Fact or Fiction: Real Estate Agents

14 PLAYS

Staff

4 Min Quiz

Image: refer to hsw

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.

While there are many other duties involved in the career, this is the classic job of a real estate agent.

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Real estate agents not only know neighborhoods, but also specific homes and their floor plans.

Knowing all about the homes in a neighborhood is another time-saving service that an experienced agent will bring to a buyer.

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Real estate agents provide detailed data on prices of comparable homes on the market.

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.

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Real estate agents show homes that are for sale but not advertised in addition to those that are advertised.

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.

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Real estate agents provide loans to buyers.

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.

While agents don't typically issue the loans, they stay in touch with the mortgage brokers to make sure funding comes in on deadline.

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Real estate agents conduct formal home inspections.

Typically, home inspections are carried out by experts who specialize in building codes and home construction.

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Real estate agents spot defects in a home that an amateur might miss.

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.

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Real estate agents will file lawsuits against sellers who fail to disclose defects.

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.

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Real estate agents handle the detailed paperwork on disclosures, offers and counteroffers.

While they aren't lawyers, some real estate agents are so familiar with the paperwork, they could fill it out in their sleep.

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