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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

QUIZ: NEGOTIATION

 To succeed in real estate, you must master the art of negotiation. Your ability to handle emotional clients, present solid counteroffers, and overcome objections will set you apart from your competitors. Take this quiz to see how your negotiating skills measure up.

1.The best way to handle an emotional client during a negotiation is to:
Get out of the way and let the emotions run their course
Use the emotional outburst as a negotiating tool to get the other side to make a concession
Forcefully tell the seller to get control
Speak calmly to the client and nod in agreement until the client regains control


2.According to psychologist Abraham Maslow's Hierarchy of Needs, the highest need of individuals is:
Security
Affiliation
Self-actualization
Esteem


3.In presenting a counteroffer to buyers, you should:
Tell them that this is as low as the sellers will go
Focus on points of agreement between the parties
Create urgency by reminding buyers that other people may be viewing the house
All of the above


4.If a negotiation seems to be hitting an impasse, you could:
Reiterate areas of agreement
Break the area of disagreement into components and get agreement on one part at a time
Remind the parties what they have to lose if the deal is not consummated
All of the above


5.The best way to overcome buyers’ objection is to:
Clarify the true source of the objection by asking “why”
Just ignore the objection and keep talking
Overwhelm them with statistics to prove to them they are wrong
Agree with their concerns


6 .When presenting an offer, you should:
Summarize the main points to the sellers over the phone first so they have longer to think about it
Summarize the main points of the offer — price and down payment — before presenting every part of the offer
Focus only on the gross sale price the sellers will receive
Avoid considering any negatives about the offer before the presentation


7 .The best way to handle multiple offers is to:
Hold all offers for a week in the hopes of getting a better price
Make counteroffers to all buyers and tell them that whoever responds fastest can buy the house
Consider offers in the order that they were received and registered with the broker
Keep all the buyers guessing so they won’t withdraw their offers


8 .When presenting a counteroffer to buyers, you should:
Begin by telling buyers that this is the sellers’ final offer
Hint to buyers that the sellers might accept a lower price than that in the counteroffer
Focus on the points of agreement between the initial offer and the counteroffer
Call the buyers to let them know what the counteroffer is