Humber Real Estate - Course 2, Module 9, Preparing to
Market a Residential Real Property 2023 Questions and
Answers
- 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 neighbourhood (crime rates, etc.)
What details can be confirmed on GeoWarehouse?
- When did the seller buy the property?
- How much did the seller pay for the property?
- Are there any past disclosures about the property?
Before a pre-listing presentation, what details can you find in the archives of the local
listing service?
- Check with the local police department
- Do an internet search using the property address
How can you determine any misuse or stigma associated with a property?
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.
Before scheduling a pre-listing presentation, what question should you ask the seller?
- 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)
What are the components of a pre-listing presentation?
5 years
How long is a FINTRAC form kept on file for?
, - Measuring tool (i.e. laser measuring device, digital measuring wheel, tape
measure)
- Flashlight
- Camera
- Notepad
What tools are required for taking your own measurements of the property?
A material latent defect.
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?
True
True or false? The non-disclosure of a known serious latent defect may invalidate the
contract.
- 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
To avoid future legal issues and protect both the seller and the brokerage, you would do
what during a pre-listing presentation?
- Finished or unfinished
- Cracks
- Moisture
- Mould
- Peeling paint
- Water stains
During a visual inspection, what should you look for in the attic and basement?
Floors:
- Type of floors (hardwood, laminate, broadloom, ceramic)
- Condition of the floors (slanted, warped)
Staircase:
- Safety rail
- Slanted or loose stairs
- A large number of stairs that would be a problem for a person with limited
mobility
During a visual inspection, what should you look for in relation to floors and staircases?
Market a Residential Real Property 2023 Questions and
Answers
- 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 neighbourhood (crime rates, etc.)
What details can be confirmed on GeoWarehouse?
- When did the seller buy the property?
- How much did the seller pay for the property?
- Are there any past disclosures about the property?
Before a pre-listing presentation, what details can you find in the archives of the local
listing service?
- Check with the local police department
- Do an internet search using the property address
How can you determine any misuse or stigma associated with a property?
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.
Before scheduling a pre-listing presentation, what question should you ask the seller?
- 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)
What are the components of a pre-listing presentation?
5 years
How long is a FINTRAC form kept on file for?
, - Measuring tool (i.e. laser measuring device, digital measuring wheel, tape
measure)
- Flashlight
- Camera
- Notepad
What tools are required for taking your own measurements of the property?
A material latent defect.
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?
True
True or false? The non-disclosure of a known serious latent defect may invalidate the
contract.
- 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
To avoid future legal issues and protect both the seller and the brokerage, you would do
what during a pre-listing presentation?
- Finished or unfinished
- Cracks
- Moisture
- Mould
- Peeling paint
- Water stains
During a visual inspection, what should you look for in the attic and basement?
Floors:
- Type of floors (hardwood, laminate, broadloom, ceramic)
- Condition of the floors (slanted, warped)
Staircase:
- Safety rail
- Slanted or loose stairs
- A large number of stairs that would be a problem for a person with limited
mobility
During a visual inspection, what should you look for in relation to floors and staircases?
