Real Estate Sales Exam FREE Real Estate Sales Process Question and Answers 2

Question 1

During a real estate transaction, when does the buyer typically submit earnest money?

Accepted Answer

After the purchase agreement is signed

Answer

Before viewing the property

Answer

At the final closing

Answer

After the home inspection period ends

Question 2

What is the primary purpose of a Comparative Market Analysis (CMA) in the sales process?

Accepted Answer

To determine an appropriate listing price

Answer

To calculate the buyer's mortgage payment

Answer

To assess property tax obligations

Answer

To estimate closing costs

Question 3

Which of the following is considered a counteroffer in a real estate negotiation?

Accepted Answer

The seller accepts the offer but changes the closing date

Answer

The seller rejects the offer outright

Answer

The buyer withdraws the offer

Answer

The listing agent refuses to present the offer

Question 4

What typically triggers the due diligence period in a residential real estate sale?

Accepted Answer

Mutual acceptance of the purchase agreement

Answer

The listing of the property on MLS

Answer

The buyer's pre-approval for a mortgage

Answer

The seller's disclosure statement delivery

Question 5

In a real estate closing, what does the term 'proration' refer to?

Accepted Answer

Dividing shared expenses between buyer and seller based on the closing date

Answer

Calculating the agent's commission split

Answer

Determining the loan origination fee percentage

Answer

Adjusting the purchase price after appraisal

Question 6

Which document provides the buyer with a detailed breakdown of all closing costs and financial terms of the transaction?

Accepted Answer

Closing Disclosure

Answer

Listing agreement

Answer

Title commitment

Answer

Purchase agreement