ASSESSMENT TASK 1 – Multiple Choice Questions
Please review the questions below and select the correct answer, e.g., a or b
- When acting as a real estate agent, which of the following is true?
- an agent can act in a single transaction for both buyer and seller
- in a single transaction an agent can only operate for either the buyer or the seller
- to collect commission or fees a real estate agent must have a signed agency agreement in place
- all above
- Can a licensed real estate agent offer financial advice about the sale of a property?
- yes
- no
- Most real estate agents offer at least two (2) levels of service. These are:
- the full search service - property search and shortlist to meet buyer criteria, and negotiation and finalisation of the sale
- the negotiation with a buyer on behalf of the vendor
- agent finds suitable properties with negotiation left to the buyer
- all above
- a and b only
- Two (2) reasons a buyer contacts a real estate agent to find a suitable property could be:
- to save time in researching properties
- to access in-depth real estate knowledge
- to access a wider choice of properties
- to take the stress and emotion out of purchasing a property
- Skills that a real estate agent should possess are:
- high level communication skills
- excellent negotiation skills
- ability to build a rapport with buyers
- an understanding of property values and rental returns, and local property markets
- the ability to match buyers with suitable properties
- the ability to promote self and agency
- networking skills
- all above
- c, b, and e only
- Real estate agents keep databases on:
- vendors and available properties only
- vendors only
- buyer’s criteria only
- databases for vendors details and available properties and buyer’s criteria
- When establishing a relationship with a buyer, the agent needs to:
- establish their needs and motivation
- collect details about the kind of property
- collect details about the buyer
- establish timeframes to purchase a property
- check financial details such as approved finance
- all above
- a, b, and c only
- Data gathered about each property should be:
(You may select more than one option)
- analysed against the buyers’ key purchasing criteria
- each property should then be ranked in order of suitability
- given to each buyer so they have a wide choice of properties
- The property report:
- is an opportunity to demonstrate the professionalism of the agency
- should be presented in a consistent way that reflects the agency’s brand
- is also a useful tool for keeping discussions about specific properties on record
- is often made to an agency template
- all above
- Property reports to the vendor based on buyer feedback should:
(You can select more than one option)
- be made in a professional manner
- have focus buyer feedback on price
- confirm that the information and market conditions has been understood
- allow time for the vendor to ask questions
- a and c only
- a,b,c, and d
- Communication and developing rapport with the buyer are important to understand their expectations and property requirements.
This can be achieved by:- Asking open-ended questions
- Spending time detailing buying the process and associated costs
- listen to the buyer’s answers without interrupting, and then paraphrase to show understanding
- respectfully provide feedback on the market reality
- all above
- a, c, and d only
- A real estate agent’s obligation to the buyer includes:
(You can choose more than one option)
- disclosure that they have an exclusive agency with the vendor
- to declare any conflict of or beneficial interest in a property they may show the buyer
- keep the buyer informed of each stage of the negotiations of a purchase price
- obtain the best possible purchase price for the buyer
- all above
- It is during the negotiation stage that disputes are most likely to arise. Agents should:
(You can choose more than one option)- act professionally
- avoid taking any issue personally
- understand that both parties have a vested interest in the negotiation
- option a only
- a, b, and c
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