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Power House Training Exam( 19 Sets) Questions with Verified Answers,100% CORRECT
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Champions Powerhouse Training SAE 146 Questions with Verified Answers,100% CORRECT
Champions Powerhouse Training SAE 146 Questions with Verified Answers An area of neighborhoods or sub divisons that is serviced by your firm. - CORRECT... [Show More] ANSWER Geographic Farm A plan by which you develop to gain name recognition - CORRECT ANSWER Marketing Plan Becoming different in your approach through growth and development - CORRECT ANSWER differentiate All the properties in a particular price range, in the area your firm services - CORRECT ANSWER economic farm Words or content by which top producers are using to be successful. - CORRECT ANSWER hot buttons Building _____________________________ comes from developing a marketing plan that is outside the box, something that separates you from others - CORRECT ANSWER Name Recognition How do you learn about your market area? - CORRECT ANSWER Drive it, do open houses, and research it is the process by which the real estate agent finds out what potential clients know and what they need - CORRECT ANSWER receiving six basic fears - CORRECT ANSWER 1. The fear of poverty 2. The fear of criticism 3. The fear of ill health 4. The fear of lost love 5. The fear of death 6. The fear of old age To avoid this fear or to deal with this fear one must have a budget and stick to the budget. - CORRECT ANSWER fear of poverty This fear is one we all must accept. - CORRECT ANSWER fear of criticism Preventative measures are the answer to this fear. Eat to live, not live to eat. - CORRECT ANSWER fear of ill health For this fear, make sure they know today how much you love them. Tell those that are special to you how much they mean to you - CORRECT ANSWER fear of lost love Everyone is going to die. Accept it. Make the most of the time you have with the people you love. - CORRECT ANSWER fear of death What is the alternative to old age? Death? I'll take getting old any day. You are only as old as you act, look and believe. - CORRECT ANSWER fear of old age One of the biggest fears of independent contractors is the fear of the - CORRECT ANSWER unknown Everyone has a sphere of influence (SOI) of at least ------- people - CORRECT ANSWER 150 of your SOI, _____% are either going to buy, sell, or refer a real estate deal in the next 18 months - CORRECT ANSWER 80 Contact your sphere of influence at least _____ times a year, taking no one for granted - CORRECT ANSWER 4 It is better to ___________ promise and ___________ deliver - CORRECT ANSWER under, over Many software packages are represented on the site, offering hours of training video. - CORRECT ANSWER lynda.com CRM - CORRECT ANSWER Customer Relationship Manager Market to your area for a minimum of six months with at least ______ different marketing strategies going at the same time. - CORRECT ANSWER 3 A number of marketing experts recommend that a workable farm should contain between ________________ homes. - CORRECT ANSWER 400 and 500 Pull a "hot sheet" from the MLS and contact at least _____ status changes a week - CORRECT ANSWER 25 Advertise "Just Solds" in your farm, even if ___________________________ - CORRECT ANSWER you did not sell them 3 Step Process for Farming your area: - CORRECT ANSWER Telephone call, mail, and personal visit Agents may not make cold calls to numbers in the - CORRECT ANSWER National Do-not-call Registry The Federal Trade Commission (FTC) fines telemarketing companies up to $_______________ for each call to a member of the Do-Not-Call list. - CORRECT ANSWER 16,000 Tips for this generation: mailers, large print, anti-glare paper - CORRECT ANSWER GI Generation Tips for this generation: present credentials and awards, advertise benefits and not features - CORRECT ANSWER Silent Generation Studies show that 78% of homeowners in this generation prefer one-stop shopping. They would pay extra for this service. Use phrases like "just go for it" or I'd do it if it were me - CORRECT ANSWER Baby Boomers Tips for this generation: use technology, negotiating may be competitive and confrontational - CORRECT ANSWER Generation X Largest market of consumers for you to sell to - CORRECT ANSWER millennials Immigrants make up ____ of Generation X's firsttime home buyer population - CORRECT ANSWER 1/3 Statistically, millennials are getting married and moving out of their parents' homes _______ than previous generations. - CORRECT ANSWER later Every aspect of real estate involves some level of _____________ - from commissions, listing agreements, buyer's agreements, just to name a few - CORRECT ANSWER negotiation The average turnaround response for mailers is _______%. - CORRECT ANSWER 1 A brokerage needs to download the updated Do-Not-Call Registry at least every ____ days. - CORRECT ANSWER 31 The primary market of buyers today is the 25 to ___-year-old range - CORRECT ANSWER 79 The "Boom Echo" is comprised of ____ million potential future homebuyers. - CORRECT ANSWER 70 You should try to call at least ______ people per day from your sphere of influence and rotate alphabetically. - CORRECT ANSWER 5 Which of the following is not a method for selecting a farm area that is discussed in the text? a. Choose the most expensive homes so your commission will be bigger b. Choose an area near your office c. Research the average list and sales prices for an area d. Find out where your fellow agents are farming - CORRECT ANSWER a When is the best time to make cold calls? - CORRECT ANSWER In the afternoon or early evening Which of the following activities could help agents boost their marketing platforms? a. Posting the testimonials of satisfied clients on their websites b. Posting a YouTube video of a listing c. Visiting the HOAs of the neighborhoods they work in d. All of these could help agents boost their marketing platforms - CORRECT ANSWER d An announcement of a company's long term goals - CORRECT ANSWER mission statement When clients are contacting you and seeking you out - CORRECT ANSWER referral The act of searching for clientele - CORRECT ANSWER prospecting A goal that ranges from several months to a year - CORRECT ANSWER short term goal A fee paid to a sales agent for transacting business or performing a service - CORRECT ANSWER commission There are 3 things an agent has to do every day: - CORRECT ANSWER Prospect, Show, and Close listing and selling, prospecting, qualifying, marketing your listing - CORRECT ANSWER income generating activities following through on transactions with arranging financing, title company communications, attending seminars, educational programs to improve your skills and increase your self confidence and credibility - CORRECT ANSWER support activities The study reveals that the 3% category of entrepreneurs - the ones that wrote down their goals - earn as much as ______ times more than the other 97%. - CORRECT ANSWER 10 Goals must be in - CORRECT ANSWER writing help define how the work will be accomplished, and they articulate a set of beliefs and principles that guide the way the company conducts business. You want to make sure that your goals align with your mission statement. - CORRECT ANSWER values statement Communication frequency should be, at minimum,__________ - CORRECT ANSWER monthly The average prospect to sales ratio is ____ prospects to 1 sale. - CORRECT ANSWER 25 Getting up ___ minutes earlier will help you avoid stress, tardiness, and unnecessary feelings of anxiety. - CORRECT ANSWER 20 There are ______ things an agent has to do every day - CORRECT ANSWER 3 Long-term goals range from ____ to ___ years or more. - CORRECT ANSWER 5 to 10 According to Harvard Business School ____% have goals in mind, but they do not write them down. - CORRECT ANSWER 13 Only ___% of entrepreneurs write down their goals. - CORRECT ANSWER 3 Mission statements are most successful when they describe - CORRECT ANSWER what the company does and why Goals should be attainable, flexible and - CORRECT ANSWER measurable Listing service that allows a private offer of cooperation and compensation by listing brokers to other real estate brokers - CORRECT ANSWER MLS Sum of monthly principal, interest, taxes, and insurance - CORRECT ANSWER PITI Loans which are neither insured nor guaranteed by the federal government - CORRECT ANSWER conventional This agreement, in effect, "lists" the buyer as your client - CORRECT ANSWER buyer representation agreement 3 ways you add value to the buying process - CORRECT ANSWER counseling, negotiating, and managing the transaction lenders will not allow borrowers to spend more than _______% of their monthly income on PITI, the sum of monthly principal, interest, taxes, and insurance, so be realistic. - CORRECT ANSWER 28 Most have started their home search online and have found a mortgage lender through a site like - CORRECT ANSWER lendingtree.com loans which are insured by the government These loans require a small down payment, and are obtained through approved lenders - CORRECT ANSWER FHA loan guaranteed by government. Need certificate of eligibility, Must sign document stating he/she will occupy the property - CORRECT ANSWER VA Back ratio for qualifying is monthly income * _______ % rather than the normal 28% - CORRECT ANSWER 36 According to NAR's research, the majority of buyers under the age of _______ take their first step toward home buying by looking online for properties - CORRECT ANSWER 71 Note also that intermediary consent must be obtained _______ - CORRECT ANSWER in writing The buyer's representative is paid only if the client buys a home. Buyers are accustomed to this because it works similarly to a listing agreement. - CORRECT ANSWER contingency fee This fee is the responsibility of the buyer even if they do not buy a home. Meaning, that you are being paid for your valuable time and expertise. Be sure that your clients are clear on this fact before they sign - CORRECT ANSWER non contingency fee Buyer's agents can negotiate a flat fee or an hourly rate for performing certain services specific to the purchase. - CORRECT ANSWER consultant fee An agent may not deceive, defraud, or otherwise deal with a customer in a dishonest manner. - CORRECT ANSWER honest duty This means that an agent will be held to the standards of knowledge, expertise, and ethics that are spelled out in the Texas Real Estate License Act - CORRECT ANSWER reasonable care and skill in performance A buying signal is something a prospect says or does that indicates a positive buying decision may occur. - CORRECT ANSWER buying signal This document can empower your buyer by providing them with information on topics that can sometimes cause confusion on the part of the buyer during the process. - CORRECT ANSWER TAR 1506 5 most common hidden defects - CORRECT ANSWER 1. Bad foundation 2. Worn roof 3. Poor water drainage 4. Termite infestation 5. Inadequate plumbing and/or electric wiring Karen works successfully through Henry's objections, and he agrees to take the plunge by making an offer on the property. What should Karen do next? a. Karen should provide Henry with as much market information as possible b. Karen should do a CMA on the property to help Henry come up with a realistic offer c. These are all things that Karen should do to ensure that she serves Henry's best interests - CORRECT ANSWER c 3 main ways buyers take in information - CORRECT ANSWER visual, auditory, kinesthetic This listing gives the seller the right to list the property with multiple competing brokers and to sell the property personally without liability for payment of a commission - CORRECT ANSWER open listing Subagency disclosures are more stringent due to this law - CORRECT ANSWER Senate Bill 489 Under such listings, the seller establishes a minimum, acceptable net price. - CORRECT ANSWER net price An employment contract used by sellers to employ a real estate broker,or brokerage firm, to find a buyer for their property. - CORRECT ANSWER exclusive right to sell When a license holder is not associated with the seller's broker but is representing the seller through a cooperative agreement with the seller's broker. - CORRECT ANSWER subagency it is a good idea to get rid of posters, unusual paint colors or very outdated wallpapers. Neutral colors sell better for the simple reason that they blend in with the things buyers already have, rather than clashing. - CORRECT ANSWER Neutralizing the final touch is a bit of glamour, which makes your home stand out as one the buyers want to live in. Plants, attractive table settings in the dining room, fire in the fireplace, background music, plenty of light, pleasant aromas and a welcoming attitude are a sure way to win in the selling game. - CORRECT ANSWER Dynamicizing If you are a buyer's agent, you can request _______ compensation than the listing broker entered into the MLS for cooperating brokers. - CORRECT ANSWER more 4 reasons a house doesnt sell - CORRECT ANSWER price, location, condition, market plan Who is the procuring cause of a real estate transaction? a. The listing broker b. The first broker who sells the property c. The first broker to sue for commission d. The mortgage originator - CORRECT ANSWER b Which statement regarding net listings is false? a. Net listings are considered unethical and are illegal in Texas b. Net listings are the preferred listing amongst brokers c. Net listing always produce the best price and brokerage service for the seller d. All of these statements are false - CORRECT ANSWER d The power TREC has to make legal decisions and judgment - CORRECT ANSWER jurisdiction The commission that all license holders in Texas are required to adhere to the provisions of - CORRECT ANSWER TREC A real estate broker or sales agents, while acting as an agent for another - CORRECT ANSWER fiduciary Highly regarded as a model for ethical conduct, that it became the basis for real estate license laws in many cases - CORRECT ANSWER Code of Ethics a disciplinary action that can be warranted by the grievance pane - CORRECT ANSWER reprimand A business practice may not be ________ even if it is legal - CORRECT ANSWER ethical is defined as acting in strict regard for what is considered right or proper; punctiliously exact; painstaking - CORRECT ANSWER Scrupulously defined as marked by extreme or excessive care in the consideration or treatment of details; careful. - CORRECT ANSWER Meticulously employment of prudence and caution so as to avoid misrepresentation, in any way, by acts of commission or omission - CORRECT ANSWER integrity Each real estate inspector or active real estate broker licensed by the Texas Real Estate Commission shall display - CORRECT ANSWER CN 1-2 notification that there were items revealed in the investigation that do not warrant disciplinary action but, if not corrected, could lead to further complaints and, ultimately, disciplinary action. - CORRECT ANSWER advisory letter Which two things are you not required to disclose to buyer - CORRECT ANSWER HIV related death or suicide DTPA affects - CORRECT ANSWER real estate advertising Where can you find the Canons of Professional Ethics and Conduct for real estate license holders? - CORRECT ANSWER Rules of the Commission The Code of Ethics and Standards of Practice is designed for _______ to adhere to. - CORRECT ANSWER REALTORS Before using Facebook, creating a ________ will help you build an online persona and develop the professional relationships desired for your business. - CORRECT ANSWER posting plan A _________ should be someone that you wish to emulate and that espouses the level of success and philosophy that you respect. - CORRECT ANSWER mentor What does GRI stand for? - CORRECT ANSWER Graduate Realtor Institute Which of the following designations/courses are helpful and informative for real estate agents? a. E-Pro b. ABR c. CRS d. All of these are helpful for real estate agents - CORRECT ANSWER d A REALTOR® could be called a _______________ ________________. - CORRECT ANSWER problem solver A REALTOR® shall not ________________ ___ ____________ in or buy for themselves or any immediate family member without disclosing this to the owner or owners agent according to article 4 of the Code of Ethic - CORRECT ANSWER acquire an interest An agent must not take ______________ personally - CORRECT ANSWER objections . The successful agent continually grows through ____________ __________. - CORRECT ANSWER continuing education The attraction to real estate sales is the ____________ capital investment. - CORRECT ANSWER low A closing technique is a natural ______________ to the sales process. - CORRECT ANSWER conclusion ___________ means six months or more - CORRECT ANSWER Consistency Standard of Practice 12-5, Realtors® Code of Ethics states the REALTOR® shall not advertise nor permit any person employed by or affiliated with him to advertise listed property without _______________ the name of the firm - CORRECT ANSWER disclosing Under the Texas _________, false, misleading or deceptive acts or practices in the conduct of any trade or commerce are declared unlawful and the subject to action by the consumer protection division. - CORRECT ANSWER DPTA Create your own ____________ either first thing in the morning or the night before - CORRECT ANSWER to-do-list ABR - CORRECT ANSWER Accredited Buyer Representation CRS - CORRECT ANSWER Credited Residential Specialist Beware of this group of people who send emails requesting personal or private information such as passwords, credit card numbers or bank account numbers - CORRECT ANSWER Phishers Every aspect of real estate requires this skill including commissions, listing agreements, buyer agreements, etc. - CORRECT ANSWER negotiation The process by which the buyer pays for the property and the sellers conveys title. - CORRECT ANSWER closing Forms that stipulate that possession be delivered to the buyer upon closing. - CORRECT ANSWER promulgated contracts A process that begins after the terms of the contract have been negotiated and it has been signed - CORRECT ANSWER transaction An offer that is made in response to another - CORRECT ANSWER counteroffer A corrected Closing Disclosure must be provided to the consumer if a __________________ is added - CORRECT ANSWER prepayment penalty A short term goal is ______________ - CORRECT ANSWER several months to a year Which of the following items is typically charged to the seller? - CORRECT ANSWER existing loan payoff What is a Pathways professional courtesy? - CORRECT ANSWER not allowing unaccompanied access to a property without permission Be sure to go over Seller's disclosure with buyers before they sign - CORRECT ANSWER earnest money contract Net listings are outlawed in many - CORRECT ANSWER states what should you say when dealing with price objections? - CORRECT ANSWER Realtors do not control the market, consumers do A reprimand is from the - CORRECT ANSWER grievance panel emailing is as important as live - CORRECT ANSWER telephone calls real estate professionals can invite visitors to ________________ on their wikis - CORRECT ANSWER comment about the community accreditation that keeps you operating ethically - CORRECT ANSWER ABS [Show Less]
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REAL ESTATE- POWER HOUSE TRAINING (SAE) 61 Question with Verified Answers,100% CORRECT
