Multiple Choice
Questions 1) Who is the "principal" in the client-agency relationship?
a) The owner/operator of the agency
b) Could be a prospective purchaser of a property
c) Vendor or Landlord
d) Anyone giving instructions with regard to a real estate transaction
e) a) only f) b), c) and d) only
2) What are some of the things you can do to improve your business relationships?
a) Have a clear contract
b) Get to know your client - be clear on expectations
c) Clarify by asking more questions
d) Be a creative problem solver
e) Stay focused on objectives
f) All of the above
g) a), b) and c) only
3) What questions could you ask to ensure client's expectations are clarified in relation to a property sale transaction?
a) Are the vendors under pressure to sell?
b) Why are they selling? Does anything need to be disclosed?
c) Sale price expectations? Are these in line with the current market?
d) Hidden gems? What did the owners most enjoy about the property?
e) Marketing budget and marketing campaign expectations? f) All of the above g) What type of tenants would the clients prefer in their property?
4) What steps would you take to ensure an "Open for Inspection" transaction met the client's expectations?
a) Ensure you dictate the opening times to the vendor/landlord (it has to be convenient for you)
b) Ensure there is open unrestricted access for prospective tenants/buyers (this overrides vendor/landlord concerns)
c) Ensure you alleviate any concerns the principal has about safety and security (she'll be right mate)
d) All of the above e) None of the above
5) What are the essential elements of a contract?
a) Intention to create legal relations
b) Agreement-offer and acceptance
c) Consideration
d) Legal capacity
e) Consent - certainty of terms and genuine consent
f) Legality
g) All of the above
h) a), d), e) and f) only
6) Why is it important to resolve a client's complaint to their satisfaction?
a) To stay in business long term
b) Best not to expend too much energy on whinging clients and concentrate on new business instead c) To feel good about yourself
ASSESSMENT TASK 2 - Short Answer Questions Please answer in 100-200 words (1-2 paragraphs) ACTIVITY 1 Select 3 of the following real estate transactions: · Listing Property for Sale · Buyer enquiry · Listing Property for Lease · Property Management · Tenant enquiry · Open for Inspection · Property Appraisal etc. For each of your selected transactions, outline what steps you would take to ensure a good agency-client relationship exists. Ensure you use the principle steps as a guide to develop customised points for each type of transaction you have chosen