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.   An all-cash offer $15,000 below list price and closing in two weeks
B.   The best offer is the one a seller determines is best for his unique needs and motivations.
C.   A full-price offer waiving inspection, conventional financing with 20% down, closing in 45 days
D.   An offer $10,000 over list price, contingent upon appraisal and inspection, conventional financing with 20% down, closing in 30 days
Question #2
What is a pocket listing?
A.   A listing widely advertised through the MLS, social media, and other means
B.   A listing only advertised on the MLS
C.   A listing in which the buyer and seller are represented by the same real estate licensee
D.   An off-market listing, not posted 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.   Leave it on the market for a few more days to allow time for even more offers to come in.
D.   Submit only prime offers to his seller client.
Question #4
Which of the following is a danger of office exclusives?
A.   Lower listing prices
B.   Reduced market exposure
C.   Increased market exposure
D.   Higher commission rates
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.   Static
D.   Hot
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.   Hot
B.   Dynamic
C.   Cold
D.   Static
Question #7
Which party tends to benefit in a cold market?
A.   Customer
B.   Buyer
C.   Seller
D.   Client
Question #8
In what type of market are buyers typically in a power position?
A.   Dynamic
B.   Cold
C.   Static
D.   Hot

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