REAL ESTATE- POWER HOUSE TRAINING (SAE) 61 Question with Verified Answers NAME RECOGNITION - CORRECT ANSWER Comes from developing a marketing plan that ... [Show More] is outside the box, something that separates you from others. Devising a 12 Month Marketing Plan - CORRECT ANSWER A key habit of successful, professional agents. Planning in advance not only allows you to properly budget, it also ensures that you do not over commit to any one buyer or seller. Zero Cost Approach - CORRECT ANSWER Getting business that does not cost money. I.E. Arriving early and staying late to take call-ins. Minimum Cost Approach - CORRECT ANSWER Make a name for yourself in real estate through creative marketing such as neighborhood publications and regular mailers. Economic Farm - CORRECT ANSWER Includes all the properties in a particular price range, in the area your firm services. Geographic Farming - CORRECT ANSWER Includes several neighborhoods or subdivisions your firm services. Cold Calling - CORRECT ANSWER Contacting people from those dead files you collected from other agents, following up with previous contacts, and perhaps even soliciting expired listings. Generational Selling - CORRECT ANSWER The primary market of buyers toady is in the 24-49 year old range. However, many agents are becoming specialists in niche markets catering to other age ranges. Boom Echo - CORRECT ANSWER Comprised of 70 million potential future home buyers. Long-term goals - CORRECT ANSWER 5-10 years or more Short-term goals - CORRECT ANSWER 7 months to a year Intermediate goals - CORRECT ANSWER 3 to 5 years Goals should be: - CORRECT ANSWER -Attainable -Measurable -Flexible -Reviewed often Be Flexible - CORRECT ANSWER Continually review priorities. As time moves on, and circumstances change, priorities might need to be revised. Do It Once - CORRECT ANSWER Avoid the temptation to start and stop, stop and start. Deal with the task and be done with it. Anyone who is in commission sales should start their financial goals considering the following: - CORRECT ANSWER 1. Just to pay my bills each year, I must earn... 2. For those items that I want, I must earn... 3. That works out to be a monthly earnings of... Mission Statement - CORRECT ANSWER announces to the world what the company's long term goals are, and describes the overall purpose of the organization. Value Statement - CORRECT ANSWER Define how the work will be accomplished, and they articulate a set of beliefs and principles that guide the way the company conducts business. Self Awareness - CORRECT ANSWER Identifying your strengths and weaknesses is essential to your continued success year after year. Take an honest look at your best qualities and your weaknesses. Production Analysis - CORRECT ANSWER Will be your key to increasing your client base and aggressively growing your business. Get Up Early - CORRECT ANSWER Getting up 20 minutes earlier will help you avoid stress, tardiness, and unnecessary feelings of anxiety. What are the two types of qualifying a buyer? - CORRECT ANSWER 1. Financial Qualification 2. Emotional Qualification PITI - CORRECT ANSWER Most lenders will not allow borrowers to spend more than 28% of their monthly income on Monthly Principle, interest, taxes, and insurance. FHA Loan - CORRECT ANSWER Loan which is insured by the government. These loans require a small down payment, and are obtained through approved lenders. Conventional Loan - CORRECT ANSWER a mortgage agreement that does not have government backing and that is offered through a commercial bank or mortgage broker Buyer Representation Agreement - CORRECT ANSWER An employment contract obligating a broker to act as a fiduciary to a buyer. This agreement "in effect" lists the buyer as your client. Possible Closing Lines: - CORRECT ANSWER 1. Let's go into the office and see if we can work this out. 2. If both properties were the same price, which would you prefer? 3. Won't it be wonderful to have this decision out of the way? In accordance to Texas Law: - CORRECT ANSWER Be sure to go over the Seller's Disclosure Statement with the buyers before they sign an earnest money contract. Signs Of Problem Clients - CORRECT ANSWER 1. They have a less than favorable credit history. 2. They refuse to sign an exclusive buyer's agency agreement. 3. They make a habit of missing appointments or showing up late. Listing Agreement - CORRECT ANSWER Employment contract used by sellers to imply a real estate brokers, or brokerage firm to find a buyer for their property. Exclusive Agency Listing - CORRECT ANSWER The seller agrees to list the property with only one broker during the listing term with the provision that the seller can sell the property himself or herself, without payment of a commission. Exclusive Right To Sell - CORRECT ANSWER a listing that gives the broker the right to collect a commission no matter who sells the property during the listing period. Net Listing - CORRECT ANSWER Type of contract in which sellers specify the amount they will accept from the sale, with brokers keeping all proceeds in excess of that amount. 4 Reasons why a house doesn't sell: - CORRECT ANSWER 1. Price 2. Location 3. Condition 4. Marketing Plan Subagency - CORRECT ANSWER When a license holder is not associated with the seller's broker but is representing the seller through a cooperative agreement with the seller's broker. Senate Bill 489 - CORRECT ANSWER Subagency is lawful; however, because of the passage of this the disclosures are more stringent. Dynamizing - CORRECT ANSWER The final touch is a bit of glamour, which makes your homes stand out as one the buyers want to live in. Plants, attractive table settings in the dining room, fire in the fireplace, background music, plenty of light, pleasant aromas and welcoming attitude are a sure way to win in the selling game. When dealing with a Pricing Objection you might say: - CORRECT ANSWER "Real Estate Agents do not control the market or dictate price; the market does." Keep the following in mind when presenting a counteroffer to sellers: - CORRECT ANSWER If the price is reasonable, prevent the seller from continuing to negotiate just for the sake of negotiating. Ethics - CORRECT ANSWER Defined as a set of moral principles, and as a theory or system of moral values. A business practice may not be ethical, even if it is legal. Scrupulously - CORRECT ANSWER Defined as acting in strict regard for what is considered right or proper; punctiliously exam; painstaking. Consumer Protection Notice (CN 1-2) - CORRECT ANSWER Each real estate inspector or active real estate broker licensed by the Texas Real Estate Commission shall display this in a prominent location in each place of business the broker maintains and on the first page of a Broker's website. TRELA - CORRECT ANSWER is the law that establishes the duties of real estate licensees. Code of Ethics - CORRECT ANSWER is so highly regarded as a model for ethical conduct, that it became the basis for real estate license laws in many cases. Grievance Panel - CORRECT ANSWER Conducts an initial review to determine if the complaint alleges a violation of the Code of Ethics While the Code of Ethics and Standards of Practice of the National Association of REALTORS establishes objective, enforceable ethical standards governing the professional conduct of REALTORS, it does not: - CORRECT ANSWER address the issues of courtesy or etiquette Respect for Property - CORRECT ANSWER Never allow unaccompanied access to property without permission. Article 9 - Code of Ethics and Standards of Practice - CORRECT ANSWER REALTORS, for the protection of all parties, shall assure whenever possible that all agreements related to real estate transactions including, but not limited to, listing and representation agreements, purchase contracts, and leases are in writing in clear and understandable language expressing the specific terms, conditions, obligations and commitments of the parties. Closing - CORRECT ANSWER Final consummation of a transaction. Where the buyer pays for the property and the seller conveys title. When the seller closes, the seller will: - CORRECT ANSWER Sign a deed conveying the property to the buyer. When the buyer closes, he or she has a large number of documents to sign, including: - CORRECT ANSWER Deed of trust securing repayment of the promissory note. Items typically credited to the buyer: - CORRECT ANSWER Earnest money being held in an escrow account. Items usually charged to the seller: - CORRECT ANSWER Existing Loan Payoff. TRID Rule - CORRECT ANSWER Requires that the consumer receive the Closing Disclosure no later than 3 business days before consummation. WIKIS - CORRECT ANSWER Real Estate professionals can invite visitors to this to comment on the local community, schools, and shopping, recreational facilities in the area, parks, and events. Posting Plan - CORRECT ANSWER Before using facebook for business have "this" that will build an online persona and will develop the relationships desired. Instagram - CORRECT ANSWER One of the newer entries into the social media stream and functions like a photo gallery. Email Etiquette - CORRECT ANSWER Email is as important as live phone conversations in today's companies and many employers are losing customers, leads and dollars due to poorly handled emails. The use of thank you, please, how are you, and such are always good communication techniques and relevant to every email and form of communications. GRI - CORRECT ANSWER Course and Designations geared toward agents in their first year to third year in business. They are each a week long and are well worth the time invested. ABR - Accredited Buyer Representation - CORRECT ANSWER This designation not only will position you for successful business practices and handling buyers, it extensively covers the issues of representation and will help keep you operating ethically, legally and for a long time. Beware of Phishers - CORRECT ANSWER Don't respond to emails requesting personal or private information such as passwords, credit card numbers or bank account numbers. [Show Less]
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SAE -Power House Training 120 Questions with Verified Answers,100% CORRECT
SAE -Power House Training 120 Questions with Verified Answers Geographic Farm - CORRECT ANSWER An area of neighborhoods or subdivisions that is serviced... [Show More] by your firm. Marketing Plan - CORRECT ANSWER A plan by which you develop to gain name recognition. Differentiate - CORRECT ANSWER Becoming different in your approach through growth and development. Economic Farm - CORRECT ANSWER All the properties in a particular price range, in the area your firm services. Hot Buttons - CORRECT ANSWER Words or content by which top producers are using to be successful. (T/F) Brokers and their agents should download the new Do-Not-Call registry every six months. - CORRECT ANSWER False - Every 31 days. (T/F) Immigrants make up 1/3 of Gen X's first time home buyer population. - CORRECT ANSWER True (T/F) Baby Boomers are currently the largest market for real estate agent to sell to. - CORRECT ANSWER False - Millennial's are the largest market. (T/F) Once you have established relationships in your market area, it is not necessary to reach out to contact more than twice a year. - CORRECT ANSWER False (T/F) One way that agents learn about their market areas is to drive it regularly, always at the same time of day for consistency. - CORRECT ANSWER False - Drive regularly at all times of day (T/F) The two main types of farms are geographic and holographic. - CORRECT ANSWER False - Geographic and Economic Farms (T/F) Statistically, millennials are getting married and moving out of their parents' homes earlier than previous generations. - CORRECT ANSWER False The average turnaround response for a mailer is ____% - CORRECT ANSWER 1 A brokerage needs to download the updated do-not-call registry at least every ____. - CORRECT ANSWER 31 days. Most people have a sphere of influence of at least ____ people. - CORRECT ANSWER 150 A workable farm should contain between ____ and ____ houses. - CORRECT ANSWER 400, 500 FTC fines telemarketing companies up to $____ for each call to a member of the do-not-call registry. - CORRECT ANSWER 16,000 The primary market of buyers today is the ____ to ____ year old range. - CORRECT ANSWER 25, 79 The Boom Echo is comprised of ____ million potential future home buyers. - CORRECT ANSWER 70 You should try to call at least ____ people per day from your sphere of influence and rotate alphabetically. - CORRECT ANSWER 5 Millennials have a ____% graduation rate. - CORRECT ANSWER 90 When marketing to the GI generation, you should use at least ____ point type on your marketing material. - CORRECT ANSWER 12 When is the best time to cold call? - CORRECT ANSWER In the afternoon or early evening. Mission Statement - CORRECT ANSWER An announcement of a company's long term goals. Prospecting - CORRECT ANSWER The act of searching for clientele Short-term goals - CORRECT ANSWER A goal that ranges from several months to a year. Referral - CORRECT ANSWER When clients are contacting you and seeking you out. Commission - CORRECT ANSWER A fee paid to a sales agent for transacting business or performing a service. To find out how much you make per week, divide the amount you want to make in a year by ____ - CORRECT ANSWER 52 The average prospect to sales ratio is ____ prospects to 1 sale. - CORRECT ANSWER 25 Getting up to ____ minutes earlier will help you avoid stress, tardiness, and unnecessary feelings of anxiety. - CORRECT ANSWER 20 A study from Harvard business school found that entrepreneurs that write down their goals earn as much at ____ times more than the entrepreneurs that do not. - CORRECT ANSWER 10 Long-term goals range from ____ to ____ years or more. - CORRECT ANSWER 5, 10 According to Harvard business school ____% have goals in mind, but they do not write them down. - CORRECT ANSWER 13 If you commit to something ____% then it is virtually certain to happen unless you change your mind. - CORRECT ANSWER 100 If you want to make $160,000 in a year and you work 6 days a week, you would make $____ per hour. - CORRECT ANSWER 64 Only ____% of entrepreneurs write down their goals. - CORRECT ANSWER 3 Goals should be attainable, flexible and ____. - CORRECT ANSWER Measurable. Loans that are neither insured nor guaranteed by the federal government. - CORRECT ANSWER Conventional loans. Listing service that allows a private offer of cooperation and compensation by listing brokers to other real estate brokers. - CORRECT ANSWER MLS Searching for buyers using your techniques such as marketing and farming. - CORRECT ANSWER Prospecting Sum of monthly principal, interest, taxes, and insurance. - CORRECT ANSWER PITI This agreement in effect "lists" the buyer as your client. - CORRECT ANSWER Buyer representation agreement. (T/F) Three ways agent adds value to the buying process are: monetary, friendship, and legal representation. - CORRECT ANSWER False - Counseling, Negotiating, Managing the transaction. (T/F) Agent should gather personal background information on a client, like number of family members, where they work, in order to figure out the best way to help them find a property. - CORRECT ANSWER True (T/F) Lender will not allow borrows to spend more than 18% of their monthly income on PITI - CORRECT ANSWER False - Will not allow lenders to spend more than 28% of their monthly income. (T/F) FHA loans are often available with no down payment. - CORRECT ANSWER False - Require small down payment. (T/F) Conventional loans usually have a requirement of 20% down payment. - CORRECT ANSWER True The act of removing outdated wallpaper and painting over unusual wall colors is referred to as ___. - CORRECT ANSWER Neutralizing. Who is the procuring cause of a real estate transaction? - CORRECT ANSWER The listing broker. What are the four major listing agreements? - CORRECT ANSWER Open Listing, Exclusive Agency, Exclusive right to sell, Net Listing. What does CMA stand for? - CORRECT ANSWER Comparative Market Analysis What are the four reasons a house doesn't sell? - CORRECT ANSWER Price, Location, Condition, Marketing Plan (T/F) First time buyers usually gravitate toward FSBO's because they don't feel that they need a professional to help them find their house. - CORRECT ANSWER False - First time buyers fear FSBO's. (T/F) Senate Bill 489 outlawed subagency in Texas. - CORRECT ANSWER False - SB 489 did not outlaw subagency. Subagency is legal in Texas. The power TREC has to make elgal decisions and judgement? - CORRECT ANSWER Jurisdiction The commission that all license holders in Texas are required to adhere to the provisions of... - CORRECT ANSWER TREC A real estate broker or sales agents, while acting as an agent for another... - CORRECT ANSWER Fiduciary (T/F) Morals are often decided upon based on the social norms. - CORRECT ANSWER True Governments enact legislation to enforce the minimum ___ of society and to regulated the behavior and conduct of its individuals, creating order among the chaos. - CORRECT ANSWER Ethics (T/F) Law is inherently connect to ethic, but is not the same thing. - CORRECT ANSWER True (T/F) A business practice can be unethical and legal. - CORRECT ANSWER True (T/F) According to the canon of professional ethics and conduct for real estate license holders, there are 21 articles to which license holders must adhere. - CORRECT ANSWER True (T/F) Real estate sales agents in Texas have no duty to treat customers fairly, only clients. - CORRECT ANSWER False (T/F) DTPA affects real estate advertising - CORRECT ANSWER True (T/F) According to DTPA, Builders must state whether or not amenities in their model homes are upgrades that come at an additional cost. - CORRECT ANSWER False (T/F) There are 14 categories of deceptive practices under the law. - CORRECT ANSWER True (T/F) DTPA was created to protect consumers from deceptive trade practices - CORRECT ANSWER True (T/F) DTPA allows plaintiffs to sue for treble economic damages. - CORRECT ANSWER True The code of ethics and standards of practice is designed for ____ to adhere to. - CORRECT ANSWER All texas real estate sales agents Where can you find the Canons of Professional ethics and conduct for real estate license holders? - CORRECT ANSWER Rules of the Commission Every aspect of real estate requires this skill including commissions, listing agreements, buyer agreements, etc.? - CORRECT ANSWER Negotiation The process by which the buyer pays for the property and the seller conveys title. - CORRECT ANSWER Closing The forms that stipulate that possession be delivered to the buyer upon closing. - CORRECT ANSWER Promulgated Contracts. A process that begins after the terms of the contract have been negotiated and it has been signed. - CORRECT ANSWER Transaction An offer that is made in response to another. - CORRECT ANSWER Counteroffer (T/F) When your buyer is ready to write an offer you will want to first contact the sellers directly. - CORRECT ANSWER False - First give as much information about the market, etc. to your client as you can. (T/F) A counter offer is really a rejection. - CORRECT ANSWER True (T/F) On average about 75% of real estate transactions never make it to the closing table. - CORRECT ANSWER False - On average about 20% (T/F) The closing disclosure must be delivered to the consumer no later than three business days before consummation. - CORRECT ANSWER True The closing disclosure replaced the HUD-___. - CORRECT ANSWER 1 Agent should provide buyers with the names of at least ___ inspectors. - CORRECT ANSWER 3 The closing disclosure should be received by the buyer in ___ business days. - CORRECT ANSWER 3 Earnest money should be entered in Paragraph ___ of the one to four family residential contract. - CORRECT ANSWER 5 According to the contract, the closing of the sale will on or before a date specified by the parties or within ___ days after objects have been cured or waived, whichever is first. - CORRECT ANSWER 7 Broker information is entered on page ___ of the TREC one to four family residential contract. - CORRECT ANSWER 9 Texas Law requires a license holder who is party to transaction or acting on behalf of a business entity in which he/she owns more than ___% to notify the other party in writing before entering into a contract of sale. - CORRECT ANSWER 10 Paragraph ____ of the TREC one to four family residential contract addresses brokers fees. - CORRECT ANSWER 8 The sales price of the property is entered in paragraph 3 of the one to four family residential contract. - CORRECT ANSWER If the commitment and exception documents are not delivered to the buyer within the specified time, the time for delivery will be automatically extended up to ___ days or ____ days before the closing date, whichever is earlier. - CORRECT ANSWER 15, 3 At closing what item is typically credited to the seller? - CORRECT ANSWER prepaid items At closing what item is typically credited to the buyer? - CORRECT ANSWER Unearned rent, earnest money held in escrow, tenants security deposits. When does the transaction process begin? - CORRECT ANSWER When the negotiations have ended and the contract has been signed by all parties. a designation class to gain the necessary knowledge to apply methods tools and techniques to provide support and services that sellers want. - CORRECT ANSWER SRS Beware of this group of people who send emails requesting personal or private information such as passwords credit card numbers or bank account numbers - CORRECT ANSWER Phishers Fourth education courses that are geared toward agents in their first to third year in business - CORRECT ANSWER GRI This designation not only will position you to successful business practices and handling buyers it will help keep you operating ethically legally and for long time. - CORRECT ANSWER ABR These messages with unfmailiar logos will tell you there is something wrong with your computer, when in actuality you are downloading a virus. - CORRECT ANSWER Adware/Malware (T/F) Do not use alluring or provocative photographs of yourself on your marketing materials. - CORRECT ANSWER True The best time to cold call is afternoon or ____. - CORRECT ANSWER Early Evening. What does GRI stand for? - CORRECT ANSWER Graduate REALTOR institue Defined as acting in strict regard for what is considered right or proper, punctiliously exact, painstaking. - CORRECT ANSWER Scrupulously This designation not only will position you to successful business practices and handling buyers, it extensively covers the issues of representation and will help keep you operating ethically, legally and for a long time. - CORRECT ANSWER ABR (Acredited Buyer Representation) (T/F) Real Estate Professionals can invite vistors to their site, or wikis, to comment on the local community, schools, and shopping, recreational facilities in the area, parks, and events - CORRECT ANSWER True In accordance with Texas law, be sure to go over the seller disclosure statement with the buyers before they sign an _____. - CORRECT ANSWER Earnest Money Contract Encourage buyers to include all important terms of the sale in the ____. - CORRECT ANSWER Written purchase agreement. The final touch is a bit of glamour which makes your home stand out as one the buyers want to live in. Plants, attractice table settings in the dining room, fire in the fire place, music, plenty of light, etc. are a sure way to win in the selling game. - CORRECT ANSWER Dynamizing Historically, prior to SB 489 buyers didn't even know that they were NOT being represented, but under SB 489 such ___ is required by law. - CORRECT ANSWER Dislcosures What might you say when dealing with pricing objections from your sellers? - CORRECT ANSWER Real estate agent do not control the market or dictate price, the market does. A person may file a complaint with TREC against a real estate license holder if the person belives the license holder violated the ___. - CORRECT ANSWER Texas Real Estate License Act (TRELA) Advice on procrastination, etc... ____ Avoid the tempation to stop and start, handle each job and each piece of paper once. Deal with the task and be done with it. - CORRECT ANSWER Do it once ___ help define how the work will be accomplished and they articulate a set of beliefs and principles that guide the way the company conducts business. - CORRECT ANSWER Value Statments While the ____ and ___ of the National Association establishes objective, enforceable ethical standards governing and professional conduct of REALTORS it does not address the issues of courtesy or etiquette. - CORRECT ANSWER Code of Ethics, Standards of Practice Credited to the buyer - CORRECT ANSWER Earnest Money being held in escrow account The ___ requires that consumer receive the closing disclosure no later than three business days before cnosummation. - CORRECT ANSWER TRID Keep the following in mind when presenting a counteroffer to sellers if the price is reasonable... - CORRECT ANSWER prevent the seller from continuing to negotiate just to negotiate. The pathways to professionalism, respect for property and never allow... - CORRECT ANSWER unaccompanied access to property without premission. ____ for new agent might consist of contacting people from dead files you collected, following up with previous contacts, even soliciting expired listings. - CORRECT ANSWER Cold Calling The primary market of buyers today is in the 25 to 49 year old range however many agents are becoming specialists in niche markets catering to - CORRECT ANSWER Other age ranges ___ will be your key to increasing you client base and aggressively growing your business. - CORRECT ANSWER Production Analaysis [Show Less]
