Final Written Exam - Choice Academy

When it comes to pricing a house, what are the three truths?2 pts

Price, terms, and time The market's truth, your truth (the seller's), and my truth (the agent's) The list price, the appraised price, and the sold price The actives, the pendings, and the solds

What are the three pricing strategies we present?2 pts

Aggressive, moderate, and conservative Anchor high, meet the market, and undercut Market perception of value, aspirational, and event-based Retail, wholesale, and auction

What makes up the seller's truth?2 pts

Their timeline, their minimum acceptable number (the kick-rocks floor), and their happy number Their mortgage payoff, their repair budget, and their moving costs What they paid, what they owe, and what they want Their asking price, the appraisal, and the best offer

What is the agent's truth in the pricing conversation?2 pts

The CMA number the agent computed before arriving The agent's gut feel from years of experience The commission the agent needs to make the deal work Strategy: the pricing strategy and the marketing behind it

What makes up the market's truth, and what does each piece tell us?3 pts

Actives (our competition), contingents and pendings (commitments: what worked and how fast), and solds (history: what appraisers and buyer's agents anchor on) Solds (our competition), actives (history), and expireds (what did not work) The Zestimate, the tax assessment, and the appraisal Days on market, list-to-sold ratio, and absorption rate

In what order do we ask the seller-truth questions, and why?3 pts

High number first to aim big, then the low number, then timing Timing first, then the low number, then the high number: once a seller admits the low end they are far less likely to shoot for the stars on the high end Low number, then high number, then timing, so the numbers stay together Any order works as long as all three get asked

At what point in the presentation do we pull comparables?3 pts

Before the appointment, so the number is ready at the door During the grand tour, room by room After the seller picks a pricing strategy: strategy first, then numbers Only if the seller asks for data

What word do we never say for market data, and what do we say instead?1 pt

Never "comparables", always "comps" Never "data", always "evidence" Never "comps", always "comparables" Never "market", always "neighborhood"

Which pricing strategy fits: "I just want to know what the market says it's worth"?2 pts

Aspirational Event-based Market perception of value None: that seller is not ready to price

Which pricing strategy fits: "It doesn't matter if it sells, I just want what I want"?2 pts

Aspirational Market perception of value Event-based Guaranteed Sale

Which pricing strategy is built on fear of missing out and the broadest buyer attention?2 pts

Aspirational Event-based, positioned slightly below perceived market value Market perception of value Coming-soon pre-marketing

A seller says "I really don't want to price it low." Which strategy are they afraid of, and what do you tell them?2 pts

Aspirational: tell them high prices scare buyers away Market perception of value: tell them the market is always right Event-based: reassure them it is slightly below perceived market value to create competition, not a giveaway All three: suggest waiting for a better market

What is the critical warning about getting the price wrong by even 5% in today's market?3 pts

The appraisal will come in low and kill the deal You burn the early-interest window: the launch traffic never materializes and you may not get showings at all The seller will fire you inside 30 days Nothing serious: a quick price drop fixes it

Why do we ask "At what price would you tell me to kick rocks?"1 pt

To find their true floor, the lowest acceptable number To test whether they have a sense of humor To anchor them on a high number To find out what they owe on the house

Why do we ask "Can you confirm the price for me?" in a preview?2 pts

To get the price on record for the file Because the MLS requires a confirmed price To open a negotiation about the commission It measures their confidence in the number in real time, and it sets up "Where did that number come from?"

What question do we never ask at the front door?1 pt

"How long have you lived here?" "How are you?": it invites objections and complaints before you've built anything "Is now still a good time?" "Mind if I take notes?"

When does the listing appointment actually start?2 pts

When you sit down at the table When the pre-frame is delivered The moment they can see or hear you: you are on stage from the curb When the tour begins

What is the main purpose of the grand tour?2 pts

To measure the rooms for the MLS input sheet To spot repairs the seller needs to make before listing To let the seller warm up before the hard questions Two jobs: gather the ammo (input-sheet and public-remarks selling points, what they love about the house) and build rapport

Mid-tour the seller starts asking about price and marketing. What do you do?2 pts

Answer briefly so you do not seem evasive Defer politely and keep control: write it down and promise every question gets answered when you sit down. Never price in the hallway Stop the tour and go straight to the pricing conversation Give a range now and confirm it later with comparables

During the marketing walkthrough, what kind of questions keep the seller engaged?2 pts

