CPPREP4104 Establish Buyer Relationships Assessment Task 1

ASSESSMENT TASK 1 – Multiple Choice Questions

Please review the questions below and select the correct answer, e.g., a or b

1. When acting as a real estate agent, which of the following is true?
   1. an agent can act in a single transaction for both buyer and seller
   2. in a single transaction an agent can only operate for either the buyer or the seller
   3. to collect commission or fees a real estate agent must have a signed agency agreement in place
   4. all above

2. Can a licensed real estate agent offer financial advice about the sale of a property?
   1. yes
   2. no

3. Most real estate agents offer at least two (2) levels of service. These are:
   1. the full search service - property search and shortlist to meet buyer criteria, and negotiation and finalisation of the sale
   2. the negotiation with a buyer on behalf of the vendor
   3. agent finds suitable properties with negotiation left to the buyer
   4. all above
   5. a and b only

4. Two (2) reasons a buyer contacts a real estate agent to find a suitable property could be:
   1. to save time in researching properties
   2. to access in-depth real estate knowledge
   3. to access a wider choice of properties
   4. to take the stress and emotion out of purchasing a property

5. Skills that a real estate agent should possess are:
   1. high level communication skills
   2. excellent negotiation skills
   3. ability to build a rapport with buyers
   4. an understanding of property values and rental returns, and local property markets
   5. the ability to match buyers with suitable properties
   6. the ability to promote self and agency
   7. networking skills
   8. all above
   9. c, b, and e only

6. Real estate agents keep databases on:
   1. vendors and available properties only
   2. vendors only
   3. buyer’s criteria only
   4. databases for vendors details and available properties and buyer’s criteria

7. When establishing a relationship with a buyer, the agent needs to:
   1. establish their needs and motivation
   2. collect details about the kind of property
   3. collect details about the buyer
   4. establish timeframes to purchase a property
   5. check financial details such as approved finance
   6. all above
   7. a, b, and c only

8. Data gathered about each property should be:

(You may select more than one option)

1. analysed against the buyers’ key purchasing criteria
2. each property should then be ranked in order of suitability
3. given to each buyer so they have a wide choice of properties

9. The property report:
   1. is an opportunity to demonstrate the professionalism of the agency
   2. should be presented in a consistent way that reflects the agency’s brand
   3. is also a useful tool for keeping discussions about specific properties on record
   4. is often made to an agency template
   5. all above

10. Property reports to the vendor based on buyer feedback should:

(You can select more than one option)

1. be made in a professional manner
2. have focus buyer feedback on price
3. confirm that the information and market conditions has been understood
4. allow time for the vendor to ask questions
5. a and c only
6. a,b,c, and d

11. Communication and developing rapport with the buyer are important to understand their expectations and property requirements.
    This can be achieved by:
    1. Asking open-ended questions
    2. Spending time detailing buying the process and associated costs
    3. listen to the buyer’s answers without interrupting, and then paraphrase to show understanding
    4. respectfully provide feedback on the market reality
    5. all above
    6. a, c, and d only
12. A real estate agent’s obligation to the buyer includes:

(You can choose more than one option)

1. disclosure that they have an exclusive agency with the vendor
2. to declare any conflict of or beneficial interest in a property they may show the buyer
3. keep the buyer informed of each stage of the negotiations of a purchase price
4. obtain the best possible purchase price for the buyer
5. all above

13. It is during the negotiation stage that disputes are most likely to arise. Agents should:
    (You can choose more than one option)
    1. act professionally
    2. avoid taking any issue personally
    3. understand that both parties have a vested interest in the negotiation
    4. option a only
    5. a, b, and c