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Real estate Marketing: Power House Training (SAE)- OC 49 Questions with Verified Answers.GRADED A
Real estate Marketing: Power House Training (SAE)- OC 49 Questions with Verified Answers Geographic Farm - CORRECT ANSWER An area of neighborhoods or su... [Show More] bdivisions that is serviced by your firm. MArketing Plan - CORRECT ANSWER A plan by which you develop to gain plan recognition. Differentiate - CORRECT ANSWER Becoming different in your approach through growth and development. Economic farm - CORRECT ANSWER All the properties in a particular price range, in the area your firm services. Hot Buttons - CORRECT ANSWER Words or content by which top producers are using to be successful. Which of the following is not a method for selecting a farm area that is discussed in the text? - CORRECT ANSWER Choose the most expensive homes so your commission will be bigger. When is the best time to make cold calls? - CORRECT ANSWER In the afternoon or early evening Which of the following activities could help agents boost their marketing platforms? - CORRECT ANSWER Posting the testimonials of satisfied clients on their websites. Posting a YouTube video of a listing. Visiting the HOAs of the neighborhoods they work in. Which of the following is a "how to" of career goals for a real estate sales agent? - CORRECT ANSWER Learn to say no. Create personal time. Do it now. Besides personal referrals, ________ can be a good source of business for your real estate sales. - CORRECT ANSWER Farming, Networking groups, and Open houses. Goals should be attainable, flexible, and __________. - CORRECT ANSWER Measurable Which of the following statements is true? - CORRECT ANSWER Mission statements are powerful when they describe what the company does and why. MLS - CORRECT ANSWER Listing services that allows private offer cooperation and compensation by listing brokers to other real estate brokers. PITI - CORRECT ANSWER Sum of monthly principal, interests, taxes, and insurance. Conventional Loans - CORRECT ANSWER Loans which are neither insured nor guarantee by the federal government. Buyer Representation agreement - CORRECT ANSWER This agreement, in effect, "Lists" the buyer as your client. Prospecting - CORRECT ANSWER Searching for buyers using your techniques such as marketing and farming. Joel makes $96,500 gross yearly salary. He has no other sources of income. He is applying for a conventional loan. Using the front ration, what is his maximum monthly house payment? - CORRECT ANSWER Rationale: $96,500/12 = 8041.67 x 28% = $2,251.67 or $2,252. A veteran must recieve a(n) ________ from the VA prior to applying for the loan. - CORRECT ANSWER (b) Certificate of Eligibility Buyers feel that they can confide in their agents because of the agent's _______. - CORRECT ANSWER duties of confidentiality and loyalty Sarah is applying for a conventional loan, and has a gross annual income of $158,250. What maximum house payment does she qualify for using the front ratio? What is the maximum she can qualify for using the back ratio? Assuming that she has total fixed monthly obligation of $1,760, what is the maximum house payment that she can qualify for? - CORRECT ANSWER b) 3,692.50 (a) 4,747.50 (c) 2,987.50 Which statement most accurately describes Henry? - CORRECT ANSWER (c) Henry is probably a first-time buyer who is just nervous about purchasing a home. What strategy could Karen employ when dealing with Henry's objections? - CORRECT ANSWER (a) She could respond to his objections with questions in order to determine his real concerns. Karen works successfully through Henry's objections, and he agrees to take the plunge by making an offer on the property. What should Karen do next? - CORRECT ANSWER (a) Karen should provide Henry with as much market information as possible (b) Karen should do a CMA on the property to help Henry come up with a realistic offer Who is the procuring cause of a real estate transaction? - CORRECT ANSWER First broker who sells the property Which statement regarding net listings is false? - CORRECT ANSWER (d) All of these statements are false The act of removing outdated wallpaper and painting over unusual wall colors is referred to as __________. - CORRECT ANSWER Neutralizing Which of the following does not need to be included in a listing agreement? - CORRECT ANSWER (c) The REALTOR's® headshot and bio Which of the following is discussed in the text as a factor that can shape a person's sense of morality? - CORRECT ANSWER School experience The Code of Ethics and Standards of Practice is designed for _______ to adhere to. - CORRECT ANSWER REALTORS® Where can you find the Canons of Professional Ethics and Conduct for real estate license holders? - CORRECT ANSWER Rules of the Commission Who belongs to the National Association of Realtors? - CORRECT ANSWER (d) All of these can belong to the NAR Which of the following should you consider before you negotiate for a seller? - CORRECT ANSWER Consider time constraints for both buyer and seller Which of the following is an item that is typically credited to the seller? - CORRECT ANSWER Prepaid items When does the transaction process begin? - CORRECT ANSWER (c) When the negotiations have ended and the contract has been signed by all parties During the closing, the seller wil sign a(n) ________ certifying that he or she is the person he/she is claiming to be, giving the legal authority to grant title. - CORRECT ANSWER affadavit of identity According to "The Sales Process - Commercial" diagram in the text, what is a letter of intent? - CORRECT ANSWER A non-binding offer letter expressing the buyer's intention to purchase property Which of the following is NOT one of the social media big four? - CORRECT ANSWER Active Rain X Before using Facebook, creating a ________ will help you build an online persona and develop the professional relationships desired for your business. - CORRECT ANSWER Posting plan On which social media site is job history, job skills, and education the most important? - CORRECT ANSWER LinkedIn Account According to a 2012 Inman Next Report, agents who made more than $100,000 per year spend less than ______ hours per month in the office. - CORRECT ANSWER 15 . One half of all posts on Twitter should start with ________. - CORRECT ANSWER aroma A _________ should be someone that you wish to emulate and that espouses the level of success and philosophy that you respect. - CORRECT ANSWER Mentor 2. What does GRI stand for? - CORRECT ANSWER Graduate REALTOR® Institute Which of the following designations/courses are helpful and informative for real estate agents? - CORRECT ANSWER (a) E-Pro (b) ABR (c) CRS Name Recognition - CORRECT ANSWER Developing marketing plan that is outside the box, something that separates you from others. Six basic fears - CORRECT ANSWER Poverty Criticism Ill health Lost love Death Old age What is SOI and what percentage are either going to buy, sell, or refer. - CORRECT ANSWER Sphere of influence of at least 150 ppl with 80%. Personal marketing plan - CORRECT ANSWER Goals and objectives Target mrkt Differentiate yourself Marketing exposure Action plan and schedule Continually refer to budget [Show Less]
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Real Estate Marketing Power House Training 54 Questions with Verified Answers,100% CORRECT
Real Estate Marketing Power House Training 54 Questions with Verified Answers Geographic farm - CORRECT ANSWER An area of neighborhoods or subdivisons t... [Show More] hat is serviced by your firm. Marketing plan - CORRECT ANSWER A plan by which you develop to gain name recognition A plan by which you develop to gain name recognition - CORRECT ANSWER Becoming different in your approach through growth and development Economic farm - CORRECT ANSWER All the properties in a particular price range, in the area your firm services Hot buttons - CORRECT ANSWER Words or content by which top producers are using to be successful. Which of the following is not a method for selecting a farm area that is discussed in the text? - CORRECT ANSWER Choose an area near your office, Research the average list and sales prices for an area,Find out where your fellow agents are farming 1. The average turnaround response for mailers is - CORRECT ANSWER 1% A brokerage needs to download the updated Do-Not-Call Registry at least every ____ days. - CORRECT ANSWER 31 Days Most people have a sphere of influence of at least ___150____ people - CORRECT ANSWER 150_ A workable farm should contain between _____ and ______ houses - CORRECT ANSWER 500 The primary market of buyers today is the to ___-year-old range. - CORRECT ANSWER 25-79 You should try to call at least __ ____ people per day from your sphere of influence and rotate alphabetically - CORRECT ANSWER 5 When marketing to the GI generation, you should use at least _______ type on your marketing materials. - CORRECT ANSWER 12 point Prospecting - CORRECT ANSWER The act of searching for clientele Short-term goal - CORRECT ANSWER A goal that ranges from several months to a year Mission statement - CORRECT ANSWER An announcement of a company's long term goals The average prospect to sales ratio is ____ prospects to 1 sale - CORRECT ANSWER 25 6. Long-term goals range from ___ to ___ years or more - CORRECT ANSWER 5-10 years Mission Statement - CORRECT ANSWER Mission statements are powerful when they describe what the company does and why Besides personal referrals, ________ can be a good source of business for your real estate sales. - CORRECT ANSWER Farming, Networking, Open Houses Goals should be attainable, flexible, and __________. - CORRECT ANSWER Measurable Conventional Loans - CORRECT ANSWER Loans which are neither insured nor guaranteed by the federal government Buyer Representation Agreement - CORRECT ANSWER This agreement, in effect, "lists" the buyer as your client hud.gov - The U.S. Department of Housing and Urban Development - CORRECT ANSWER offers buyers, especially first-time homebuyers, several helpful links that answer questions about homebuying programs in different states, borrower's rights and predatory lending, as well as Shopping for a Home Joel makes $96,500 gross yearly salary. He has no other sources of income. He is applying for a conventional loan. Using the front ration (28%), what is his maximum monthly house payment? - CORRECT ANSWER Rationale: $96,500/12 = 8041.67 x 28% = $2,251.67 or $2,252. Buyers feel that they can confide in their agents because of the agent's _______. - CORRECT ANSWER duties of confidentiality and loyalty FRONT RATION - CORRECT ANSWER 28% OF MONTHLY INCOME BACK RATION - CORRECT ANSWER 36% OF MONTHLY INCOME Senate Bill 489 - CORRECT ANSWER Subagency disclosures are more stringent due to this law Listing agreement - CORRECT ANSWER An employment contract used by sellers to employ a real estate broker, or brokerage firm, to find a buyer for their property Subagency - CORRECT ANSWER When a license holder is not associated with the seller's broker but is representing the seller through a cooperative agreement with the seller's broker. The act of removing outdated wallpaper and painting over unusual wall colors is referred to as __________. - CORRECT ANSWER Neutralizing Code of Ethics - CORRECT ANSWER Highly regarded as a model for ethical conduct, that it became the basis for real estate license laws in many cases Fiduciary - CORRECT ANSWER . A real estate broker or sales agents, while acting as an agent for another TREC - CORRECT ANSWER The commission that all license holders in Texas are required to adhere to the provisions of Jurisdiction - CORRECT ANSWER The power TREC has to make legal decisions and judgment Reprimand - CORRECT ANSWER A disciplinary action that can be warranted by the grievance panel STATE LAW - TRELA AND RULES OF THE COMMISSION (ETHICS) - CORRECT ANSWER The Texas Real Estate Commission has included the Canons of Professional Ethics and Conduct for real estate license holders in the Rules of the Commission. Scrupulously - CORRECT ANSWER is defined as acting in strict regard for what is considered right or proper; punctiliously exact; painstaking. Meticulously - CORRECT ANSWER is defined as marked by extreme or excessive care in the consideration or treatment of details; careful. Which of the following is discussed in the text as a factor that can shape a person's sense of morality? - CORRECT ANSWER School experience The Code of Ethics and Standards of Practice is designed for _______ to adhere to. - CORRECT ANSWER REALTORS® Where can you find the Canons of Professional Ethics and Conduct for real estate license holders? - CORRECT ANSWER Rules of the Commission Who belongs to the National Association of Realtors? - CORRECT ANSWER Property managers, Brokers, Residential Sales Agents Transaction - CORRECT ANSWER A process that begins after the terms of the contract have been negotiated and it has been signed Negotiation - CORRECT ANSWER Every aspect of real estate requires this skill including commissions, listing agreements, buyer agreements, etc. Promulgated Contracts - CORRECT ANSWER . Forms that stipulate that possession be delivered to the buyer upon closing Which of the following should you consider before you negotiate for a seller? - CORRECT ANSWER Consider time constraints for both buyer and seller During the closing, the seller wil sign a(n) ________ certifying that he or she is the person he/she is claiming to be, giving the legal authority to grant title. - CORRECT ANSWER affadavit of identity A _________ should be someone that you wish to emulate and that espouses the level of success and philosophy that you respect. - CORRECT ANSWER mentor What does GRI stand for? - CORRECT ANSWER Graduate REALTOR® Institute GRI - CORRECT ANSWER A desgination class to gain the necessary knowledge to apply methods, tools, and techniques to provide support and services that sellers want. SRS - CORRECT ANSWER A desgination class to gain the necessary knowledge to apply methods, tools, and techniques to provide support and services that sellers want. Certified Residential Specialist (CRS), - CORRECT ANSWER provides very valuable courses and hires nationally recognized speakers to cover topics specifically related to increasing your production. [Show Less]
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Power House Training 64 Questions with Verified Answers,100% CORRECT
Power House Training 64 Questions with Verified Answers 12 Month Marketing Plan - CORRECT ANSWER Devising a 12 month marketing plan in advance is a key ... [Show More] habit of successful, professional agents. Planning in advance not only allows you to properly budget, it also ensures that you do not over commit to any one buyer or seller. Zero Cost Approach - CORRECT ANSWER Arrive Early & Stay Late to Take Call-ins How do you select your farm? - CORRECT ANSWER A farm is a part of the area, which is serviced by your firm. It may be a geographic farm, including several neighborhoods or subdivisions. It may be an economic farm, including all the properties in a particular price range, in the area your firm services. Cold Calling - CORRECT ANSWER Cold calling for the new agent might consist of contacting people from those dead files you collected from other agents, following up with previous contacts, and perhaps even soliciting expired listings Generational Selling - CORRECT ANSWER *Specializing in a specific segment of population and becoming an expert in that particular market is the wave of the millennium real estate industry. * The primary market of buyers today is in the 25-49 year old range. Generation Y/ Millennial- 1981-1997 - CORRECT ANSWER In addition to being first-time home buyers, people will need agents when looking for a larger home, relocating for a new job, or other reasons. Time Management- Goal Setting - CORRECT ANSWER Long-term goals: 5 to 10 years Intermediate-goals- 3 to 5 years Short-term goals- several months to a year Career Goal Setting (How To) - CORRECT ANSWER * Be Flexible - Continually review priorities *Do it Once Financial Goals - CORRECT ANSWER * Just to pay my bills each year, I must earn... Developing Business Plan - CORRECT ANSWER *Mission Statement- Main thing I want to achieve *Values Statement- Define how the work will be accomplished * Goals should align with mission statement. Self- awareness - CORRECT ANSWER *Identifying strengths and weaknesses is essential to continued success. *Taking an honest look at my best qualities and weaknesses. Production Analysis - CORRECT ANSWER * Key to increasing client base and aggressively growing business. Address Sales price Source (Buyer or seller) Weaknesses (I will learn from) Strengths (I will use again) Begin Your Day- Begin Your Plan- End with Success - CORRECT ANSWER Get up early Qualifying the Buyer - CORRECT ANSWER *Financial Qualification *Emotional Qualifications Pg 78 PITI - CORRECT ANSWER Principal, Interest, Taxes, Insurance Pg 79 FHA - CORRECT ANSWER Federal Housing Administration- - loans which are insured by the Federal Housing Administration. These loans require a small down payment and are obtained through approved lenders Pg 80 Conventional Loan - CORRECT ANSWER a loan that is neither federally insured nor guaranteed Pg 80 Buyer Representation Agreement - CORRECT ANSWER This agreement, in effect, "lists" the buyer as your client. It also obligates you to act as an agent for the buyer. As buyers' agency becomes more popular across the nation, more and more buyers are asking for this level of service. If your buyers seem unsure about their choice you may want to point out some of the advantages of buyer's agency to them. Pg 82. Closing Lines - CORRECT ANSWER • "Let's go into the office and see if we can work this out." • "The owners have indicated that you could take occupancy on March 1. Is that good for you or would April 1, be better?" • "If both properties were the same price, which would you prefer?" • "I feel that you both like this house, and it seems that you are ready to make an offer. Let's talk about that now." • "It'll be terrific when you are all moved in and living here. I know you will love it. I sure do." • "Won't it be wonderful to have this decision out of the way?" Exclusive Agency - CORRECT ANSWER The seller agrees to list the property with only one broker during the listing term, with the provision that the seller can sell the property himself or herself, without payment of a commission. Exclusive Right to Sell - CORRECT ANSWER Real estate brokers recommend this listing which grants an exclusive right to sell the property during the listing term. A commission is paid even if the property is sold by the owner. Net Listing - CORRECT ANSWER The broker agrees to sell the property in order to achieve a net price to the owner, and anything which is received above the net price is the broker's commission. A net listing is illigal by the licensing law in many states. 