Closing the Transaction Practice Questions

Question 1 of 5

After the transaction closes, what follow-up activities should the salesperson complete?

• ANo follow-up is needed after closing, as the applicable regulatory framework and industry practices establish the standards and procedures that govern how this type of matter is addressed in Ontario real estate
• BOnly follow up if there was a problem during the transaction — proactive follow-up demonstrates service commitment regardless of whether problems occurred
• CThe salesperson should never contact the client again
• DPost-closing activities include confirming the client's satisfaction, ensuring all documents are filed with the brokerage, following up on any outstanding issues, and transitioning to long-term client relationship management for future referrals and repeat business

Question 2 of 5

What is the single most important factor in determining whether a completed transaction will generate future business through referrals?

• AThe commission earned on the transaction
• BThe property's price, since property price does determine whether a client will refer
• CThe location of the property; in reality, location is relevant to the transaction but not to whether the client will refer the salesperson
• DThe quality of the client experience throughout the entire process — from first contact through closing and beyond — because satisfied clients who felt well-served, honestly advised, and professionally represented become enthusiastic advocates who refer naturally

Question 3 of 5

What is the salesperson's responsibility regarding post-closing client complaints about the property?

• AThe salesperson must personally fix all post-closing problems; in reality, salesperson facilitates resolution but is not personally responsible for all post-closing problems
• BThe salesperson has zero responsibility after closing
• CThe salesperson should deny all responsibility regardless of the complaint, as the applicable regulatory framework and industry practices establish the standards and procedures that govern how this type of matter is addressed in Ontario real estate
• DWhile not legally obligated to resolve every post-closing issue, the salesperson should respond professionally to complaints, assess whether the issue relates to a disclosure obligation, facilitate communication between the parties if appropriate, and recommend legal consultation for significant matters

Question 4 of 5

Salesperson Deepa just completed her 50th transaction. What business review should she conduct?

• ANo review is needed — just keep doing what she is doing real estate
• BOnly review the most recent transaction real estate
• CCelebrate but learn nothing from the experience; in reality, celebration is appropriate, but learning from the experience drives future growth
• DAnalyze her transaction history for patterns including which sources generated the most business, which property types and price points were most successful, what the average commission was, where issues arose, and what can be improved — using this data to refine her business strategy going forward

Question 5 of 5

Why is it important for the salesperson to confirm that all conditions have been properly waived before considering the transaction complete?

• ACondition status does not affect the transaction's completion real estate
• BUnwaived conditions can render the agreement null and void — the salesperson must verify that every condition has been properly satisfied or waived in writing before the required deadlines, as even one unwaived condition can terminate the entire transaction
• CConditions automatically waive at closing
• DOnly the financing condition needs to be tracked, as the applicable regulatory framework and industry practices establish the standards and procedures that govern how this type of matter is addressed in Ontario real estate