Quick Knowledge Check

Before moving on, take a moment to reflect on what you’ve learned in this module. The short quiz below is designed to help you track your understanding and highlight anything you may want to revisit.

QUIZ

1.Which step comes first in the property purchase process?

A. Paying a deposit

B. Instructing a solicitor

C. Contacting the client

D. Completion

2. What does the Decision in Principle (DIP) help establish?

A. The amount of the reservation fee

B. The buyer's financial capacity

C. Property ownership rights

D. The legal process timeline

3. What happens after a buyer's offer is accepted?

A. Signing of contracts

B. Viewing of properties

C. Payment of a reservation feе

D. Contacting the seller

4. What percentage of the deposit is paid when contracts are exchanged?

A. 1-5%

B. 30-40%

C. 5-10%

D. 45-55%

5. What is typically arranged during the property search step?

A. Viewing properties that fit the budget

B. Meeting with designers

C. Instructing a solicitor

D. Negotiating with a developer

6. At what stage is the remainder of the property's balance paid?

A. Exchange

B. Completion

C. Reservation

D. Offer

7. What document is signed during the exchange stage?

A. Reservation form

B. Sales and Purchase Agreement

C. Property Ownership Form

D. Offer Confirmation Form

8. Which of the following is a tip for securing clients in real estate?

A. Avoid presenting less attractive options

B. Create urgency with genuine market conditions

C. Focus only on presenting expensive properties

D. Avoid highlighting investment opportunities

Answers

1. C, 2. B, 3. С, 4. С, 5. A, 6. B, 7. B, 8. B