Selling a home can be one of the biggest decisions of your life, and the ensuing process can be one of the most stressful. Selecting a reliable and experienced listing agent is a good way to lighten the load, but you still need to know the ins and outs of home selling to keep your agent honest. Take this quiz to see just how savvy you are when it comes to selling a home.
According to the National Association of Realtors, houses sold through an agent sell for how much more than homes sold by owner, on average?
5 to 6 percent
1 to 2 percent
3 to 11 percent
Agents have marketing knowledge and connections that allow them to draw more prospective buyers to homes, which almost always results in a final sales price that is 3 to 11 percent higher.
Listing agents have access to the MLS (Multiple Listing Service). What is the MLS?
a database of other real estate agents
a database of local homes that are listed for sale
The MLS is a database of homes for sale that can help agents find recent comparable sales, and expose your listing to buyers' agents and other brokers so that a home attracts a maximum number of interested buyers.
a software program that calculates fair market value
a software program that helps draft listing agreements
What is the difference between a Realtor and other listing agents?
Nothing, they are the same thing.
Realtors are real estate agents that belong to the National Association of Realtors.
As members of the National Association of Realtors, Realtors follow a stricter code of ethics and complete more educational training than other agents. But a real estate agent does not need to be a Realtor to legally work as an agent.
Realtors are licensed by the state; other agents are not.
A Comparative Market Analysis (CMA) is a useful tool in selecting a listing agent. What is the purpose of a CMA?
a method of comparing different agents' marketing strategies
a method of comparing an agent's commissions to other agents
a method of judging the overall health of the real estate market
a method of calculating a listing price using recent sales statistics of homes similar to yours
An agent should be able to present you with a CMA when you interview them that provides a listing price they've generated using recent sales statistics of homes similar to yours. If the analysis is consistent with your own research of market values in your area, it's a sign of a skilled agent.
Which of the following is NOT a good way to find referrals for listing agents?
by looking at billboards
Just because an agent has a large amount of publicity and advertising doesn't mean they are the best choice. Ask people you trust who have recently sold a home, and professionals who frequently work with agents, to find good referrals.
True or False: You should always choose the listing agent who has the most completed sales in your area.
Agents with extremely high volume may not offer the personal attention that you need in a listing agent. If they don't return your calls and you're constantly dealing with an assistant, you aren't getting what you need from them.
What information should you disclose to your listing agent before you have signed a listing agreement with them?
Before signing an agreement, don't tell the agent anything you don't want being passed around to other agents and prospective buyers. Wait until you have legally agreed to work together before giving away sensitive information.
the reason you are selling your home
your opinions on how your house will do in the market
what problems you might run into in selling your house
In some states, it is illegal to disclose to buyers a recent death resulting from which of the following illnesses?
States have different laws governing whether you need to let buyers know about deaths that have occurred in your home. In some states that require those disclosures, AIDS-related deaths are exempt as a civil rights protection.
What quality should you look for in a listing agent?
membership in the National Association of Realtors
specialization with only certain types of properties
Specialization with properties similar to your own shows that your agent has experience that will help get the best price for your home. If they have worked in a very wide geographical area, with a wide variety of properties, they may not be as knowledgeable about your specific niche.