Open-ended discovery questions about their motivation Trial closes asking for the signature Tie-downs: "Does that make sense?" "Is that fair?" "You with me?" Silence: the deck should speak for itself

Why does the nowhere-to-run sequence work?2 pts

It wears the seller down until they stop objecting It proves the agent knows the market better than the seller By the time you reach the triple threat they have agreed so many times that curiosity is the natural next step; the agents who have it memorized turn previews into listings more than anyone else It is required by the brokerage before any pricing conversation

What is the purpose of the pre-marketing (coming soon) phase?1 pt

Build the line out the door before showings start Give the seller time to finish repairs Test the price before it counts against days on market Satisfy the MLS listing requirements

Why do we invite the neighborhood to the grand opening? (Three reasons.)3 pts

Free food brings crowds; crowds bring offers; offers bring news coverage Bodies and cars create in-demand signals for real buyers; neighbors are future listings; renters in the neighborhood may want to buy the house Neighbors keep an eye on the house, spread gossip, and water the plants It is a Clear Cooperation requirement in both TN and GA

Why do we launch on Thursdays?4 pts

The MLS refreshes its feeds on Thursday mornings It gives the photographer a full week to deliver Fridays are too crowded with other new listings It's the most heavily trafficked shopping day for buyers planning weekend showings

Recite the exposure equation.3 pts

Maximum money comes from maximum offers, which come from maximum showings, which come from maximum exposure Maximum exposure comes from maximum price, which comes from maximum marketing Maximum offers come from maximum open houses, which come from maximum signage Maximum money comes from minimum days on market, which comes from minimum price

What are the three options for a coming-soon photo, worst to best?3 pts

Drone shot, twilight shot, interior shot Last listing's photo, a new cellphone photo, a virtual rendering Worst: a cellphone or seller-supplied photo. Middle: an agent-shot horizontal exterior edited through Box Brownie. Best: professional photos, because we planned the timeline to get them before coming soon Any photo works: coming soon is about the price, not the picture

Why do we draw the pricing and marketing out visually?2 pts

It slows the meeting down so nothing gets missed People are visual learners: when they see it, it becomes concrete and they retain it It fills time while the comparables print Sellers expect a slide deck from a professional

Why do open houses matter even more in today's environment?3 pts

Zillow ranks listings with open houses higher in search They are the only legal way to show a coming-soon listing Since the 2024 rules, buyers hesitate to sign single-property touring agreements: the open house is no-commitment access, so it pulls extra traffic Sellers expect them, so skipping one costs the listing

Seller: "My last agent already did photos, MLS, Facebook, and an open house. This seems no different." What is the right response?4 pts

Explain that your photos and open houses are simply higher quality than the last agent's Agree that the basics are the same and compete on commission instead Show them the marketing budget spreadsheet to prove the difference "Of course, that's the bare minimum every agent should do. That's like checking into a hotel and being congratulated that your room has a bed. Now let me show you what you only get when you hire us," then differentiate with the Exclusive Listing Offerings

Explain the Guaranteed Sale program correctly.4 pts

We agree on a price together from the market data. If we get an offer acceptable to you below that price and I can't negotiate it up, we pay the difference out of our commission, up to 100% of it. Includes Zillow Showcase; minimum 30-day contract; convert to Hassle Free anytime If the house doesn't sell in 90 days, Choice Homes buys it at the agreed price We automatically drop the price every two weeks until the house sells, guaranteed We guarantee a minimum number of showings in the first month or the listing is free

Complete the line: "While we do have different compensation plans, we don't ___ to make up for them."3 pts

raise the price discount the marketing or the service: three programs, one standard, we never do less cut the photographer extend the contract length

Complete the line: "Choice Homes is a ___-over-promise kind of business."1 pt

performance results proof service

"We tried listing before and didn't get offers." Objection or condition, and why?2 pts

Condition: the market already rejected the house once Objection: it's overcome-able. The pricing or the marketing failed, not the sale itself Condition: past performance predicts future results Neither: it's small talk

What are a seller's three universal priorities?1 pt

Speed, convenience, and privacy Price, marketing, and communication Equity, timing, and certainty Price, terms, and time

Name the major stages of the listing appointment, start to finish.5 pts, graded by Drew or Sydney

The seller wants to price the house based on the debt they owe. What is the deeper issue, and how do you advise them? Write it the way you would say it.4 pts, graded by Drew or Sydney

"My mom is a realtor and she's going to list it." Objection or condition? Respond the way you would in the living room.4 pts, graded by Drew or Sydney

Locked until all 8 modules are passed