4 Reasons why a house doesn't sell - CORRECT ANSWER Price, Location, Condition, Marketing Plan Subagency - CORRECT ANSWER When a license holder is not associated with the seller's broker but is representing the seller through a cooperative agreement with the seller's broker. TEST ANSWER # 43 - CORRECT ANSWER Answer- B * Prior to sinate Bill 489 (Active 1995) It was known that we rep. the seller. Dynamizing- Improving chances if selling quickly - CORRECT ANSWER The final touch is a bit of glamour, which makes your home stand out as one the buyer want to live in. Plants, attractive table settings in the dining room, fire in the fireplace, background music, plenty of light, pleasant aromas and a welcoming attitude are a sure way to win in the selling game. Pricing Objections - CORRECT ANSWER Real Estate agents do not control the market or dictate price, the market does. CounterOffers (Sellers) - CORRECT ANSWER If the price is reasonable, prevent the seller from continuing to negotiate just for the sake of negotiating. Remind them that a counteroffer is an entirely new offer that makes the first offer non-binding. They could lose the buyers if the buyers choose to walk away from the negotiation, especially if the sellers are perceived to be unreasonable. TRELA - CORRECT ANSWER The Texas Real Estate License Act- passed by legislation to protect the public TREC - CORRECT ANSWER The Texas Real Estate Commission- 6 broker members and 3 public members- created to administer the provisions of the license act- they promulgate contract forms for licensees Real Estate- Law, Ethics & Morals - CORRECT ANSWER All liscense holders are required to adhere to the provisions of the TRELA & TREC Scrupulously - CORRECT ANSWER Acting in strict regard for what is considered right or proper; punctiliously exact; painstaking Meticulously - CORRECT ANSWER marked by extreme or excessive care in the consideration or treatment of details; careful. Consumer Information - CORRECT ANSWER Each real estate inspector or active real estate broker licensed by the Texas Real Estate Commission shall display Consumer Protection Notice CN 1-2 in a prominent location in each place of business the broker maintains and on the first page of a broker's website. See the end of this section for a copy of the form. TREC COMPLAINTS - CORRECT ANSWER A person may file a complaint with TREC against a realtor if the person believes the realtor has violated the Texas Real Estate License Act (TRELA) or one of TREC's rules. After reviewing TREC will notify license holder if it intends to initiate disciplinary proceedings. If guilty TREC may impose a reprimand, suspension of license, revocation of the license, a fine, probation or any combination. Professional Codes of Ethics - CORRECT ANSWER The term REALTORS® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. The Code of Ethics is so highly regarded as a model for ethical conduct, that it became the basis for real estate license laws in many cases. Realtors - CORRECT ANSWER A registered trademark owned by the National Association of REALTORS for use by its members Grievance Panel - CORRECT ANSWER A local association that conducts an initial review to determine if the complaints alleges are a violation of the organizations code of ethics. Pathways to Professionalism by (NAR) - CORRECT ANSWER Never allow buyers to enter listed property unaccompanied. Article 9 - CORRECT ANSWER For the protection of all parties all agreements related to real estate transactions are to be in writing in clear and understandable language expressing the specific terms, conditions, obligations & commitments of the parties. A copy of each agreement shall be furnished to each party to such agreements upon their signing or initialing. Closing the transaction - CORRECT ANSWER The final consummation of a transaction is the closing, where the buyer pays for the property and the seller conveys title. When the seller closes, the seller will: - CORRECT ANSWER Sign a dead conveying the property to the buyer. When the buyer closes, she has a large number of documents to sign, including: - CORRECT ANSWER Deed of Trust securing repayment of the promissory note. Credit to the buyer - CORRECT ANSWER Earnest money being held in an escrow account Charge to the Seller - CORRECT ANSWER Existing Loan Payoff TRID Rule - CORRECT ANSWER Requires that the consumer receive the Closing Disclosure no later than three business days before consummation. If the closing disclosure is not delivered in person, it is presumed received 3 business days after it is placed in the mail, sent by email, or otherwise delivered. WIKIS - CORRECT ANSWER Compilations of information from different contributors. *Realtors can invite visitors to their site, or wikis, to comment on the local community, schools, and shopping recreational facilities in the area, parks and events. Posting Plan - CORRECT ANSWER Helps to build an online persona and will develop the relationships desired. Instagram - CORRECT ANSWER Functions like a photo gallery Internet etiquette - CORRECT ANSWER The following are ideas that agents should consider when posting to any social media website as they are managing risk and keeping their careers and reputations on the highest professional level. Posting of Professional Contacts/Qualifications (e.g., LinkedIn) 1. Agent is responsible for assuring that any listing of qualifications, credentials or training contained on the site is current, accurate and not misleading. Any changes to the foregoing shall be promptly revised on the site. 2. Agent shall not falsely claim association with any person or group 3. Notwithstanding any provision herein, Agent remains responsible for complying with the license laws and regulations governing the conduct of licensees and all applicable local, state and federal laws. 4. Agent is responsible for assuring that the content conforms to the standards established in the Code of Ethics Email Etiquette - CORRECT ANSWER Email is as important as live phone conversations in today's companies and many employers are losing customers, leads and dollars due to poorly handled emails. One can have his/her character, performance and intelligence predetermined by the way he/she write, reply and use email communication. Let's start with the basics of email. There must be a subject line that demonstrates the core meaning of your email message. There should always be a greeting as with any mail correspondence; that is just good manners. There should be a closing so as to not make you sound terse or annoyed. Email Etiquette - CORRECT ANSWER Replying to "all" in an email should only be used as requested. GRI- (Graduate Realtor Institute) - CORRECT ANSWER Geared towards agents in their first to third year in business. ABR- (Accredited Buyer Representation) designation - CORRECT ANSWER Will position you for successful business practices and handling buyers, covers the issues of representation, ethics, legal practices. In the 56 Safety Tips for Realtors what is #46? - CORRECT ANSWER Beware of Phishers- Don't respond to emails requesting personal or private information such as passwords, credit card numbers or bank account numbers even if a message appears to be from your bank never request private information. Name Recognition - CORRECT ANSWER Building name recognition comes from developing a marketing plan that is outside the box, something that separates you from others. Minimum Cost Approach - CORRECT ANSWER Make a name for yourself in real estate through creative marketing such as neighborhood publications and regular mailers. Generation Y/ Millennial- 1981-1997 - CORRECT ANSWER There is a 90% graduation rate. Seller's Disclosure Statement - CORRECT ANSWER In accordance with Texas law, be sure to go over the Seller's Disclosure Statement with the buyers before they sign an Earnest Money Contract. How Buyers Process Information - CORRECT ANSWER Giving buyers information is only part of the process. Most important to the process is how you present the information so they can process it in their preferred style, allowing them the time to take in as much as they need. This requires patience, but understanding your buyer is the key to your relationship. Signs of Problem Client - CORRECT ANSWER • They tell you that they just want to "see what's out there" • They are always looking for a "good deal" • They have a less than favorable credit history • They refuse to be pre-qualified by a lender • They refuse to sign an exclusive buyer's agency agreement • They are hypercritical and/or over-demanding • They make a habit of missing appointments or showing up late • They simply are not being honest with you Understanding Needs - CORRECT ANSWER During the qualifying process, you should have determined quite a bit about your buyers. You have learned in what price range they have been financially qualified to purchase. You should also have determined their motivation, including their urgency to purchase, or at least their planned time frame. You will present yourself to buyers in much the same way that you present yourself to sellers. That is, you will introduce yourself and give the buyers information about you and your company. If you have earned the ABR®* designation through the NAR you will point this out to the buyers. You (as required by law) will give the buyers the Information about Brokerage Services and determine their choice as to representation. Listing Agreement - CORRECT ANSWER The listing agreement is an employment contract used by sellers to employ a real estate broker, or brokerage firm, to find a buyer for their property THE LISTING AGREEMENT - CORRECT ANSWER The parties to the listing agreement are the seller and the broker. A sponsored license holder of the broker may sign the agreement, but does so on behalf of the broker. [Show Less]
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Champions Real Estate Marketing SAE 122 Questions with Verified Answers,100% CORRECT
Champions Real Estate Marketing SAE 122 Questions with Verified Answers Most common reason a property fails to sell is - CORRECT ANSWER price Matchin... [Show More] g human needs with goods or services to meet those needs is the process of - CORRECT ANSWER marketing _____________________ is a key personality trait of a successful agent - CORRECT ANSWER problem solving 3 Ways Sales Agents Add Value to the Buying Process - CORRECT ANSWER Counseling, Negotiating, and Managing the transaction Four P's of marketing real estate - CORRECT ANSWER product, promotion, price and place How can you know your product? - CORRECT ANSWER Inspect company listings • Travel your geographic area • Practice writing offers • Do net sheet calculations on your own house AIDA - CORRECT ANSWER (The four psychological steps of a sale: attention, interest, desire and action). states that rational buyers will pay no more for a property than they would for an equally desirable, comparable property. - CORRECT ANSWER The principle of substitution in real estate valuation Marketing to a specific age group is sometimes called - CORRECT ANSWER generational selling An acronym for the psychological steps of a sale is - CORRECT ANSWER AIDA A willingness to change and grow your marketing plan demonstrates to concept of ____________. - CORRECT ANSWER adaptation To be an effective problem solver, it is beneficial to understand .... - CORRECT ANSWER basic human needs and the psychological steps involved in a sale defined as expected benefits to be received as a result of ownership - CORRECT ANSWER amenities Objectives should be - CORRECT ANSWER measurable and achievable as well as timely. Goals should be - CORRECT ANSWER attainable, flexible, measurable, and time frame shot gun method - CORRECT ANSWER often the preferred choice for new agents until they realize that they can't possibly take on such a large-scale market 4 types of buyers - CORRECT ANSWER -first time buyers -relocators -upgraders -investors communication is - CORRECT ANSWER transcribing and receiving/ talking and listening Marketing budget goals should be set for a minimum of ___________, realistically more - CORRECT ANSWER 6 months _______ drive the market - CORRECT ANSWER consumers Agents should "listen" not only to what the client is saying, but also to ___________________. - CORRECT ANSWER body language To be an effective problem solver, a real estate agent should understand the __________ involved in a sale. - CORRECT ANSWER psychological In which emotional phase is the buyer ready to buy? - CORRECT ANSWER Act Gathering data, analyzing it and drawing conclusions based on it describes - CORRECT ANSWER marketing research Analyzing strengths, weaknesses, opportunities, and threats is referred to as a - CORRECT ANSWER SWOT analysis A report prepared by an agent to help a seller realistically price their property is a - CORRECT ANSWER CMA SWOT - CORRECT ANSWER strength, weakness, opportunities and threats - marketing research analysis CMA - CORRECT ANSWER comparative market analysis Two kinds of market research - CORRECT ANSWER primary and secondary primary research is ________ focused - CORRECT ANSWER customer, examples email surveys, mail surveys, closed transactions secondary research is more ___________________ and can be ___________________ - CORRECT ANSWER more in depth and can be quite complex, expensive, and time consuming Secondary research is ___________________ and includes ______________ - CORRECT ANSWER ongoing, data tracking , done by major companies found on internet (HAR, NAR) researcher is best served by using ___________________ - CORRECT ANSWER quantitative research employs statistical analysis by measuring values to determine the results - CORRECT ANSWER quantitative This type of analysis "describes" the obtained results. For example, how many people like or dislike a proposed change in a brokerage's marketing approach. - CORRECT ANSWER descriptive data analysis can also be employed to compare market segments to see how they respond to an issue, and to provide foresight as to what could possibly occur based upon the compiled data. - CORRECT ANSWER inferential data analysis It is widely held that ________ is the minimum sample size for reliable results - CORRECT ANSWER 30 Payments on your mortgage mean you are acquiring a major possession; instead of rent, you own more and more - CORRECT ANSWER investment More people have started on the road to their goals by home ownership than by any other way. Your principal and interest payments remain the same for the full term of your mortgage while rents usually go up - CORRECT ANSWER financial independence Better than a savings account, your home can appreciate to keep pace with inflation. Should your hobby be carpentry, decorating, etc., you have opportunities to enhance the value of your home. - CORRECT ANSWER cash equity Means, medians, and modes are all measures of - CORRECT ANSWER central tendency Why might a real estate professional perform market research? - CORRECT ANSWER a. To determine the direction of the market b. To monitor current marketing performance c. To identify new market opportunities The acronym FSBO stands for - CORRECT ANSWER For Sale by Owner Another name for telemarketing is called - CORRECT ANSWER Cold-Calling Working a market based on location is called - CORRECT ANSWER Geographical Farming Market research can indicate the - CORRECT ANSWER • sex/gender, • marital status, • lifestyle, • education level, and • income level of the consumers in your target market. Two forms of macro marketing - CORRECT ANSWER geographic farming and demographic farming a great place to kick off your marketing, particularly if your marketing budget is lean, and that tends to be the case for most new agents when launching their new career - CORRECT ANSWER geographic farming A farm is a part of the area that is - CORRECT ANSWER serviced by your firm Canvassing door to door best time is - CORRECT ANSWER Saturday mornings, follow up with email, flyer, etc. once a month The following three-step strategy for prospecting for listings is very effective. - CORRECT ANSWER Telephone call, mail, personal visit What time of day should you cold call? - CORRECT ANSWER evening or late afternoon the housing situation in the country - CORRECT ANSWER macro market the housing situation in the state/city - CORRECT ANSWER metro market the housing situation in specific communities/neighborhoods - CORRECT ANSWER micromarket Why would an agent employ micro marketing strategies? - CORRECT ANSWER Because it can save agents time and money by custom tailoring their marketing campaigns for a specific group of buyers/sellers Which of the following techniques is commonly used in prospecting for listings? a. Cold-calling b. Door-to-door canvassing c. Mailing a note or postcard d. All of these are techniques used in prospecting - CORRECT ANSWER d A broker can keep and protect client records by making use of - CORRECT ANSWER cloud storage A source of information about current and expired listings and sales can be found on the local __________, - CORRECT ANSWER MLS Two popular social networks are ___________ and _____________ - CORRECT ANSWER twitter fb With client permission, an agent could post a video of a listed property on ___________. - CORRECT ANSWER youtube Skyler 360 and Siri are examples of - CORRECT ANSWER artificial intelligence Why is search engine optimization (SEO) important? - CORRECT ANSWER Because without it, your website might end up buried on page 12 or 13 of a Google search, and everyone knows that the majority of web-surfers do not click past page 2 or 3 of the results. SEO employs strategies that promote your site up in the ranks of a search results page, making you more visible to prospective clients MLS stands for - CORRECT ANSWER Multiple Listings Services is an office concept that is catching on in some brokerages, limiting the amount of office space needed for agents - CORRECT ANSWER Hoteling The word blog is a combination of which two words? - CORRECT ANSWER web and log are the largest demographic of customers to sell to due to their sheer volume of numbers - CORRECT ANSWER Millennials The purpose of compiling a market analysis for a seller is to assist the seller in __________ their property competitively. - CORRECT ANSWER pricing Preparing a home for showing can be done professionally or by the sellers. It is often called ___________. - CORRECT ANSWER home staging THE 4CS OF SOCIAL MEDIA MARKETING - CORRECT ANSWER • Creating • Curating • Connecting • Culture created when there is more money in the market and less goods for sale - CORRECT ANSWER Demand-pull inflation occurs when the costs of production and offering services increase, thereby causing manufacturers and tradespeople/vendors to raise their prices accordingly. The costs are then passed on to the consumer - CORRECT ANSWER cost-push inflation More available affordable housing creates what is known as a _________ market. - CORRECT ANSWER buyer's Rather than being employees of their broker, most license holders work as _____________. - CORRECT ANSWER independent contractors The commission is the most common form of ______________. - CORRECT ANSWER agent compensation An independent contractor will have earnings reported to the IRS on a form called a _________. - CORRECT ANSWER 1099-MISC The way a commission is divided between cooperating brokers is called the ____________. - CORRECT ANSWER commission split IRS guidelines state that sales agents that are independent contractors: - CORRECT ANSWER are required to pay their own business fees Which of the following statements is INCORRECT? a. Brokers may offer discounted commission rates to clients. b. Brokers may charge clients a flat fee for services. c. Flat fee charging is illegal in most states. d. Real estate commissions are always negotiable - CORRECT ANSWER c Who determines commission fees and splits? - CORRECT ANSWER The broker of record TREC requires any broker with an exclusive agency agreement to provide the client with _____________. - CORRECT ANSWER minimum levels of service Time in the office providing an agent the opportunity to work with any walk-in or call-in prospects is commonly called _________. - CORRECT ANSWER floor time In direct approach to marketing is considered - CORRECT ANSWER inpersonal personality type that gives back to community - CORRECT ANSWER whale personality type that likes to have fun, they like to talk - CORRECT ANSWER dolphin interested in data, engineers - CORRECT ANSWER urchins personality type that is competitve, out for blood, big idea people, big picture people - CORRECT ANSWER shark values ideas, innovation, original and new concepts that have long-term implications; inquisitive and imaginative; challenged by problems and finding solutions. - CORRECT ANSWER theorist values actions ("actions speak louder than words"); results oriented; direct; frank about events, situations and people; down to earth and practical in working. - CORRECT ANSWER driver The best marketing tip for Sofia when dealing with GenX and Millennials would be: - CORRECT ANSWER Make your presentation short, direct and use technology Kathy is a top-producing agent who is very direct in her approach with clients and fellow agents. She is often in a hurry, and keeps her conversations short and to the point. Given this description, it is safe to say that Kathy is probably a __________. - CORRECT ANSWER driver A summary of your personal qualifications, business information and a sample contract are some items that would be included in your ___________________. - CORRECT ANSWER listing presentation kit The mandatory disclosure notice that must be presented to both prospective buyers and sellers is the __________. - CORRECT ANSWER IABS A form prepared by the seller and provided to buyers is the ____________________. - CORRECT ANSWER seller's disclosure A Seller's Disclosure is prepared by the seller and the __________ is responsible for the accuracy of the information. - CORRECT ANSWER seller The underlying theory is that a good sales person must have at least two basic qualities: - CORRECT ANSWER empathy and ego drive empathy is - CORRECT ANSWER the ability to put yourself in someone else's shoes Loans guaranteed by a government agency are ____________. - CORRECT ANSWER VA loans Loans insured by a government agency are _____________. - CORRECT ANSWER FHA Private sector loans without a government guarantee or insurance are ____________. - CORRECT ANSWER conventional An employment contract hiring a broker to represent a buyer is a ____________________. - CORRECT ANSWER buyer representation agreement VA loan must have - CORRECT ANSWER The Veteran must receive a Certificate of Eligibility from the VA prior to applying for the loan. The property must be appraised by the Veterans Administration. A veteran who is applying for a VA loan must sign a document