Humber Real Estate - Course 2, Module 9, Preparing to Market a Residential Real Property Already Graded A

Humber Real Estate - Course 2, Module 9, Preparing to Market a Residential Real Property Already Graded A What details can be confirmed on GeoWarehouse? - Property lot measurements - Registered owner(s) of the property - Last sale date of the property, with the sale price - Assessed value of the property - Legal description of the property - Description of the property (i.e. "single-family detached home" - Total square footage of the property - Various reports about the neighbourhood (crime rates, etc.) Before a pre-listing presentation, what details can you find in the archives of the local listing service? - When did the seller buy the property? - How much did the seller pay for the property? - Are there any past disclosures about the property? How can you determine any misuse or stigma associated with a property? - Check with the local police department - Do an internet search using the property address Before scheduling a pre-listing presentation, what question should you ask the seller? Are you working with another salesperson or brokerage? If they say yes, you should end further communication with them. If not, you can ask them why they are selling their property. What are the components of a pre-listing presentation? - Information about the history and success of the brokerage - Information about yourself - Applicable forms, such as a representation agreement, data sheet and property disclosure forms - Past and current client testimonials - Supporting documentation (i.e. other listings, market trend information and related analysis to assist in the discussion) - Overall strategy for establishing a listing price and marketing their property - Information about current market conditions (i.e. whether it's a seller's market, buyer's market or balanced market) How long is a FINTRAC form kept on file for? 5 years What tools are required for taking your own measurements of the property? - Measuring tool (i.e. laser measuring device, digital measuring wheel, tape measure) - Flashlight - Camera - Notepad What type of defect would it be if a property experienced extensive basement flooding during the spring thaw but cannot be detected in the winter? A material latent defect. True or false? The non-disclosure of a known serious latent defect may invalidate the contract. True To avoid future legal issues and protect both the seller and the brokerage, you would do what during a pre-listing presentation? - Ask the seller questions about the condition of the property - Use a seller property information statement to help identify known latent defects and obtain the seller's permission to make this statement available to all interested parties - Ensure the seller understands the importance of making accurate statements about the condition of the property, particularly relating to material latent defects - Remind the seller of their legal obligation to disclose known latent defects to all potential buyers - Advise the seller that non-disclosure of a serious latent defect may invalidate the agreement of purchase and sale or lead to legal consequences During a visual inspection, what should you look for in the attic and basement? - Finished or unfinished - Cracks - Moisture - Mould - Peeling paint - Water stains During a visual inspection, what should you look for in relation to floors and staircases? Floors: - Type of floors (hardwood, laminate, broadloom, ceramic) - Condition of the floors (slanted, warped) Staircase: - Safety rail - Slanted or loose stairs - A large number of stairs that would be a problem for a person with limited mobility During a visual inspection, what should you look for in relation to the foundation? - Cracks - Efflorescence (indicates previous presence of moisture) During a visual inspection, what should you look for in relation to heating, ventilation and air conditioning (HVAC)? - Type of heating source (e.g. electric, gas, ground source, oil, propane, solar or wood) - Type of air conditioning (e.g. packaged or central air) During a visual inspection, what should you look for in relation to plumbing and wiring? Plumbing: - Kitec plastic plumbing - Pipes (e.g. lead, galvanized metal, cast iron) - Insulated pipes (possible asbestos insulation) - Leaks - Out-of-date systems Wiring: - Knob-