45-HR. CA REAL ESTATE PRACTICE COURSE » Summer 2021 » Section 8 Unit 2 Exam

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Question #1
Which of these offers would be the most appealing to a seller?
A.   The best offer is the one a seller determines is best for his unique needs and motivations.
B.   An offer $10,000 over list price, contingent upon appraisal and inspection, conventional financing with 20% down, closing in 30 days
C.   An all-cash offer $15,000 below list price and closing in two weeks
D.   A full-price offer waiving inspection, conventional financing with 20% down, closing in 45 days
Question #2
What is a pocket listing?
A.   An off-market listing, not posted on the MLS
B.   A listing widely advertised through the MLS, social media, and other means
C.   A listing in which the buyer and seller are represented by the same real estate licensee
D.   A listing only advertised on the MLS
Question #3
Dan just listed a property two days ago and already has offers pouring in. It’s a hot market and properties are moving quickly. Which of these options is the best strategy?
A.   Reject all offers and put the home back on the market for a higher price.
B.   Have buyers submit their "highest and best" offers and then help his seller decide which offer is most appealing.
C.   Submit only prime offers to his seller client.
D.   Leave it on the market for a few more days to allow time for even more offers to come in.
Question #4
Which of the following is a danger of office exclusives?
A.   Lower listing prices
B.   Higher commission rates
C.   Increased market exposure
D.   Reduced market exposure
Question #5
A buyer is reluctant to ask for repairs and risks the seller accepting a different offer. In what type of market is this concern most valid?
A.   Cold
B.   Dynamic
C.   Hot
D.   Static
Question #6
Waiving inspection, waiving appraisal, and offering the seller possession after closing are all terms buyers may offer a seller to make their offer more appealing in a _________ market.
A.   Cold
B.   Dynamic
C.   Hot
D.   Static
Question #7
Which party tends to benefit in a cold market?
A.   Customer
B.   Client
C.   Seller
D.   Buyer
Question #8
In what type of market are buyers typically in a power position?
A.   Hot
B.   Dynamic
C.   Cold
D.   Static

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