Practice: Chapter 6 • Working with Buyers

Switch
properties are similar to the advertised properties in price and location,
with not more than about a __ percent difference in price
up or down.

only a very small percentage of buyers actually buy
the home they __ call on

For first appointments, always meet the buyers
at your office. Safety __.

Be sure to __ them over the phone prior to viewing any properties

__ End Ratio:

PITI / Gross Monthly Inc = 28% - 30%

Back End Ratio:

Total monthly credit obligations/ Gross Monthly Inc = 36% - 40%

Explain that the money will be held in escrow and not
given to anyone, including the seller, until the escrow is __.

If an offer is rejected, the earnest money check is
returned __.

If an offer has been accepted, the buyer has __
a home. If for any reason the buyer cannot legitimately
meet or waive a contingency, she may cancel the
escrow and have the earnest money returned. The buyer
should also be advised that if she willfully defaults or purposely
fails to do something to carry out the terms of the contract
and fails to close the escrow, the deposit will be at risk
of forfeiture.

Their signature on form AD merely acknowledges receipt of a copy
and is not their agreement to elect any form of __.

Giving buyers the form AD to read while you are out looking at homes makes them more __.

Trying to buy property on __ is usually an
exercise in futility.

Contingency buyers are more likely to have their offer accepted if you
also submit a copy of the fully executed listing on their home,
along with comparable sales in their neighborhood that show
how __ their home is priced.

If the buyers are still afraid to sell their home because they would have no place to move, suggest they put a clause in the listing agreement
saying, “This sale is contingent on the sellers purchasing a replacement property within X number of days after they accept an __ on their home.”

Do not let the poor condition of a property stop you from showing
it to __. Instead, point out that the property has the features
the buyers want and prepare them for the required “fix-up” work.

When showing a home, know the shopping centers, recreational
facilities, and places of worship, bus routes, school boundaries, point out any recent sales, and map out the tour in __.

When you are going through each home, let the buyers go
ahead of you and try not to enter a __ at all.

Do not park your car uphill. Getting in and out of the car is __ when it is facing uphill.

If you pull up in front of a home and your buyers decide they hate it already and don’t need to see it, tell them you need to either call or go to the door and cancel the showing. Don’t leave the __ in limbo, waiting for you to show up.

If you even remotely feel they may need a rest or some food, ask if they would like to take a break at a __.

Leave your business card at each property and/or use the sign-in sheet that is
provided at the property. This is a courtesy to both the homeowner and the
__ agent.

If you notice the wife
gently rubbing the countertop, ask if she can picture __
friends and family in the kitchen.

People notice features, but they __ benefits.

4. Which of the following is a good
policy in handling a phone inquiry?
A. Meet the caller at your office for
the first appointment.
B. Obtain the caller’s name and
telephone number.
C. Give the caller only enough
information to create interest
in seeing the property.
D. All of the above.

5. When is the best time to present the agency disclosure agreement to a
new buyer?
A. At the earliest opportunity after
an ongoing relationship has been established.
B. Just prior to filling out the
purchase agreement.
C. When escrow is opened.
D. The very first time you meet
them.