stating that he or she will occupy the property in this loan the borrower makes equal regular payments of principal and interest until the loan is repaid. The term of the loan can be anything from 10 to 30 years, but the most common terms are 15 years and 30 years. This loan is often referred to as a fixed-rate loan. - CORRECT ANSWER amortized loan the interest rate changes or is adjusted periodically. The rate is usually tied to some readily available index, and changes from period to period are usually limited or "capped". This loan can often give the buyer the lowest available monthly payment at the start of the term, but it is important to remember that the rate will fluctuate, and so will the payments. The maximum allowable adjustment over the life of the loan is also usually capped. - CORRECT ANSWER adjustable rate mortgage (ARM) This is an amortized loan in which the loan payments in the early years are set lower than normal, and they gradually rise over the first few years, leveling off at some point, such as the fifth year - CORRECT ANSWER Graduated Payment Mortgage Most lenders will not allow borrowers to spend more than ______% of their monthly income on PITI. - CORRECT ANSWER 28 two types of qualifying - CORRECT ANSWER financial and emotional A federal law that regulates marketing emails is the _____________. - CORRECT ANSWER CAN-SPAM act Taking buyers to or away from a neighborhood based on any protected group is called ___________. - CORRECT ANSWER steering Another name for panic peddling with sellers is ______________ - CORRECT ANSWER block busting On signs or any other type of advertising, a broker's name, the brokerage name, or an assumed name has to be at least _________% of the largest item of contact information. - CORRECT ANSWER 50 TREC has opined over the years that the word "__________®" or "_______" are words that clearly identify the advertiser as a broker, but that the words "Real Estate" or "Properties" do not. - CORRECT ANSWER Realtor or realty It allows an aggrieved consumer to sue a seller of goods for damages. The act by the seller of the goods has to be deceptive or unfair for the consumer to successfully sue for monetary damages. - CORRECT ANSWER Deceptive Trades Practicing Act uses adjectives and opinions rather than details or facts (The most beautiful landscaping). This is not misrepresentation - CORRECT ANSWER puffing restricts the use of the facsimile machine to deliver unsolicited advertisements - CORRECT ANSWER telephone consumer protection act TCPA Which of the following is an INCORRECT statement? a. Seller's agents MUST disclose to a potential buyer whether or not a person has died of AIDS or HIV-related illness in a home. b. In Texas, sellers are responsible for filling out a Seller's Disclosure of Property Condition for the buyer. c. In Texas, sellers of residential property most disclose all material facts relating to the condition of the property. d. All of these statements are incorrect - CORRECT ANSWER A The TREC requirements for professional behavior are set forth in the ________________. - CORRECT ANSWER Canons of Professional Ethics and Conduct ___________________ is influenced by an individual's morals, ethical standards set by a profession and laws. - CORRECT ANSWER Business Conduct is very specific concerning this violation. All commissions are negotiable between the broker and his or her client and are not set by any Board of REALTORS® or between competitors, or by TREC - CORRECT ANSWER Sherman Anti Trust Act What makes a topic searchable on twitter? - CORRECT ANSWER # How many people should agents contact a week from the hot sheet on MLS? - CORRECT ANSWER 25 Penalties of Fair Housing Act - CORRECT ANSWER 75,000 first time and 150,000 there after [Show Less]
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Power House Training Exam 31 Questions with Verified Answers,100% CORRECT
Power House Training Exam 31 Questions with Verified Answers Which of the following is not a method for selecting a farm area that is discussed in the t... [Show More] ext? - CORRECT ANSWER Choose the most expensive homes so your commission will be bigger When is the best time to make cold calls? - CORRECT ANSWER In the afternoon or early evening Which of the following activities could help agents boost their marketing platforms? - CORRECT ANSWER Posting the testimonials of satisfied clients on their websites Posting a YouTube video of a listing Visiting the HOAs of the neighborhoods they work in Which of the following statements is true? - CORRECT ANSWER Mission statements are powerful when they describe what the company does and why. Besides personal referrals, ______ can be a good source of business for your real estate sales. - CORRECT ANSWER Farming Networking groups Open Houses Goals should be attainable, flexible, and ________. - CORRECT ANSWER Measurable Joel makes $96,500 gross yearly salary. He has no other sources of income. He is applying for a conventional loan. Using the front ration, what is his maximum monthly house payment? (96,500/12 = 8041.67 * 28% = - CORRECT ANSWER $2,252 A veteran must receive _______ from the VA prior to applying for the loan. - CORRECT ANSWER Certificate of eligibility Buyers feel that they can confide in their agents because of the agent's__________ - CORRECT ANSWER Duties of confidentiality and loyalty Potential buying signals include - CORRECT ANSWER Asking to view the property again asking about monthly payments on a specific property measuring rooms to determine fit for furniture Sarah is applying for a conventional loan, and has a gross annual income of $158,250. What maximum house payment does she qualify for using front ratio? What is the maximum she can qualify for using the back ratio? Assuming that she has total fixed monthly obligation of $1,760, what is the maximum house payment that she can qualify for? - CORRECT ANSWER 3,692.50 $13,187.50 × 36% = $4,747.50 (PITI + other obligations Based upon the back ratio, Sarah's combined house payment and regular obligations cannot exceed $4,747.50 per month. Therefore, her maximum house payment is: $4,747.50 - $1,760.00 = $2,987.50 Karen has been a real estate agent for two years. She has been working with a buyer, Henry, for several months now. They have been through listing after listing, but Henry always has at least one objection about each property that she shows him. Finally, after showing Henry dozens of properties, Karen locates the perfect property that meets ALL of Henrys critieria. After the showing, Henry admits that it is his "dreamhouse," but again voices objections over price. He tells karen that he feels as though she is pressuring him to make the most important decision at this point of his life, and that he just might not be ready to take on that much debt. Ge also fears that he might not be able to sell the house if he needs to. Which statement most accurately describes Henry? What strategy could Karen employ when dealing with Henrys objections? Karen works successfully through Henrys objections, and he agrees to take the - CORRECT ANSWER Henry is probably a first-time buyer who is just nervous about purchasing a home. She could respond to his objections with questions in order to determine his real concerns These are all things that karen should do to ensure that she serves henrys best interests. Who is the procuring cause of a real estate transaction? - CORRECT ANSWER The first broker who sells the property Which statement regarding net listings is false? - CORRECT ANSWER Net listings are considered unethical and are illegal in Texas Net listings are the preferred listing amongst brokers Net listing always produce the best price and brokerage service for the seller The act of removing outdated wallpaper and painting over unusual wall colors is referred to as _____ - CORRECT ANSWER Neutralizing Which of the following does not need to be included in a listing agreement? - CORRECT ANSWER The REALTORs headshot and bio Assume that ABC Realty has listed the Jones house for sale, and the listing agent is Sally Brown. Jim Williams works for XYZ Realty and is working with a buyer named Harriet Green who has decided she would like to purchase the Jones home. Harriet Green is not being represented by XYZ Realty. Now, lets plug the players into the definition above and gain the clarification we need to understand this definition of subagency from a compliance and practical perspective. Jim williams is a license holder not associated with the sellers broker. Jim williams is associated with XYZ Realty and the sellers broker is ABC Realty. Jim Williams and XYZ are representing the jones family, and so is ABC Realty. Who is the buyer in the jones family scenario? Based on the information give, the seller is ______ client. Who is representing the buyer? - CORRECT ANSWER Harriet Green Both ABC & XYZ Realty No one is representing the buyer Which of the following is discussed in the text as a factor that can shape a persons sense of morality? - CORRECT ANSWER School experience The code of ethics and standards of practice is designed for _______ to adhere to. - CORRECT ANSWER REALTORS Where can you find the Canons of Professional ethics and conduct for real estate license holders? - CORRECT ANSWER Rules of the commission Which of the following should you consider before you negotiate for a seller? - CORRECT ANSWER Consider time constraints for both buyer and seller Which of the following is an item that is typically credited to the seller? - CORRECT ANSWER Prepaid items When does the transaction process begin? - CORRECT ANSWER When the negotiations have ended and the contract has been signed by all parties Which of the following is NOT one of the social media big four? - CORRECT ANSWER Active Rain X Before using Facebook, creating a ________ will help you build an online persona and develop the professional relationships desired for your business. - CORRECT ANSWER Posting Plan On which social media site is job history, job skills, and education the most important? - CORRECT ANSWER LinkedIn A ________ should be someone that you wish to emulate and that espouses the level of success and philosophy that you respect. - CORRECT ANSWER Mentor What does GRI stand for? - CORRECT ANSWER Graduate REALTOR Institute Which of the following designations/courses are helpful and informative for real estate agents? - CORRECT ANSWER E-Pro ABR CRS Open Listing - CORRECT ANSWER Gives the seller the right to list the property with multiple competing brokers and to sell the property personally without liability for payment of a commission. Net listings - CORRECT ANSWER Outlawed in many states. But legal in Texas. The seller establishes a minimum, acceptable price [Show Less]
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RE marketing Powerhouse exam prep 71 Questions with Verified Answers,100% CORRECT
RE marketing Powerhouse exam prep 71 Questions with Verified Answers How to build name recognition? - CORRECT ANSWER comes from developing a marketing p... [Show More] lan that is outside the box, something that separates you from others. - Post something of value on a neighborhood Facebook page. - Create a YouTube video from your phone about your listings, it will be one of the first to show up on Google. - Donate supplies and backpacks to schools in your market area. - Sponsore a neighborhood newsletter for each month that hosts a newsworthy column or notice of a sold listing in which you describe your success in selling the home. - Offer to bring breakfast to the neighborhood Home Owner's Association (HOA) and leave your business card. - Have a series of testimonials either printed in a presentation book or posted on a webpage. Step for proper budgeting and ensuring no over-commitment - CORRECT ANSWER Devising a 12-month marketing plan in advance is a key habit of successful, professional agents. Planning in advance not only allows you to properly budget, it also ensures that you do not over commit to any one buyer or seller. "I'll sell your house in 30 days. I promise!" You can't promise that. *Remember - it is better to "under" promise and "over" deliver than to "over" promise and "under" deliver. When developing your 12-month marketing plan consider monthly mailers, special occasion mail- ers and their frequency, and any other events or holidays you seem fit. Consider the start-up format below and input any additional items - remember your budget! You can always add unexpected events as long as you have a strong and realistic basis to begin with. Millennial generation forecast - CORRECT ANSWER This group, the "Boom Echo", is comprised of 70 million potential future homebuyers. As the first multicultural generation of children, studies believe they will be the most adaptable to new ideas. Although the Millennial generation has delayed home ownership because of financial and debt con- siderations, it is projected that many will enter the housing market over the next 10 years. In addition to being first-time home buyers, people will need agents when looking for a larger home, relocating for a new job, or other reasons. Some characteristics of this generation include: - There is a 90% graduation rate. - A sense of civic pride and purpose is growing from this group. - Parental involvement is occurring with books and movies focused on family values. Also they are establishing firm rules and reinforcing them, bringing back discipline and moving away from parents as pals. - These children are being encouraged to excel and achieve. Positive attitudes and selfless team spirit is encouraged. Definition question - cold calling resources - CORRECT ANSWER Cold calling for the new agent might consist of contacting people from those dead files you collected from other agents, following up with previous contacts, and perhaps even soliciting expired listings. Another tool at your disposal is a criss-cross directory. Today's criss-cross directories come in the form of searchable online databases of residences and businesses. These databases contain home owner's names, addresses, cell phone numbers, email addresses, and neighborhood demographics. For example, you may drive by a house that looks uninhabited, as though no one lives in it. You can use a criss-cross directory to look up the address of the property and find the owner's name and contact information. If the owner's phone number is not on the Do-Not-Call Registry, you can call him/her to find out if he/she may be thinking about selling or renting the house. Criss-cross directories are also helpful to real estate sales agents because they list how long owners have lived in their houses, which can provide you with great turnover information for the neighbor- hood. Agents prefer neighborhoods with high turnover rates; a good rate of turnover is when the owners sell every two to four years. minimum cost - CORRECT ANSWER Make a name for yourself in real estate through creative marketing such as neighborhood publications and regular mailers. Promotional marketing items: Calendars, grocery lists, pens, and more. Create a neighborhood real estate update newsletter with home upkeep tips. Information workshops such as a home-buying seminar (for first-time home buyers). Hold it at the same time every month (e.g. the 3rd Wednesday of the month). Hold an informative seminar on how to prepare a property tax protest. People will definitely remember you if you help them to save money. Creative group home tours, prospective clients are typically more relaxed in this setting. Zero cost approach - CORRECT ANSWER Seek and find houses within your community that are in a "target rich environment" and offer to hold it open as a means to get the buyer clients. Find a builder in your area and ask permission to hold one of their homes open. Employing someone to sit in the home will cost them $36,000 a year. Pick up the buyer traffic and work with the builders finding land, this will help you get listings. Arrive early and stay late to take call-ins. Network and ask for business FSBOs and expired listings, no leases: talk to them face to face. Prospecting FSBOs is a tried- and-true Zero Cost approach that many new agents employ when looking for listings because the agent already knows that the prospect wants to sell. Sales Comparison Approach - CORRECT ANSWER The process of estimating the value of a property by examining and comparing actual sales of comparable properties. generational cost approach - CORRECT ANSWER Cost approach - CORRECT ANSWER The cost approach is a real estate valuation method that surmises that the price a buyer should pay for a piece of property should equal the cost to build an equivalent building. geographic farm - CORRECT ANSWER An area of neighborhoods or subdivisons that is serviced by your firm. economic farm - CORRECT ANSWER All the properties in a particular price range, in the area your firm services Niche market - CORRECT ANSWER A smaller part of a larger market in which customers have more specific needs and wants Generation characteristics - CORRECT ANSWER The Greatest Generation or GI Generation - born before 1928: 37 million The Silent Generation - born between 1928 - 1945: 28 million The Baby Boomers - born between 1946 - 1964: 74.9 million Generation X - born between 1965 - 1980: 65.8 million Generation Z/Millennials - born between 1982 - 1997: 75.4 million GI Generation - CORRECT ANSWER born before 1928: 37 million According to Generations by William Strauss and Neil Howe, the GI Generation invented the term, "Senior Citizen". Their belief in economic independence and home ownership led to programs like the GI Bill and VA Financing and directly contributed to the proverbial "American Dream" mentality. Silent generation - CORRECT ANSWER Born between 1928-1945: 28 million Great respect for the opinions of others has fostered a strong belief in consensus, compromise and mediation in this generation. Major players in the Civil Rights movements who want to make a difference in their communities and in the world as a whole has led to a generation of bureaucracy and citizen movements. Baby boomers - CORRECT ANSWER born between 1946 - 1964: 74.9 million Aptly nicknamed the "Me Generation", Baby Boomers are empowered by money and resources and have unyielding opinions, which makes coming to a consensus more difficult. These are the parents of anti-drug, anti-smoking, anti-guns campaigns who are active in legislation for Medicare, Social Security reforms, long-term care insurance, and prescription drug issues. As they age, they "Make Aging Cool". Generation X - CORRECT ANSWER Born between 1965 - 1980: 65.8 million This generation has to work hard to overcome the name designated to its members. These are the latchkey kids of the working moms and dads who tended to criticize instead of connect. Their lack of identity is based, in large part, upon their parents' own self indulgence. Because of this, they tend to have no boundaries and no limits. Ethnically, culturally, and sexually diverse, they are a splintered generation from inner-city poverty to suburban mall enthusiasts. Immigration has had an impact on this generation. Accounting for 1/3 of the U.S. population, immigrants will make up 1/3 of this first-time homebuyer generation. Generation Z/Millennials - CORRECT ANSWER Generation Z/Millennials - born between 1982 - 1997: 75.4 million This group, the "Boom Echo", is comprised of 70 million potential future homebuyers. As the first multicultural generation of children, studies believe they will be the most adaptable to new ideas. Although the Millennial generation has delayed home ownership because of financial and debt con- siderations, it is projected that many will enter the housing market over the next 10 years. In addition to being first-time home buyers, people will need agents when looking for a larger home, relocating for a new job, or other reasons. Some characteristics of this generation include: -There is a 90% graduation rate. -A sense of civic pride and purpose is growing from this group. -Parental involvement is occurring with books and movies focused on family values. Also they are establishing firm rules and reinforcing them, bringing back discipline and moving away from parents as pals. -These children are being encouraged to excel and achieve. Positive attitudes and selfless team spirit is encouraged. Short term goals - CORRECT ANSWER A goal that ranges from several months to a year Intermediate goals - CORRECT ANSWER ranging from 3 to 5 years long term goals - CORRECT ANSWER ranging from 5 to 10 years prospecting - CORRECT ANSWER sifting through information, searching for clientele Mission statement - CORRECT ANSWER An announcement of a company's long term goals Value statement - CORRECT ANSWER help define how the work will be accomplished, and they articulate a set of beliefs and principles that guide the way the company conducts business. You want to make sure that your goals align with your mission statement. get up early - CORRECT ANSWER don't jump out of bed and rush through your morning. Getting up 20 minutes earlier will help you avoid stress, tardiness and unnecessary feelings of anxiety. self awareness - CORRECT ANSWER Identifying your strengths and weaknesses is essential to your continued success year after year. Take an honest look at your best qualities and your weaknesses. be flexible - CORRECT ANSWER Continually review priorities. As time moves on, and circumstances change, priorities might need to be revised. When the unexpected occurs, remember that it provides you with a challenge to which to adjust. Handle the unexpected, and then get back to your plan. Do it once and Daily to do list - CORRECT ANSWER Avoid the temptation to stop