Home Seller's Pop Quiz™

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Test your real estate selling knowledge by taking our Home Seller's Pop Quiz. Whether you're buying or selling a home, knowledge is power. See if you have a genius real estate IQ, or if you might need a little help. If you'd like more home selling information Homes101 has a local real estate agent ready to assist you will all your home selling needs.

What you should know before selling your home...

1. Prior to listing your property for sale on the market, which of these items should you do first?

Check with the title company to see if the title work is up-to-date.
Order an appraisal from a licensed real estate appraiser.
Have a comparative market analysis prepared by a real estate professional in your area.
Fix up the house by painting, landscaping and cleaning all of the closets out.

2. Which of these remodeling/updating items gives the best resale value to the seller?

Remodeling the entire kitchen in an older home.
Adding a deck.
Putting on a new roof.
Installing an in-ground pool.

3. How do you handle disclosing any known defects to your home without losing a buyer?

Have an inspector check your house and provide a report to each prospective buyer.
Fill out a seller's disclosure form to the best of your knowledge and provide it to the prospective purchaser.
Ask a REALTOR® to fill out a disclosure form, they are more experienced to handle the problem.
You don't have to worry about it, the buyer is responsible for finding any defects.

4. The curb appeal is just as important as a nice floor plan and the overall condition of a home.

True
False

5. Which is the biggest benefit of offering buyer concessions when selling your home?

You can raise the price and make it look like a better deal for the buyer.
Your property will usually sell quicker.
You don't have to do as much work to the home.

6. Most sellers that sold their property "by owner" saved all of the commission.

True
False

7. What is a "bridge loan"?

A loan secured by the current home that is used to finance the purchase of a second home and is paid off when the current home sells.
A government loan that does not charge interest until your loan is 15 years old.
A loan that is used when purchasing a government owned property that has access to the use of a public bridge.
None of the above.

8. What is the best way to determine the listing price of your home?

Check in the local newspapers to see what the homes in the immediate neighborhood are asking.
Choose a real estate agent from a reputable company in your area to provide a comparative market analysis on your home.
Look up how much you paid when you purchased your home and add 7% to that figure for each year you have owned the house, minus 3% for age deficiency, then add back in remodeling and addition costs that you incurred.

9. If your home is listed and you have a showing appointment, it is usually best to:

Be there to answer questions the viewers may have.
Leave for the showing, go for a walk, grocery shop or visit the neighbors so they can view the home with their REALTOR®.
Be there to let them in and then leave for part of the time.

10. How could listing my home at a higher commission rate benefit me?

I could raise the selling price higher.
It will attract more REALTORS® to show the house and could cause it to sell more quickly.
It will attract more buyers to drive by.