Flashcards on Estate Agents and Property Transactions
Estate Agents and Property Transactions: A Student Guide
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Estate Agents
9 cards
Card 1
Question: What is an estate agent?
Answer: A company licensed and registered with the Estate Agency Affairs Board (EAAB) that helps people buy and sell property.
Card 2
Question: List three tasks an estate agent performs for buyers.
Answer: Analyse the buyer's needs; find homes within the buyer's price range that suit those needs; guide the buyer through making offers and assist with form
Card 3
Question: How does an estate agent assist sellers?
Answer: They advise sellers on how to make their home more marketable and help negotiate terms acceptable to both buyer and seller.
Card 4
Question: Who pays the estate agent's fee or commission?
Answer: The seller pays the estate agent's fee or commission.
Card 5
Question: What is a sole mandate?
Answer: A sole mandate is when a seller signs with one agent, giving that agent the sole right to sell the house; that agent can claim commission if another a
Card 6
Question: What is a dual mandate and an open mandate?
Answer: A dual mandate is when a seller appoints two agents; an open mandate is when a seller appoints many agents. The agent who secures the sale receives th
Card 7
Question: What role does an estate agent play in arranging property viewings?
Answer: They approach the seller to set up an appointment for the buyer to view the property.
Card 8
Question: How do estate agents help during the negotiation process?
Answer: They help negotiate terms that are acceptable to both buyer and seller.
Card 9
Question: Besides the house, what else can be used as collateral according to the content?
Answer: A policy can also be used as collateral.