and start, stop and start. Handle each job and each piece of paper once. Deal with the task and be done with it. Begin each morning by listing tasks and activities which will help you achieve high-priority goals. Always start with As, not Cs. Code of Ethics and Standards of Practice - CORRECT ANSWER it does not address the issues of courtesy or etiquette. Credits to the - CORRECT ANSWER Items typically credited to the buyer include: Earnest money being held in an escrow account Existing mortgage on an assumption or the buyer's new mortgage he successfully secured from the lender Unearned rents (previously collected by the lender) Tenant's security deposits Accrued items (items owed by the seller but the bill is not due yet. For Example - taxes on property) Items paid on behalf of the buyer outside closing (POC - paid outside closing) credits to the seller--- Sales price of the property Prepaid items (items paid in advance, For example - . insurance, HOA dues, etc.) Escrow account overages (prepaid insurance, tax) Charges to the buyer/seller - CORRECT ANSWER to the buyer: Survey Mortgage loan fees charged by the lender Copies of deed restrictions Mortgagee's Title Insurance Policy Credit report (POC) Appraisal (POC) Prepaid items for setting up escrow accounts Private mortgage insurance Recording fees for the deed and mortgage instruments Inspections on property including termite, structural, mechanical Attorney's fees Messenger fees Charged to the seller: Real estate commission Attorney's fees Repairs to property Owner's title policy Existing loan payoff Recording fee for release of lien Messenger fee Unpaid taxes on property Accrued interest on loan from last payment to the day of closing Unearned rent collected in advance Tenant's security deposit TRID rule - CORRECT ANSWER requires that the consumer receive the Closing Disclosure no later than three busi- ness days before consummation. If the Closing Disclosure is not delivered in person, it is presumed received three business days after it is placed in the mail, sent by email, or otherwise delivered. However, the creditor may rely on evidence that the consumer received the Closing Disclosure ear- lier (e.g., the consumer's signed receipt of delivery by overnight mail or acknowledgment of receipt via email). Deed of trust - CORRECT ANSWER When the buyer closes, he or she has a large number of documents to sign, including: Deed of Trust securing repayment of the promissory note agreement between a lender and a borrower to give the property to a neutral third party who will serve as a trustee. The trustee holds the property until the borrower pays off the debt. Closing - CORRECT ANSWER The final consummation of a transaction, where the buyer pays for the property and the seller conveys title Purpose of a deed - CORRECT ANSWER To transfer title between owner/grantor and the receiver/grantee. Agent's goals when presenting counteroffer - CORRECT ANSWER Think of the big picture. Remind sellers that many times the value of concessions tend to be less costly than more days on the market. If the price is reasonable, prevent the seller from continuing to negotiate just for the sake of negotiating. Remind them that a counteroffer is an entirely new offer that makes the first offer qualifying - CORRECT ANSWER learning the financial qualifications of the buyer. Are these prospects truly interested in buying, or are they just engaging in "wishful looking" interview the buyer PITI - CORRECT ANSWER Sum of monthly principal, interest, taxes, and insurance Conventional loan - CORRECT ANSWER loans which are neither insured nor guaranteed by the federal govern- ment. These loans often have requirements for a higher down payment of 20% of the market value or more, unless private mortgage insurance is to be paid by the borrower VA loans - CORRECT ANSWER loans which are guaranteed by the Veterans Administration. These loans are often avail- able with no down payment. The guarantee is free to the Veteran. The Veteran must receive a Certificate of Eligibility from the VA prior to applying for the loan. FHA loan - CORRECT ANSWER loans which are insured by the Federal Housing Administration. These loans require a small down payment, and are obtained through approved lenders. By providing insurance to the lender, the FHA attracts lenders to loans which they would not otherwise be interested in making. Buyer Representation Agreement - CORRECT ANSWER A principal-agent relationship in which the real estate professional acts on behalf of the buyer, usually as an agent, with fiduciary responsibilities to the buyer. Signs of a problem client - CORRECT ANSWER They tell you that they just want to "see what's out there" They are always looking for a "good deal" They have a less than favorable credit history They refuse to be pre-qualified by a lender They refuse to sign an exclusive buyer's agency agreement They are hypercritical and/or over-demanding They make a habit of missing appointments or showing up late They simply are not being honest with you Sellers disclosure agreement - CORRECT ANSWER In accordance with Texas law, be sure to go over the Seller's Disclosure Statement with the buyers before they sign an Earnest Money Contract.. The agreement requires the seller to disclose everything good bad and ugly about the house Possible closing lines - CORRECT ANSWER "Let's go into the office and see if we can work this out." "The owners have indicated that you could take occupancy on March 1. Is that good for you or would April 1, be better?" "If both properties were the same price, which would you prefer?" "I feel that you both like this house, and it seems that you are ready to make an offer. Let's talk about that now." "It'll be terrific when you are all moved in and living here. I know you will love it. I sure do." "Won't it be wonderful to have this decision out of the way?" Code of ethics article 9 - CORRECT ANSWER RealtoRs®, for the protection of all parties, shall assure whenever possible that all agreements related to real estate transactions including, but not limited to, listing and representation agreements, purchase contracts, and leases are in writing in clear and understandable language expressing the specific terms, conditions, obligations and commitments of the parties. A copy of each agreement shall be furnished to each party to such agreements upon their signing or initialing Employment contract used with sellers - CORRECT ANSWER The listing agreement is an employment contract used by sellers to employ a real estate broker, or brokerage firm, to find a buyer for their property. Brokers agree to use their best efforts and abilities to find a purchaser. While some states, including Texas, allow oral listings, good business practice would require that listings should be in writing. Types of Listing Agreements - CORRECT ANSWER Open listing Exclusive agency Exclusive right to sell Net listing exclusive agency - CORRECT ANSWER the seller agrees to list the property with only one broker during the listing term, with the provision that the seller can sell the property himself or herself, without 130 payment of a commission. Subagency - CORRECT ANSWER "when a license holder is not associated with the seller's broker but is representing the seller through a cooperative agreement with the seller's broker." While this is certainly a concise definition, the definition of subagency is better understood by practical example an agent who brings a buyer for another company's listing, and the buyer's representative is working on behalf of the listing agent and seller, owing them fiduciary duties. Reasons houses fail to sell - CORRECT ANSWER Price Location Condition Marketing Plan Dynamizing - CORRECT ANSWER the final touch is a bit of glamour, which makes your home stand out as one the buyers want to live in. Plants, attractive table settings in the dining room, fire in the fireplace, background music, plenty of light, pleasant aromas and a welcoming attitude are a sure way to win in the selling game. Neutralizing - CORRECT ANSWER it is a good idea to get rid of posters, unusual paint colors or very outdat- ed wallpapers. Neutral colors sell better for the simple reason that they blend in with the things buyers already have, rather than clashing. Decluttering - CORRECT ANSWER straighten up closets and other cluttered areas to give the illusion of space and adequate storage. Clear off counter tops and neaten shelves. Throw away unwanted items that add to a crowded feeling. You will probably not want to move these things any- way, so now is a good time to get rid of them. Open listing - CORRECT ANSWER gives the seller the right to list the property with multiple competing brokers and to sell the property personally without liability for payment of a commission. Some sellers believe that an open listing best serves their interests - that listing with several brokers produces more prospects than does a single-listing company. Exclusive Agency Listing - CORRECT ANSWER The owner employs only one broker but retains the right to personally sell the property, and thereby not pay a commission. However, if any other real estate company sells the property, the listing broker is still entitled to the commission stipulated. Exclusive Right to Sell Listing - CORRECT ANSWER Under this listing arrangement, the broker employed is entitled to a commission no matter who sells the property during the listing period. (Even the Seller) Net listing - CORRECT ANSWER The broker agrees to sell the property in order to achieve a net price to the owner, and anything which is received above the net price is the broker's commission. A net listing is prohibited by the licensing law in many states. Prior to SB 489 - CORRECT ANSWER prior to Senate Bill 489, most buyers didn't even know that they were not being represented, but under Senate Bill 489, such disclosure is required by law. Handling price objections - CORRECT ANSWER - A higher price is not likely to be supported by an appraisal, so buyers won't be able to obtain financing. - If your property excludes a feature important to current buyers - large family room or upstairs game/TV room - that must be reflected in the price. - Real estate agents do not control the market or dictate price; the market does. - The monthly payments required on a higher-priced house will eliminate a large number of buyers. Calculate the amount of income buyers would need to carry an 80 percent mortgage with payments equal to one-third (1/3) of monthly income. - The beauty and sentimental value of your home will help it sell, but they are not indicators of price. - The amount of money you need in order to move and buy your new home is a viable indicator of market price Complaints filed with TREC - CORRECT ANSWER A person may file a complaint with TREC against a real estate license holder if the person believes the license holder violated the Texas Real Estate License Act (TRELA) or one of TREC's rules. If TREC has jurisdiction over the complaint, it will typically investigate the allegations by inter- viewing the parties and witnesses and gathering relevant information. After review, TREC's enforcement division will notify the license holder if it intends to initiate disciplinary proceedings. After a hearing or other settlement procedure, it will render a decision. If the evidence establishes a violation, TREC may impose a reprimand, suspension of the license, revocation of the license, a fine, probation, or any combination. Priorities of complaints: Degree of potential harm to the consumer, Potential for immediate harm to the consumer Overall severity of the allegations and the complaint Number of license holders potentially involved in the complaint Previous complaint history of the license holder Number of potential violations in the complaint. Ethics - CORRECT ANSWER defined as a set of moral principles, and as a theory or system of moral values. A business practice may not be ethical, even if it is legal. NAR disciplinary action - CORRECT ANSWER - A reprimand - A fine - Probation - Suspension of membership - Revocation of membership - Any combination of the above actions. Scrupulously - CORRECT ANSWER defined as acting in strict regard for what is considered right or proper; punctiliously exact; painstaking. Social media platforms/features - CORRECT ANSWER Facebook - CORRECT ANSWER Facebook has more than 1.2 billion active users, over 1/3 of which access the service via mobile device only. When posting to facebook consider: Be personal. It can't be all business. Be you, be authentic Act like you would at a dinner party. Don't be the talker. Be the listener. It's not about selling a house, it's about making a relationship. Wikis - CORRECT ANSWER These are compilations of information from different contributors. Real estate professionals can invite visitors to their site, or wikis, to comment on the local community, schools, and shopping, recreational facilities in the area, parks, and events. Inman.com and Zillow.com are creating real estate wikis, asking real estate professionals to contrib- ute their insights to their wikis. Email reply all - CORRECT ANSWER Replying to "all" in an email should only be used as requested. GRI courses - CORRECT ANSWER Graduate REALTOR® Institute These are geared toward agents in their first to third year in business. They are each a week long and are well worth the time invested. Safety tip #46 - CORRECT ANSWER Beware of "phishers" Don't respond to emails requesting personal or private information such as passwords, credit card numbers or bank account numbers. Even if a message appears to be from your bank or a trusted vendor, credible companies never request private information this way. Designation courses - CORRECT ANSWER Certified Home Marketing Specialist (CHMS): Help your clients prepare their homes for sale with this designation dedicated to marketing dialogue and staging technique. Accredited Buyer's Representative (ABR): Show your buyers that you are an expert in the field with the designation that is solely dedicated to the buyer's representative Military Relocation Professional (MRP): Learn to help our military professionals relocate. Seller Representative Specialist (SRS): Gain the necessary knowledge to apply methods, tools, and techniques to provide support and services that sellers want. [Show Less]
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POWER HOUSE TRAINING: CHAPTER 4|57 Questions with Verified Answers,100% CORRECT
POWER HOUSE TRAINING: CHAPTER 4|57 Questions with Verified Answers Net ListingCORRECT ANSWER Under such listings, the seller establishes a minimum, acce... [Show More] ptable net price Open ListingCORRECT ANSWER This listing gives the seller the right to list the property with multiple competing brokers and to sell the property personally without liability for payment of a commission Senate Bill 489CORRECT ANSWER Subagency disclosures are more stringent due to this law SubagencyCORRECT ANSWER When a license holder is not associated with the seller's broker buy is representing the seller through a cooperative agreement with the seller's broker Listing AgreementCORRECT ANSWER an employment contract used by sellers to employ a real estate broker, or brokerage firm, to find a buyer for their property Listings are the key to success in real estate. True or False?CORRECT ANSWER True Typically, sellers focus on....CORRECT ANSWER list price, commission rates, marketing, and the real estate agent's experience The Listing Presentation should cover....CORRECT ANSWER your qualifications, the brokerage you work for, info about the local housing market, how the seller's home fits into that landscape, and what you will do to market the seller's property if you were to get the listing An effective preexisting packet will cut the time of an average listing appointment in half. True or False?CORRECT ANSWER True What should the pre listing packet contain?CORRECT ANSWER A cover letter, a short bio and outline your skills, a personal marketing brochure, brief bios of your team members, testimonials of your past clients, a property disclosure for sellers to complete Your listing packet should consist of....CORRECT ANSWER -a CMA along with your analysis of the property -your bio -a detailed marketing plan for the home -a detailed list of services that you will provide -agency disclosure form -a listing agreement prepared A listing package should include...CORRECT ANSWER -The IABS form -An explanation of duties to clients -A legal description of the property -the names of the parties to the contract -a description of the fixtures that will be included in the sale -agreement to pay commission -a beginning and end date -fair housing language -Intermediary consent Types of Listing AgreementsCORRECT ANSWER -Open Listing -Exclusive Agency -Exclusive right to sell -Net Listing Why do brokers recommend against open listings?CORRECT ANSWER -owner may be subject to commission claims by more than one broker -it is not always possible to easily determine who was responsible for the sale and that could lead to litigation -an open listing does not protect the broker who diligently advertises the property -can cause procuring cause lawsuits In an exclusive agency....CORRECT ANSWER the seller agrees to list the property with only one broker during the listing term, with the provision that the seller can sell the property himself or herself, without payment of a commission. Exclusive agency agreements are often used with who?CORRECT ANSWER builders Exclusive right to sellCORRECT ANSWER a commission is paid even if the property is sold by the owner What is the commission on a net listing?CORRECT ANSWER The difference between the minimum net established by the seller and the price that the buyer is willing to pay. Net listings are outlawed in many states. True or False?CORRECT ANSWER True TREC passed 2 specific rules regarding net listings...CORRECT ANSWER 1. A broker should take net listings only when the principal insists upon a net listing and when the principal appears to be familiar with current market values of real property 2. A real estate license holder is obligated to advise a property owner as to the license holder's opinion of the market value of the property when negotiating a listing As a buyer's agent, you cannot ask for any compensation not advertised in MLS. True or False?CORRECT ANSWER True ____________ is the most obvious benefit of seller agency.CORRECT ANSWER Marketing What are the benefits of having a listing agent?CORRECT ANSWER -Marketing (putting in MLS) -negotiations are easier -legal and finance details of the transaction are better facilitated -save time by qualifying buyers What are the 4 reasons a house doesn't sell?CORRECT ANSWER Price, condition, marketing plan, location AIDACORRECT ANSWER Attention, Interest, Desire, Action 4 types of buyers in any given areaCORRECT ANSWER -first time buyers -those "moving up" -investors -relocators Subagency tends to show up in more rural communities. True or FalseCORRECT ANSWER True What will dictate the marketability of a home?CORRECT ANSWER The condition of the home and its readiness for a sale Build in a price reduction option during the listing presentation and have the seller sign an agreement to lower the price by pre-approved percentages such as.....CORRECT ANSWER percentages per time frame so 3% in 30 days, etc. 5 steps every seller should take to improve their chances of selling quicklyCORRECT ANSWER 1. De-cluttering 2. Cleaning 3. Repairing 4. Neautralizing 5. Dynamizing The areas of a home to pay most attention to in regards to showing is....CORRECT ANSWER curb appeal, entry, kitchen, bathrooms Here are some things you may say when dealing with pricing objections from your sellers....CORRECT ANSWER -a higher price is not likely to be supported by an appraisals, so buyers won't be able to obtain financing -if your property exludes an important feature like open floor plan that must be reflected in the price -real estate agents do not control the market or dictate price; the market does -the monthly payments required on a higher-priced home will eliminate a large number of buyers -the beauty and sentimental value of your home will help it sell, but they are not indicators of price _____________ immediately eliminates buyers who know the market and know the area.CORRECT ANSWER Overpricing Listing Agreement Paragraph 1CORRECT ANSWER identifies the parties and the last sentence creates the employment agreement between broker and seller by giving the broker the exclusive right to sell the property Listing Agreement Paragraph 2CORRECT ANSWER Property includes the land and all improvements to the land. The physical land is identified as well as any permanently installed and built-in improvements and/or accessories that will be included in the sale. Any exclusions from the sale. If there's an HOA fee. Listing Agreement Paragraph 3CORRECT ANSWER states the listing price Listing Agreement Paragraph 4CORRECT ANSWER states the term, the listing start and end date Listing Agreement Paragraph 5CORRECT ANSWER brokers fee is stated, as well as the fact that the broker is due the fee even if the seller sells the property. States that the fee is payable upon the closing and funding of a sale, but there are exceptions. There is a protection period or a time after the listing expires during which the seller may owe the broker a fee if the property sells. The protection period is negotiated and stated. The broker must provide the list within 10 days. The protection period terminates under several conditions including listing with another realtor. Listing Agreement Paragraph 6CORRECT ANSWER The broker has 5 days in