Cha-ching: Test Your Home Selling Smarts Quiz
by Staff
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
  • 10 to 12 percent

What is the typical commission charged by real estate listing agents?

  • 5 to 6 percent
  • 6 to 7 percent
  • 7 to 8 percent
  • 8 to 9 percent

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
  • 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.
  • Realtors are licensed by the state; other agents are not.
  • Realtors are paid higher commissions.

True or False: You should always choose the listing agent who offers to list your home for the highest amount.

  • TRUE

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

Which of the following is NOT a good way to find referrals for listing agents?

  • by looking at billboards
  • by asking trusted friends
  • by asking real estate lawyers
  • by asking mortgage lenders

True or False: You should always choose the listing agent who has the most completed sales in your area.

  • TRUE

What information should you disclose to your listing agent before you have signed a listing agreement with them?

  • nothing
  • 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?

  • cancer
  • AIDS
  • heart disease
  • diabetes

True or False: The longer a home is on the market, the better the final sales price will usually be.

  • TRUE

Which of the following is the best thing to tell your listing agent about the price you expect for your home?

  • nothing, let them do the talking
  • the lowest price you would ever accept
  • a price that will make you a certain amount of equity
  • a price equal to a recent property tax valuation

Which of the following disclosures about your financial situation should you make to your listing agent?

  • that you lost your job
  • the amount of your debt
  • all of the above
  • none of the above

State laws require that you disclose which of the following facts about your listed home to prospective buyers?

  • what color paint you have used in the past
  • whether the home has high speed Internet connectivity
  • serious damage to the home
  • the house is haunted

True or False: You should tell your listing agent if you are selling your house because of a divorce.

  • TRUE

True or False: You should tell your listing agent if you are selling your house because of a serious illness.

  • TRUE

How long should a listing agreement be in effect without a sale before it expires?

  • three months, at most
  • one year, at least
  • exactly six months
  • exactly one month

What quality should you look for in a listing agent?

  • membership in the National Association of Realtors
  • specialization with only certain types of properties
  • experience in a wide geographical area
  • experience with many different types of homes

Federal law provides protection against discrimination for home buyers making offers on a home. Which of the following is NOT a protected status at the federal level?

  • race
  • criminal history
  • religion
  • handicap

True or False: An agent's recently completed sales should have a high average number of days on the market (DOM)?

  • TRUE