Real Estate Selling Your Home Quiz

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| By Chasferr

Chasferr

Community Contributor

Quizzes Created: 1 | Total Attempts: 196

Questions: 9 | Attempts: 196 | Updated: Mar 19, 2023

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This evaluates your knowledge about selling your home. It is the quiz to the online Selling Real Estate Class. The Class is located ad http://phoneixsolutions. Mortgagexsites. Com/realestatequiz.

Questions and Answers

1.

What is your property worth?
- A.
  
  My property is worth what I need for it.
- B.
  
  My property is worth what the county appraised it for
- C.
  
  My property is worth what like properties in my area have recently sold for.
- D.
  
  My property is worth what like properties in my area have sold for in the past.
Correct Answer
C. My property is worth what like properties in my area have recently sold for.

Explanation
The correct answer is "My property is worth what like properties in my area have recently sold for." This answer suggests that the value of the property is determined by the market and the recent sales prices of similar properties in the same area. It implies that the value of the property is not subjective or based on personal needs or appraisals, but rather on the actual market value determined by recent sales data.

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2.

What does an Appraiser do?
- A.
  
  An Appraiser sets the value of your property
- B.
  
  An Appraiser give an opinion of the value of the property. He creates an appraisal to validate the price someone was willing to pay for a property in many cases
Correct Answer
B. An Appraiser give an opinion of the value of the property. He creates an appraisal to validate the price someone was willing to pay for a property in many cases

Explanation
An appraiser is responsible for giving an opinion on the value of a property. They create an appraisal report that validates the price someone is willing to pay for a property. This report helps in determining the fair market value of the property and is often used by lenders, buyers, and sellers in real estate transactions. The appraiser's role is crucial in ensuring that the property is accurately priced and that all parties involved have a clear understanding of its value.

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3.

You should price your property based upon what you need.
- A.
  
  Yes
- B.
  
  No
Correct Answer
B. No

Explanation
This answer implies that pricing a property based solely on personal needs or preferences is not recommended. Instead, it is advisable to consider market conditions, comparable sales, and other factors that determine the value of the property. Relying solely on personal needs may lead to an unrealistic or uncompetitive price, which could negatively impact the sale or rental process.

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4.

If you are person good at sales to sell my property.
- A.
  
  Yes
- B.
  
  No
Correct Answer
B. No

Explanation
The given answer "No" suggests that the person is not good at sales to sell the property. This implies that they do not possess the necessary skills or experience in sales to successfully market and sell the property.

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5.

What is more likely to sell my home for the highest price and in the shortest amount of time?My Quiz
- A.
  
  Good Salesmanship
- B.
  
  Exposing your property to many qualified buyers
Correct Answer
B. Exposing your property to many qualified buyers

Explanation
Exposing your property to many qualified buyers is more likely to sell your home for the highest price and in the shortest amount of time. By reaching a larger pool of potential buyers, there is a higher chance of finding someone willing to pay a higher price for the property. Additionally, qualified buyers are more likely to be serious and ready to make a purchase, reducing the time it takes to close a deal. Good salesmanship is important, but without a wide exposure to qualified buyers, it may not lead to the desired outcome.

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6.

Which property is more likely to obtain a higher price.
- A.
  
  A property exposed to 5 people
- B.
  
  A property exposed to 1000 people
Correct Answer
B. A property exposed to 1000 people

Explanation
A property that is exposed to 1000 people is more likely to obtain a higher price. This is because a higher number of potential buyers increases the demand for the property, leading to a higher competition among buyers. With more people interested, the property has a greater chance of receiving multiple offers and potentially driving up the price. In contrast, a property exposed to only 5 people has a significantly smaller pool of potential buyers, resulting in less competition and potentially a lower price.

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7.

Which property is most likely to sell in shortest amount of time?
- A.
  
  A property exposed to 5 people
- B.
  
  A property exposed to 1000 people
Correct Answer
B. A property exposed to 1000 people

Explanation
A property exposed to 1000 people is most likely to sell in the shortest amount of time because the more people who are aware of the property, the higher the chances of finding a potential buyer quickly. With a larger pool of potential buyers, there is a greater likelihood of receiving multiple offers and generating more interest in the property, ultimately leading to a faster sale.

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8.

What does MLS stand for?
- A.
  
  Multiple Listing Service
- B.
  
  It doesn't stand for anything
Correct Answer
A. Multiple Listing Service

Explanation
MLS stands for Multiple Listing Service. This is a database used by real estate agents and brokers to share information about properties that are for sale. It allows agents to access and search for available properties, view property details, and share information with clients. The MLS is a valuable tool for the real estate industry as it helps streamline the buying and selling process by centralizing property information and making it easily accessible to agents.

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9.

What service does the MLS perform?
- A.
  
  This service exposes properties to all real estate agents in their service areas.
- B.
  
  It only stores listing information
Correct Answer
A. This service exposes properties to all real estate agents in their service areas.

Explanation
The MLS performs the service of exposing properties to all real estate agents in their service areas. It does not only store listing information, but also ensures that all real estate agents have access to the listings in order to better serve their clients. This allows for a wider reach and increased visibility of properties, ultimately benefiting both buyers and sellers in the real estate market.

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Current Version
Mar 19, 2023

Quiz Edited by
ProProfs Editorial Team
Apr 07, 2010

Quiz Created by
Chasferr

Real Estate Selling Your Home Quiz

What is your property worth?

What does an Appraiser do?

You should price your property based upon what you need.

If you are person good at sales to sell my property.

What is more likely to sell my home for the highest price and in the shortest amount of time?My Quiz

Which property is more likely to obtain a higher price.

Which property is most likely to sell in shortest amount of time?

What does MLS stand for?

What service does the MLS perform?