which to enter the listing in MLS. It also has the option to NOT put the listing in MLS Listing Agreement Paragraph 7CORRECT ANSWER Seller is authorizing access to the property, allow for scheduling companies (companies that allow agents to schedule showings over the phone or online). Allow for a key box to be put on the property Listing Agreement Paragraph 8CORRECT ANSWER Specify what will be paid to another broker if the property is in a cooperative sale. Also, how to pay a buyers agent and a subagent. Listing Agreement Paragraph 9CORRECT ANSWER seller give written consent to potentially enter into an intermediary status, or not. There is also an option for seller to check No Intermediary Status if they don't want the LA to show the property Listing Agreement Paragraph 10CORRECT ANSWER everything is confidential Listing Agreement Paragraph 11CORRECT ANSWER The broker promises to use reasonable efforts and act diligently to market the property. Also states that the agent can't sign or initial for the seller. This is also where the agent obtains written permission to advertise on social media Listing Agreement Paragraph 12CORRECT ANSWER The property is not subject to encumbrances that limit the seller's ability to deliver sufficient title and emphasizes that the seller isn't currently engaged in a listing agreement with another broker. Entering into agreements with more than one broker at a time could result in a seller owing more than one commission Listing Agreement Paragraph 13CORRECT ANSWER Seller agrees to cooperate with the broker in marketing the property, including making the property available for showing at reasonable times. Listing Agreement Paragraph 15CORRECT ANSWER Special provisions Listing Agreement Paragraph 18CORRECT ANSWER the prevailing party in a lawsuit has the right to recover reasonable attorney's fees and court costs Listing Agreement Paragraph 19CORRECT ANSWER Addenda--check the appropriate boxes as needed Listing Agreement Paragraph 20CORRECT ANSWER Make sure that it is the ENTIRE agreement no page is missing Listing Agreement Paragraph 21CORRECT ANSWER Lists important additional notices including brokerage fees, fair housing laws, and anything else that could trigger the need for additional addenda or disclosures. Also that Broker's fees are always negotiated between the client and the broker. Advises sellers to put valuables away in case of theft What other terms in the contract besides list price will be important in determining the final decision?CORRECT ANSWER -earnest money -closing date -potential contengencies -purchasing strength of the buyer What are some tips when presenting counteroffers?CORRECT ANSWER -think of big picture -remind sellers that many times the value of concessions tend to be less costly than more days on the market. More time on the market will cost your seller more money. -if the price is reasonable, prevent the seller from continuing to negotiate just for the sake of negotiating. After a contract is executed, the next ______ to ______ days are busy for all parties involved.CORRECT ANSWER 7, 10 Who is the procuring cause of a real estate transaction?CORRECT ANSWER The first broker who sells the property Are net listings legal in Texas?CORRECT ANSWER Yes What is Dynamizing?CORRECT ANSWER the final touch of a bit of glamour, making your home stand out. [Show Less]
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Real Estate Marketing SAE 173 Questions with Verified Answers,100% CORRECT
Real Estate Marketing SAE 173 Questions with Verified Answers With a customer wants - CORRECT ANSWER In virtually all cases, agents are responsible for ... [Show More] delivering... Form utility - CORRECT ANSWER Describes how property is made available when and where the customer wants it Place strategy - CORRECT ANSWER When considering the best media to reach the target market, the agent is addressing? Place utility - CORRECT ANSWER Properties must be at a convenient location for the customers, is what kind of utility? Possession utility - CORRECT ANSWER Credit must be available, buyer must be able to buy, in the property must be deliverable, is what kind of utility? Time utility - CORRECT ANSWER Getting what you want, when you want it, is what kind of utility? Services utility - CORRECT ANSWER Agents have a working knowledge of inventory, financing, real estate laws, marketing, and more. What kind of utility is this? Faulty marketing mix - CORRECT ANSWER An agent takes a listing in immediately set up an open house for the following week. Agent does advertising goes door-to-door and phone call canvassing, But have yet to receive one inquiry. What is the problem faced by the agent? Personal selling or salesmanship - CORRECT ANSWER Which element is best known in the promotional strategy? Price - CORRECT ANSWER _________ Is affected by many factors, such as the under supply of housing, newspaper articles, prospect memories, oversupply of qualified buyers, or the expectation of quality service. Sales era - CORRECT ANSWER During which of the following periods were sales people trained to assume that customers would avoid buying their goods and services? Sales era - CORRECT ANSWER A time between the 1930s and the 1950s when surplus inventories were common Promotional strategy - CORRECT ANSWER Salesmanship or personal selling is part of the total marketing mix. Personal selling is a part of which element of the marketing mix? Effective marketing - CORRECT ANSWER When an agent is responsible for helping a buyer find a useful property in the right location, at the right price, and it's available at the right time, this is the result of? Time utility - CORRECT ANSWER What is the utility that calls for an adequate availability of listings? place strategy - CORRECT ANSWER Title companies, listing agents, selling agencies, lenders, appraisers and others involved and delivering the property to the customer are a part of? Time utility - CORRECT ANSWER The prospect is considering purchasing a pre-built tract home rather than building a custom home, they may be taking which utility into account? Form utility - CORRECT ANSWER Prospects who are interested in controlling their environment, or in building a home rather than purchasing existing one, measure the usefulness of a purchase by using what utility? Delivery of the message - CORRECT ANSWER The place strategy is most concerned with? place strategy - CORRECT ANSWER Describes how, through channels of distribution, the potential customer receives the promotional message Marketing era - CORRECT ANSWER During which period did prospects have a variety of choices among products and services? Long term activity - CORRECT ANSWER Advertising, publicity, sales promotion, or part of the promotional mix that is made up of what activity? Personal selling - CORRECT ANSWER What is considered a short term activity for the promotional mix? Place utility - CORRECT ANSWER Describes the availability of goods or services at convenient locations Time utility - CORRECT ANSWER Are utility that calls for an adequate availability of listings Services utility - CORRECT ANSWER Information that is necessary for decision making and that is delivered to the customer defines? Information that is necessary for decision making and that is delivered to the customer defines? - CORRECT ANSWER Time management skills - CORRECT ANSWER Breaks down long-term goals into manageable weekly and daily goals that must be completed Segmenting the market - CORRECT ANSWER When agents evaluate the size and demographic makeup of the market, the percentage of people with children, the number of married couples, their incomes, occupations and interest, the agent is? customer orientation - CORRECT ANSWER Agents that have identified the needs of groups of buyers, sellers, and even other agents A place strategy - CORRECT ANSWER When agents attempt to increase customer awareness, they may want to consider institutional advertising on the radio and television. This is an example of what kind of strategy? Place strategy - CORRECT ANSWER What kind of strategy is Concerned with how the public learns that properties are available for sale. The buyer - CORRECT ANSWER Agents often identify the role players involved in every transaction. Which one typically negotiates the transaction? Strength, weakness, opportunities, and threats - CORRECT ANSWER What does SWOT mean? Office image - CORRECT ANSWER Having a distinctive sign and stationary, listening to customers, or viewing properties at the prices the customers want to pay are examples of? The marketing concept - CORRECT ANSWER Businesses that have learned they must identify consumer needs and meet those needs before developing new products also understand? Systems orientation - CORRECT ANSWER What is the most difficult for a real estate broker/owner to implement? Safety and regulations - CORRECT ANSWER Prospects purchase homes expecting the plumbing to work, the lights to go on and off, and the roof to be free of leaks. Various things are addressed when building a company image. The item describe the here concerns? Gate keeper - CORRECT ANSWER The individual that informs the decider of the details or other information about the proposal Mission statement - CORRECT ANSWER Establishes the purpose of the firm, why it's in business, in the market for its services The marketing concept - CORRECT ANSWER A concept that calls for agents to protect interest of their customers Marketing objectives - CORRECT ANSWER Identifying with some specifically the number of listings or the market share a company or an agent will have by month, by quarter, and by the end of the year is known ass? Formulate conclusions about them - CORRECT ANSWER The market segment portion of a marketing plan allows the agent to summarize the things they've discovered from their research about specific groups and? geographic segmentation - CORRECT ANSWER Population is considered when doing what kind of segmentation in the market mix? Internalists - CORRECT ANSWER What kind of person can articulate their ideas clearly, or respectful of the environment, and use actions and words designed to make sure others know who they are and what they want? Web browser - CORRECT ANSWER A software application that retrieves and presents information on the web Subscribe by syndication - CORRECT ANSWER How would a broker best distribute the company listings to realtor.com and move.com? MLS - CORRECT ANSWER Who controls IDX and syndication feeds? Web server - CORRECT ANSWER Accepts through the Internet uploads that use the file transfer protocol? Plaxo - CORRECT ANSWER A system that allows you to better manage and update your network contacts, In the system sends alerts whenever a contact information has changed and it automatically updates your address book The ability to track a transaction - CORRECT ANSWER A minimum requirement for a transaction file management system is? Web host - CORRECT ANSWER A business that specializes in handling the technical side of websites The ability to market to specific groups - CORRECT ANSWER What is a minimum requirement for a database management system? MLS - CORRECT ANSWER Where would an agent purchase an IDX feed? internal data exchange(IDX) - CORRECT ANSWER If a broker chooses to advertise listings with other companies on his website, what form of service would be used? Ability to search - CORRECT ANSWER A minimum requirement of a database management system The ability to place in groups - CORRECT ANSWER A minimum requirement for a database system Domain name - CORRECT ANSWER And identification label that defines a realm of administrative autonomy, authority, or control over the Internet? 18 to 29 - CORRECT ANSWER Which group in the study would the agent market with all popular social media sites? Facebook - CORRECT ANSWER What social media site started as a networking tool for college students? What social media site started as a networking tool for college students? - CORRECT ANSWER Uniform deceptive trade practices act - CORRECT ANSWER Identified activities business people could no longer engage in when attracting a marketing their products to customers Redlining - CORRECT ANSWER Lenders who refused to loan in the neighborhood where a property is located given the deterioration that is taking place 1913 - CORRECT ANSWER NAR adopted the code of ethics in what year? Sherman antitrust act of 1890 - CORRECT ANSWER People who conspire with others to restrain commerce with foreign nations are in the? Fair housing amendment act of 1988 - CORRECT ANSWER Starting in 1991, which law included new provisions that required greater accessibility to new construction and multi family dwellings for handicapped individuals? Civil rights act of 1968 - CORRECT ANSWER Which act encouraged offended parties to go to the secretary of housing and urban development for assistance in specific forms of discrimination? Misrepresentation - CORRECT ANSWER Agents who make false statements or conceal information from buyers that may be useful in making a purchase decision may be guilty of? Packaging - CORRECT ANSWER Draws attention to the product, it creates curiosity encourages comparisons Things of value - CORRECT ANSWER We're not buyers decide to make an offer they usually negotiate To efficiently allocate goods and resources - CORRECT ANSWER What is the purpose of pricing in a capitalistic society Packaging - CORRECT ANSWER A method used to attract different buyers for properties that are virtually the same Promotional strategy - CORRECT ANSWER A strategy that does the most to demonstrate in substantiate the value of the property Total product - CORRECT ANSWER When agents describe the quality of a product or service that exceeds the customers perceived expectations the customer is experiencing? Price inelasticity - CORRECT ANSWER Suggest that it is not unusual for some sellers and agents to be slow and excepting market price declines. Causes inflation - CORRECT ANSWER Inventory that can't keep up with demand, rising demand for declining or stable supply, and a man that exceeds supply are all characteristics of what Cause interest rates to rise - CORRECT ANSWER What will the fed do when they see inflation? Quality service - CORRECT ANSWER Measured by telling prospects what to expect, telling them what you will do for them, and then doing it. Market share - CORRECT ANSWER A way to evaluate the effectiveness of pricing Time, expenses, turnover, and market share - CORRECT ANSWER The major factors that influence the service pricing decisions for agents and agency are? Offer services that appear an expensive one compared with the services of others - CORRECT ANSWER Agents who offer enhanced services... Market share - CORRECT ANSWER Suffers when agents gained a reputation for taking over price listings Increase turnover - CORRECT ANSWER Listings demanded by the market... Turnover - CORRECT ANSWER Measures how long it takes to sell homes any particular price range market share - CORRECT ANSWER Having the most cells in a specific geographic area is called? It takes approximately four months to sell homes in this price range. 12/3=4 - CORRECT ANSWER Turn over ratio of 3, means? Quality service - CORRECT ANSWER What is the phrase that helps describe the tangible nature of what many agents do every day they can't really be saved and to try it like water running through a prospects fingers? An alternative choice close - CORRECT ANSWER Would you be putting a lawn in the front yard first or in the backyard? This kind of question is example of The Ben Franklin close - CORRECT ANSWER A closing technique where an agent helps the prospect list into columns the advantages and disadvantages of a decision Trial close - CORRECT ANSWER Suppose an agent demonstrates a small bedroom to a young couple. The agent says, tell me Cathy, with the crib for your new baby work best on that wall or the near to the door? This is an example of The lost sale clothes - CORRECT ANSWER This is used when everything else has failed and the sale is going nowhere. Discover the problem The purchase agreement close - CORRECT ANSWER When an agent assumes a prospect is ready to purchase Secondary question close - CORRECT ANSWER I suppose all we have to do now is figure out which lender you want to use. What kind of close is this? Put the prospects at ease - CORRECT ANSWER Where are you currently living? This question is designed to Call back close - CORRECT ANSWER The agent present something new about the property call back close - CORRECT ANSWER The purpose of this closing technique is to discover what is bothering the prospects so that the agent can solve the problem. Puppy Dog Close - CORRECT ANSWER This closing technique tries to get the prospect attached to the product before they purchase it One of the last steps in the qualification process - CORRECT ANSWER Giving the prospects a verbal summary of the nature of the problem, it's probable causes, and the prospects perceive solutions is? A follow up question - CORRECT ANSWER When interviewing prospects, agent should always confirm in different ways things the prospect says. What type of question is designed to confirm an earlier statement or response by the prospect? Qualify the individual prospect - CORRECT ANSWER Agents may become familiar with their target market without really understanding the unique wishes of you need customers until they? Using telephone and email contacts - CORRECT ANSWER What is one of the elements involved in the prospecting process? Prospecting - CORRECT ANSWER In general requires in person contact with others with her by telephone letters and emails 5% - CORRECT ANSWER What percentage of licensed agents are highly skilled, totally committed professionals that have an overwhelming love for real estate, and who often make the most money in the business? Responsiveness - CORRECT ANSWER Sales people must be willing to help and need to provide services promptly. What is a word that describes this? Qualifying the prospect - CORRECT ANSWER Discovering the emotional needs of prospects is the result of? Executing a personal total quality program - CORRECT ANSWER Putting new ideas into action and striving toward continual improvement have beneficial effects on production. Licensees that practice this are? Drivers - CORRECT ANSWER Get to the point, save time, and help achieve goals, are qualities of what personality? Analyticals - CORRECT ANSWER A personality trait that are systematic, well organized, and deliberate. Amiable - CORRECT ANSWER Personality trait that is highly supportive, craves attention but too passive, non threatening, and hate impersonal details? Baby boomers - CORRECT ANSWER Largest generation of Americans ever born at one time, grew up Hiley social, optimistic, and ready to change the world Baby boomers - CORRECT ANSWER The generation that is more willing to embrace technology than traditionalist, but has a little interest in training unless it is active and keeps them involved? Analyticals - CORRECT ANSWER Personalities that expect a lot from themselves, they are deep thinkers and moody and hard to please Expressive - CORRECT ANSWER Personality trait that has I did generators, very outgoing and enthusiastic, with high level of energy. Personal acknowledgement from others. Traditionalists - CORRECT ANSWER Enjoy hands on training and resist role play and technology and the trust their instincts and don't like to change. Generation x - CORRECT ANSWER Everything is faster for this generation Auditory learners - CORRECT ANSWER A learner that likes verbal communication Visual learner - CORRECT ANSWER Learns best by reading or looking at charts and pictures Generation x - CORRECT ANSWER The generation born between 1965 in 1980 Millennials - CORRECT ANSWER The generation born between 1981 and 2003 Baby boomers - CORRECT ANSWER Generation born between 1946 in 1964 Millennials - CORRECT ANSWER Generations past and present, which one expects inclusion and important workplace decisions? Baby boomers - CORRECT ANSWER The generation that was raised to compete for whatever life had to offer, And take pride in their jobs and tend to be workaholics Desire - CORRECT ANSWER Can be influenced by persuasive message Public speaking - CORRECT ANSWER What helps prospects perceive some agents to be more knowledgeable than other agents, thus putting them far and above the competition? Desire - CORRECT ANSWER Motivation to solve a problem is called Farm area - CORRECT ANSWER Agents that take the time to learn as much as they can about specialized area such as family units, and improved commercial lots, and more are working a what area Customer Analysis - CORRECT ANSWER Helps agents determine the demographic makeup of its target market, list properties appropriate for the demographic group, and demonstrate the benefits the market desires Self-esteem needs - CORRECT ANSWER People that want to impress friends or their need for status is what level of need on the Maslow's hierarchy? Social needs - CORRECT ANSWER A person interested in places of worship, community service centers, and social clubs is level of need? Belongness - CORRECT ANSWER When people are worries about what others think Federal funds rate - CORRECT ANSWER When banks borrow from one another they are charged? Reason - CORRECT ANSWER A word that can be used to describe motivation is? Margin requirements - CORRECT ANSWER What is some tools used by the Fed that has more to do with the stock market and isn't change that frequently? Reserve requirements - CORRECT ANSWER For every dollar that enters the baking system, a certain percentage is unavailable for transactions. This tool, used by the federal reserve to control the money