Image: iStockphoto/sjlocke
About This Quiz
Real estate agents bring valuable expertise and peace of mind to one of the biggest deals most people ever make. But they also have some limitations. Test your knowledge of how real estate agents work!
Real estate agents arrange tours of homes that are for sale.
fact
While there are many other duties involved in the career, this is the classic job of a real estate agent.
fiction
almost fact: They only arrange open houses.
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Real estate agents not only know neighborhoods, but also specific homes and their floor plans.
fact
Knowing all about the homes in a neighborhood is another time-saving service that an experienced agent will bring to a buyer.
fiction
almost fact: They know about specific homes, but not floor plans.
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Real estate agents provide detailed data on prices of comparable homes on the market.
fact
Though most buyers can look online to find many comparable homes on the market, agents work with these data year in and year out and almost always know more than can be found on the Internet.
fiction
almost fact: They can only provide estimated prices of other homes.
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Real estate agents show homes that are for sale but not advertised in addition to those that are advertised.
fact
In some cases, sellers keep the fact that their homes are for sale to themselves. In those cases, only licensed agents have access to the listings.
fiction
almost fact: They only show homes that aren't advertised.
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Real estate agents provide loans to buyers.
fact
fiction
almost fact: Some can provide loans on very rare occasions, but most will refer the buyer to a broker.
Though there are some exceptions, typically most agents will refer a buyer to a mortgage broker instead of handling the loan themselves.
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Real estate agents keep financing on track.
fact
While agents don't typically issue the loans, they stay in touch with the mortgage brokers to make sure funding comes in on deadline.
fiction
almost fact: They only do this with highly qualified buyers.
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Real estate agents conduct formal home inspections.
fact
fiction
Typically, home inspections are carried out by experts who specialize in building codes and home construction.
almost fact: The agent has an inspector on staff to do this.
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Real estate agents spot defects in a home that an amateur might miss.
fact
While the agents typically don't qualify as certified inspectors, they should have the experience to spot a potential wiring problem or a bad roof.
fiction
almost fact: They only spot very obvious defects.
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Real estate agents will file lawsuits against sellers who fail to disclose defects.
fact
fiction
Real estate agents are familiar with the law, but usually they aren't lawyers. You might need your own lawyer to tackle major issues that arise.
almost fact: Real estate agents will hire a lawyer to this for you.
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Real estate agents handle the detailed paperwork on disclosures, offers and counteroffers.
fact
While they aren't lawyers, some real estate agents are so familiar with the paperwork, they could fill it out in their sleep.
fiction
almost fact: They only handle paperwork if you don't understand it.
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You Got:
/10
iStockphoto/sjlocke
