not just write it into the __.

Back 13

contract

Front 14

Compensation
published through an MLS listing is not an offer to
compensate non-MLS-member __.

Back 14

licensees

Front 15

The term REALTOR® is a __ word.

Back 15

trademarked

Front 16

Use the following __ (Attention, Interest, Desire, Action) to create at least 3 ads of the house.

Back 16

AIDA

Front 17

Desire. The __ of your ad should convey further information
or an emotional feeling that creates a desire to see the property in
the reader’s mind.

Back 17

body

Front 18

Less than __ percent of homebuyers now use Open
Houses to start their home search

Back 18

4

Front 19

Open house: be sure to tell the owners they must be away from the property
while you are working, as potential buyers will be uneasy about asking
__ or showing interest with the owners.

Back 19

questions

Front 20

Once the property is listed, have at least 100 Just Listed postcards
made and send them to the homes around your new listing. Mention that you will __ them soon.

Back 20

contact

Front 21

Email your entire database about your new listing. Include two photos. Be sure to e-mail yourself and __ your group.

Back 21

BCC

Front 22

After the
listing is signed and before you leave the seller’s home, explain
what will be happening over the next couple of __. Also give
the sellers a copy of the transfer disclosure statement and ask them
to fill it out and have it ready for you to pick up when you see them the following day, otherwise they will __.

Back 22

days
procrastinate

Front 23

Most owners who have been unhappy with the sale process cite
poor __ with their licensee as the number one issue.

Back 23

communication

Front 24

Your weekly written Activity report should recap
the scheduled Open House activities, Open House results, unique website visitors, and any other activities that took place that week. Don't just send it __.

Back 24

monthly

Front 25

Crashing gently: when your think of showing one of your listings at the last moment and arrive with little or no advance __.

Back 25

notice

Front 26

If the sellers must stay at home, it is best for them to go outside while the buyers look at the inside and come indoors when the buyers go __.

Back 26

outside

Front 27

Over __ percent of buyers start
their home and licensee search on the Internet.

Back 27

90

Front 28

Sellers have 4 choices with regard to an offer: accept, reject, counter, or ignore it (never a good __).

Back 28

practice

Front 29

Tell sellers that if they
do not have several showings, and at least one offer within the first
thirty days, you will expect them to make the price adjustment necessary
to become __. Don't use the words "lower your price".

Back 29

competitive

Front 30

If you take a listing that
is priced too high for an extended period of time, your __ will suffer and your sellers’ homes won’t be shown as readily.

Back 30

reputation

Front 31

You must mention in the “additional terms” section of the listing that you have the right to cancel a listing that is priced too high. People suddenly get very serious when you present them with this __.

Back 31

choice

Front 32

Even if you have the offer in
hand, just tell them that you will go over it in detail when you meet.
Set the appointment and get off the phone as __ as you can.

Back 32

quickly

Front 33

It is always an
advantage for a buyer’s licensee to personally present the offer to
the seller whenever possible. The buyer’s licensee knows the details
of the offer much better than the listing licensee and is in a position to quickly contact the buyer if a __ is made.

Back 33

counteroffer

Front 34

When you have multiple offers, inform all agents about it so they will attend the offer meeting and put their best __ up front.

Back 34

price

Front 35

your prime directive as a fiduciary is
not to make the sale but to provide information and guidance so
the parties have the information necessary to make a(n) __ decision without any input from you on price or terms.

Back 35

informed

Front 36

Regardless of who presents the offer, California Civil Code requires the buyer’s representative to disclose agency before presenting the offer.
This is accomplished by having the sellers sign a(n) __ form.

Back 36

AD

Front 37

READ: If this disclosure is done properly, the listing licensee will have
just one AD form in the file and the buyer’s licensee may have two
AD forms in her file: one from the buyer and one from the seller or
one AD form signed by both buyer and __.

Back 37

seller

Front 38

Never counteroffer more than one offer at a time unless you
check the __ counteroffer box on the counteroffer form.

Back 38

multiple

Front 39

Whenever you have multiple offers, always
give extra credibility to cash offers or fully preapproved buyers who
are financing versus buyers who are financing but not __.

Back 39

preapproved

Front 40

Start your counteroffer by checking the appropriate box on the last page of
the original offer that indicates that the offer is accepted subject
to a counteroffer. If the contract you are working with does not
have such a box and/or statement, __ one just above
the signature line before the sellers sign the agreement.

Back 40

handwrite

Front 41

Be sure the sellers sign and initial where required both the purchase
contract and the __.

Back 41

counteroffer

Front 42

If you fax the counteroffer to the buyer’s representative, you
must fax both sides of the agency disclosure signed and initialed by the sellers, the entire contract, and the __.

Back 42

counteroffer

Front 43

Don’t make partial changes in contract paragraphs on the counteroffer.
Instead rewrite the entire __.

Back 43

paragraph

Front 44

When escrow fails to close, you will need to get a Cancellation of
Contract, Release of Deposit and Joint Escrow Instructions form
signed by all parties to the __.

Back 44

escrow

Front 45

3. Your marketing binder should include

A. a plat map of the property.
B. a copy of a new roof invoice
from a year ago.
C. a copy of the Real Estate TDS.
D. All of the above.

Back 45

D. All of the above.

Front 46

5. When should the owners complete
the TDS?
A. By the end of the second day
after the home is listed.
B. Within a week after the home is
listed.
C. Within ten days after the home is
listed.
D. When the owners accept an offer
for the property.

Back 46

A. By the end of the second day...

Front 47

There is no need to check with the city for __ to place "for sale signs".

Back 47

permission