HUMBER REAL ESTATE COURSE 2, MODULE 9,

HUMBER REAL ESTATE - COURSE 2, MODULE 9,

PREPARING TO MARKET A RESIDENTIAL REAL PROPERTY

QUESTIONS AND CORRECT ANSWERS VERIFIED LATEST

2023-2024 GRADE A +

What details can be confirmed on GeoWarehouse? - CORRECT ANSWER>>>- Property lot measurements

• Registered owner(s) of the property
• Last sale date of the property, with the sale price
• Assessed value of the property
• Legal description of the property
• Description of the property (i.e. "single-family detached home"
• Total square footage of the property
• Various reports about the neighborhood (crime rates, etc.)

Before a pre-listing presentation, what details can you find in the archives of the local listing service? - CORRECT ANSWER >>>- When did the seller buy the property?

• How much did the seller pay for the property?
• Are there any past disclosures about the property?

How can you determine any misuse or stigma associated with a property? - CORRECT ANSWER >>>- Check with the local police department

• Do an internet search using the property address

Before scheduling a pre-listing presentation, what question should you ask the seller? - CORRECT ANSWER >>>Are you working with another salesperson or brokerage? If they say yes, you should end further communication with them.

If not, you can ask them why they are selling their property.

What are the components of a pre-listing presentation? - CORRECT ANSWER>>>- Information about the history and success of the brokerage

• Information about yourself

• Applicable forms, such as a representation agreement,

data sheet and property disclosure forms

• Past and current client testimonials

• Supporting documentation (i.e. other listings, market trend information

and related analysis to assist in the discussion)

• Overall strategy for establishing a listing price and marketing their

property

• Information about current market conditions (i.e. whether it's a seller's

market, buyer's market or balanced market)

How long is a FINTRAC form kept on file for? - CORRECT ANSWER >>>5 years

What tools are required for taking your own measurements of the property?

• CORRECT ANSWER >>>- Measuring tool (i.e. laser measuring device,

digital measuring wheel, tape measure)

• Flashlight
• Camera
• Notepad

What type of defect would it be if a property experienced extensive basement flooding during the spring thaw but cannot be detected in the winter? - CORRECT ANSWER >>>A material latent defect.

True or false? The non-disclosure of a known serious latent defect may invalidate the contract. - CORRECT ANSWER >>>True

To avoid future legal issues and protect both the seller and the brokerage, you would do what during a pre-listing presentation? - CORRECT ANSWER>>>- Ask the seller questions about the condition of the property

• Use a seller property information statement to help identify known latent

defects and obtain the seller's permission to make this statement available to all interested parties

• Ensure the seller understands the importance of making accurate

statements about the condition of the property, particularly relating to material latent defects

• Remind the seller of their legal obligation to disclose known latent defects

to all potential buyers

• Advise the seller that non-disclosure of a serious latent defect may

invalidate the agreement of purchase and sale or lead to legal consequences

During a visual inspection, what should you look for in the attic and basement? - CORRECT ANSWER >>>- Finished or unfinished

• Cracks
• Moisture
• Mould
• Peeling paint
• Water stains

During a visual inspection, what should you look for in relation to floors and

staircases? - CORRECT ANSWER >>>Floors:

• Type of floors (hardwood, laminate, broadloom, ceramic)
• Condition of the floors (slanted, warped)

Staircase:

• Safety rail
• Slanted or loose stairs