Real Estate Sales Exam Sales Process 2 — Questions and Answers
Question 1: A buyer submits an offer below asking price. What is the seller's BEST first response?
- Accept immediately to close quickly
- Issue a counteroffer addressing price and terms (Correct answer)
- Reject the offer without response
- Withdraw the property from the market
Correct answer: Issue a counteroffer addressing price and terms
A counteroffer keeps negotiations alive and allows both parties to work toward mutually acceptable terms.
Question 2: Which document gives a real estate agent legal authority to represent a seller?
- Purchase agreement
- Listing agreement (Correct answer)
- Disclosure statement
- Title commitment
Correct answer: Listing agreement
A listing agreement is the contract between the seller and broker authorizing the agent to market and sell the property.
Question 3: During a listing presentation, a seller insists on a price well above market value. What should the agent do?
- Accept the listing at the inflated price to secure the client
- Present comparable sales data and explain pricing consequences (Correct answer)
- Refuse to take the listing under any circumstances
- Agree and plan to reduce the price later without telling the seller
Correct answer: Present comparable sales data and explain pricing consequences
Agents have a duty to provide honest counsel based on market data so sellers can make informed pricing decisions.
Question 4: What is the primary purpose of a buyer needs analysis?
- To determine the buyer's credit score
- To identify the buyer's property requirements, preferences, and budget (Correct answer)
- To qualify the buyer for a specific loan program
- To establish the commission rate
Correct answer: To identify the buyer's property requirements, preferences, and budget
A buyer needs analysis helps the agent match suitable properties to the buyer's specific criteria and financial capacity.
Question 5: A property has been on the market for 90 days with no offers. What adjustment most commonly corrects this?
- Increasing the listing price
- Reducing the listing price (Correct answer)
- Removing all photos from the MLS
- Cancelling all open houses
Correct answer: Reducing the listing price
Extended days on market typically signal overpricing; a price reduction brings the listing in line with buyer expectations.
Question 6: Which closing technique involves summarizing all agreed points and asking the buyer to confirm?
- Urgency close
- Summary close (Correct answer)
- Trial close
- Assumptive close
Correct answer: Summary close
The summary close recaps benefits and agreed terms, making it natural for the buyer to say yes to moving forward.
Question 7: When must an agent present all written offers to the seller?
- Only offers at or above list price
- All written offers, regardless of price or terms (Correct answer)
- Only offers accompanied by a pre-approval letter
- Offers submitted before any open house is held
Correct answer: All written offers, regardless of price or terms
Agents have a fiduciary duty to present all written offers to the seller promptly, regardless of the offer amount.
Real Estate Sales Exam Sales Process 2
A buyer submits an offer below asking price.
What is the seller's BEST first response?