supply, is called? Discount rate - CORRECT ANSWER The interest rate charged to member banks when they borrow money directly from the federal reserve Secondary data - CORRECT ANSWER Data collected through title companies, almanac, library's, and records Summary of findings - CORRECT ANSWER What is discovered in what actions will be taken to address the question in the research projects will eventually be disclosed in the? Data analysis - CORRECT ANSWER Taking raw, seemingly unrelated data from the market research phase and re-organizing it into meaningful groups of data from which to draw conclusions is known as? Self esteem needs - CORRECT ANSWER Those that believe they are worthy of success and are driven by their need to succeed, getting things done, standing out, and liking to be noticed or what level of Maslow's hierarchy needs? Incentives - CORRECT ANSWER Used to create a preference for one action over another Increase the discount rate and sell government securities - CORRECT ANSWER If the Fed sees an increase in cost of goods and services due to an inflationary trend it may take what action Open market operations - CORRECT ANSWER The purchase or sale of government securities Data gathering - CORRECT ANSWER Which step in market research is devoid of judging loosely organized information? Market research - CORRECT ANSWER Helps agents make marketing decisions that reduce risk, save time, and save money Self actualized - CORRECT ANSWER People who are interested in vacation properties, hobbies, educational facilities, museums Overheated economy - CORRECT ANSWER Supply of goods and services cannot keep up with the demand Decrease the money supply - CORRECT ANSWER When the Fed offers investors a rate of return on government securities that is often higher than alternative cash investments, this is to? Our domestic real estate values will appear and expensive to foreign investors - CORRECT ANSWER The Fed may take actions to increase the money supply in the US. If these actions get out of hand, and excess supply of dollars is created worldwide. This will create what? Handicap - CORRECT ANSWER What protected class was added with a 1988 fair housing amendment act? Plessy versus Ferguson - CORRECT ANSWER The famous separate but equal doctrine is from which of the following supreme court decisions? Civil rights act of 1968 - CORRECT ANSWER What civil rights legislation was signed by President Johnson also known as the fair housing act? Common law fraud - CORRECT ANSWER The intent to deceive Statutory fraud - CORRECT ANSWER Which covers innocent misrepresentation as well as unfulfilled promises 2010 - CORRECT ANSWER What year did the department of housing and urban development announce a new policy that provides LGBT individuals and families with further assistance in facing housing discrimination? Housing and community development act of 1974 - CORRECT ANSWER Sex was added as a protected class by which law? Triple damages plus attorneys fees and costs - CORRECT ANSWER Victims of anti-trust activities are entitled to? Jones versus Mayer - CORRECT ANSWER Affirmed the civil rights act of 1866 prohibiting racial discrimination Up to $1 million fine and 10 years in prison - CORRECT ANSWER Under the Sherman antitrust act, market allocations is punished by? UETA Uniform electronic transaction act - CORRECT ANSWER The federal law that makes contracts originated, negotiated, and executed over a combination of computer and cell phone enforcible is Subject to jurisdictional requirements set out in those laws - CORRECT ANSWER State and local fair housing laws are? Extrapolate - CORRECT ANSWER Given an agents limited resources is not unusual to_________ The information from the national statistics and apply it to the local community, if local information is not available. Generation x - CORRECT ANSWER The generation that has produced the largest percentage of entrepreneurs is countries ever seen, they are self reliant and self-motivated, grew up with the technology produced by baby boomers Demographics segmentation - CORRECT ANSWER Includes information about gender, income, age, family life cycle, marital status and career fields Target marketing - CORRECT ANSWER Attempts to attract groups within the total market place they have similar characteristics in common may react in some more ways to promotional stimuli Differentiated marketing - CORRECT ANSWER Agents to create multiple marketing mixes that are attracted to different segments of the market are? Marketing mix - CORRECT ANSWER The right property at the right price given the right promotion through the best channels of distribution that produces a buyer who is ready willing and able to buy Externalist - CORRECT ANSWER A person that tries to impress the outside environment. How the outside environment in the world views the external list is very important to them they are often status oriented they know what they want and they appreciate tradition Segmentation - CORRECT ANSWER When agents understand that groups of people often respond to the same stimuli in similar ways that they have experienced a process known as Millennials - CORRECT ANSWER Which generation group volunteering and dedicating numerous hours to community service Driver - CORRECT ANSWER What personality type most wants the benefit of "what" Analytical - CORRECT ANSWER What personality type sometimes appear indecisive even when given lots of facts and details Amiable - CORRECT ANSWER What personality type most wants the benefit of "why" Millennials - CORRECT ANSWER The ability to filter massive amount of stimulation at any given moment turned this generational group into adept multi taskers [Show Less]
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Real Estate Marketing – SAE 77 Questions with Verified Answers,100% CORRECT
Real Estate Marketing – SAE 77 Questions with Verified Answers Marketing - CORRECT ANSWER matching human needs with goods or services AIDA stands f... [Show More] or: - CORRECT ANSWER attention, interest, desire, action The "Four Ps" of marketing real estate are: - CORRECT ANSWER product, promotion, price and place The most common reason a property fails to sell is ______ . - CORRECT ANSWER price Problem solving is a key personality trait of a successful ______ . - CORRECT ANSWER agent The four reasons why a house doesn't sell: - CORRECT ANSWER Price, Location, Condition, Marketing Plan Three ways Sales Agents add value to the buying process are: - CORRECT ANSWER Counseling: assist the buyers in acquiring and interpreting information about the property and its condition. Negotiating: help the buyers arrive at a realistic offer for the property and assist them in the planning and negotiating strategy. Advise them about financing options. Managing the Transaction: Guide the buyers through the paperwork and help ensure the closing stays on schedule. Know your product: - CORRECT ANSWER -Inspect company listings -Travel your geographical area -Practice writing offers -Do net sheet calculations on your own house Two categories of advertising in real estate: - CORRECT ANSWER 1. Institutional Advertising: promotes the firm in a broad array of categories; reputation, history, success rate, % of market share, logo 2. Product/Marketing Advertising: geared to attract people to obtain listing and find buyers Principle of Substitution - CORRECT ANSWER Rational buyers will pay no more fora property than they would for an equally desirable, comparable property. No person is justified in paying more for a property when a similar property can be purchased for less - sets an upper limit on price CMAs - CORRECT ANSWER Used to determine reasonable market value for properties The real estate agents product is his/her brokerages listings. - CORRECT ANSWER True Marketing to a specific age group is sometimes called - CORRECT ANSWER Generational Selling An acronym for the psychological steps of a sale is - CORRECT ANSWER AIDA (attention, interest, desire, action) A willingness to change and grow your marketing plan demonstrates the concept of - CORRECT ANSWER adaptation In real estate, people buy "amenities" : - CORRECT ANSWER expected benefits to be received as a result of ownership Branding - CORRECT ANSWER Marketing that uses visual design and color to attract the eye of potential clients. Goals - CORRECT ANSWER attainable, flexible, measurable, have a time-frame There are 4 types of buyers: - CORRECT ANSWER first time buyers, changing homes in particular area, investors, relocators In which emotional phase is the buyer ready to buy? - CORRECT ANSWER Act Branding helps sell products bc people respond to branding. - CORRECT ANSWER True Goals are tangible, measurable objectives that you really want to meet. - CORRECT ANSWER True Marketing budget goals should be set for a minimum of six months, realistically more. - CORRECT ANSWER True Marketers drive the market, not consumers. - CORRECT ANSWER False New agents often resort to the "shotgun method" of marketing when they first start out. - CORRECT ANSWER True AIDA - CORRECT ANSWER Attention: the buyers attention is caught by an item, advertisement, sign etc Interest: a more advanced stage of attention, interest is developed by giving facts and details about a property Desire: the buyer begins to picture himself in the home Act: the buyer is ready to buy Market Research - CORRECT ANSWER gathering data, analyzing it and drawing conclusions based on it SWOT - CORRECT ANSWER analyzing strengths, weaknesses, opportunities and threats (strength, weaknesses, opportunities, threats) CMA - CORRECT ANSWER a report prepared by an agent to help a seller realistically price their property Research Steps - CORRECT ANSWER 1. Determine problem 2. Plan research approach and design 3. Gather data from multiple resources then categorize data 4. Analyze data, look for trends, opportunities and solutions 5. Draw conclusions and plan course of action Primary Research - CORRECT ANSWER customer focused, consisting of collected data based on current sales and marking practices, including data about competition. Primary Research Examples - CORRECT ANSWER focus groups, email and phone surveys, mailed questionnaires Secondary Research - CORRECT ANSWER more in-depth and complex, costly and time consuming. Examples are Trade Journals, MLS Boards, NAR, title companies etc Qualitative Research - CORRECT ANSWER seeks in-depth, open-ended responses, not yes or no answers, explores peoples thoughts, feelings and actions Quantitative Research - CORRECT ANSWER research that collects and reports data primarily in numerical form Descriptive Data Analysis - CORRECT ANSWER used to calculated measures of central tendency (averages, means, medians and modes) of a sample size, using the sample to summarize data...describes the obtained results, can be used with quantitative data collection is commonly presented via visual depictions to illustrate measures of central tendency. Inferential Data Analysis - CORRECT ANSWER using statistics to make inferences about the population based on a sample size, using the sample to make generalizations about the whole...used to compare market segments to see how they respond to an issue and to provide foresight as to what could possible occur based on the compiled data. Home Ownership - CORRECT ANSWER security, investment, tax advantage, financial independence, standing and credit, environment, cash equity, satisfaction Marketing research can help real estate agents make decisions and inform the 4 Ps of marketing - CORRECT ANSWER True The first step in conducting research is to analyze the data - CORRECT ANSWER False The main categories of research discussed in the text are primary, secondary, tertiary and internet. - CORRECT ANSWER False Primary Research is customer focused - CORRECT ANSWER True Analytics track data and can be used to help companies market products based on customers preferences - CORRECT ANSWER True To determine turnover rate of neighborhood, agent should use qualitative over quantitative - CORRECT ANSWER False means, medians and modes are all measures of central tendency - CORRECT ANSWER True Sellers are motivated to buy real estate for many reasons including tax advantage and investment - CORRECT ANSWER True Inferential data analysis is not a widely used or recommended type category of data analysis for agents. - CORRECT ANSWER False FSBO - CORRECT ANSWER For Sale By Owner Another name for telemarketing is - CORRECT ANSWER cold-calling Working a market based on location is called - CORRECT ANSWER geographic farming (great place to start for new agents) Real Estate Specializations - CORRECT ANSWER residential, commercial, industrial, land, farm and ranch Macro Marketing - CORRECT ANSWER consists of Geographical Farming and Demographical Farming Demographic Farming - CORRECT ANSWER Marketing to a specific set of people sharing many commonalities, sex, age, marital status, lifestyle, income level Canvassing - CORRECT ANSWER soliciting or requesting, example: door to door, phone, mail Three Markets of Real Estate - CORRECT ANSWER Macro - housing in the country Metro - housing in the state/city Micro - housing specific to communities/neighborhoods Which of the following is NOT a category that segments the real estate market? -single women with children -income level -big box stores -life style - CORRECT ANSWER big box stores In terms of marketing, what is a farm? - CORRECT ANSWER a part of the area serviced by your firm Techniques used in prospecting for listings? - CORRECT ANSWER cold calling door to door mailers A source of information about current and expired listings and sales can be found on the local _____. - CORRECT ANSWER MLS A broker can keep and protect client records by making use of _____. - CORRECT ANSWER cloud storage Virtual Reality - CORRECT ANSWER allows a person to take a virtual walk around the home they are interested in seeing. Creates a new reality for the viewer. Augmented Reality (AR) - CORRECT ANSWER similar to VR but does not create a new reality for the user but rather enhances the users current perception and experience of reality. Artificial Intelligence (AI) - CORRECT ANSWER Simulates human intelligence such as the ability to reason and learn, example for agents is Skyler360 - helps agents manage leads and respond intelligently. Allowing agents to focus on buyers that are ready to buy Hoteling - CORRECT ANSWER assigning temporary office workspace to workers as needed Siri - CORRECT ANSWER an example of artificial intelligence 90% of buyers use online services - CORRECT ANSWER True IDX allows brokers to authorize electronic display of their listings by other MLS subscribers - CORRECT ANSWER True Millenials are currently the largest demographic of consumers to sell too. - CORRECT ANSWER True Home Staging - CORRECT ANSWER preparing the home for showing can be done professionally or by the sellers. 4Cs of Social Media Marketing - CORRECT ANSWER creating: writing pertinent content to share with others curating: discovering, gathering, and presenting digital content specific to certain subject matter. connecting: posting content through media channels including social media, blogs, and websites culture: is the brand Sellers Guide to Services - CORRECT ANSWER To be included in the "Listing Presentation Kit". The sheet will provide details of exactly what services you plan to provide and the timing of the services. Supply and Demand - CORRECT ANSWER primary determinations of real estate values Supply can be restricted by a number of factors including: - CORRECT ANSWER Land Costs Construction Costs Taxation Economics Local govt building codes and zoning Demand for real estate is affected by: - CORRECT ANSWER growth in employment, transportation systems, personal preference, availability of credit, federal government policy Monetary Inflation - CORRECT ANSWER excess of money in the market, there are different types of inflation , demand-pull and cost-push Demand-Pull Inflation - CORRECT ANSWER caused when there is more money in the market and less goods for sale Cost-Push Inflation - CORRECT ANSWER When prices rise due to an increase in the cost of production. [Show Less]
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Real Estate Marketing: Commercial Real Estate (SAE), Champions Commercial Real Estate- SAE
Real Estate Marketing: Commercial Real Estate (SAE), Champions Commercial Real Estate- SAE General Lien (also Statatory) - CORRECT ANSWER attaches to al... [Show More] l the property of the debtor, not exempt from forced sale (Example: a judgment or IRS lien) Diplomacy - CORRECT ANSWER the ability to handle clients and situations in a sensitive and effective way - is critical in commercial real estate, and a lack of it can expose you immediately as a beginner. DTPA - CORRECT ANSWER The Deceptive Trade Practices Act (DTPA) is a Texas law that was passed in 1973. It allows an aggrieved consumer to sue a seller of goods for damages. The act by the seller of the goods has to be deceptive or unfair for the consumer to successfully sue for monetary damages. CCIM - CORRECT ANSWER The CCIM Institute was established in 1954 to give commercial real estate practitioners an opportunity to further their business practices through education and networking opportunities. The institute administers the Certified Commercial Investment Member (CCIM) designation. "Gold Standard" ICSC - CORRECT ANSWER International Council of Shopping Centers - The purpose of The International Council of Shopping Centers (ICSC) is to advance the shopping center industry and to promote its role in the commercial distribution of consumer goods and services. comprehensive database - CORRECT ANSWER This will be one of the greatest assets of your business. Pick a geographical region to farm, and assemble a database of properties and property owners. Canons of Professional Ethics and Conduct - CORRECT ANSWER FIDELITY INTEGRITY COMPETENCY CONSUMER INFORMATION DISCRIMINATORY PRACTICES caveat emptor - CORRECT ANSWER are two Latin words that most people have heard at some point - "let the buyer beware." All real estate transactions in Texas are done "as is." IREM - CORRECT ANSWER Institute of Real Estate Management is an international community of real estate managers dedicated to ethical business practices, maximizing the value of investment real estate, and promoting superior management through education and information sharing. IREM membership includes more than 18,000 individuals and 550 corporate members. BOMA - CORRECT ANSWER Building Owners and Managers Association is a federation of 93 BOMA U.S. associations, BOMA Canada, and 13 BOMA international affiliates. BOMA International's members are building owners, managers, developers, leasing professionals, corporate facility managers, asset managers, and the providers of the products and services needed to operate commercial properties. Intermediary brokerage - CORRECT ANSWER All commercial brokers practice intermediary because it is in their best interests to do so. As the intermediary, the broker can sell one of his own listings to a buyer. This is the reason that many properties are never listed on the market as "for sale." It is more beneficial to keep the commission in-house, so others are not vying for a part of the commission. fair housing - CORRECT ANSWER laws exist at the federal, state and local levels to ensure that all citizens have unob- structed access to housing. Residential agents must always adhere to all fair housing laws and cannot discriminate or refuse to sell or rent property based upon a buyer's race, color, national origin, religion, sex, familial status or handicap. SIOR - CORRECT ANSWER Society of Industrial and Office Realtors is a professional organization begun in 1939, with over 3,000 members worldwide that offers the SIOR Designation, a symbol of knowledge, production, and ethics in the real estate industry. NARPM - CORRECT ANSWER Most single-family homes used as rentals are managed by the owner/ landlord. However, a growing portfolio of homes, homes scattered over a large area, and other factors may make professional management desirable. The National Association of Residen- tial Property Managers is an organization of managers of single-family and small multifamily properties. For more information, visit http://www.narpm.org. Commercial real estate is often defined as any real estate that is _____________. - CORRECT ANSWER Not residential in nature Which of the following is a good reason for joining a big-name international commercial real estate firm? - CORRECT ANSWER Good mentorship program Which statement regarding commercial real estate is FALSE? - CORRECT ANSWER Pocket listings are rare and can be viewed as unethical supply and demand - CORRECT ANSWER are perhaps the primary determinants of real estate values. When the demand for real estate is high and the supply low, prices in the marketplace go up. campus-style - CORRECT ANSWER are so named due to their resemblance to university campuses. They are usually quite large, spread over several acres of land, allow for ample parking, and do not rely on foot traffic from the proximity to other retail businesses. Oil and energy companies, and healthcare providers, like dentists and general practitioners often lease space in campus style office parks. low-rise (less than 7 stories) - CORRECT ANSWER Low-rise buildings usually consist of 1 to 3 stories and are often located in residential areas as opposed to busy urban settings. There are fewer units available for residents, and amenities are scarce. Apartments in low-rise buildings typically rent for less per month than those in mid and high-rise properties. skyscraper - CORRECT ANSWER as anything above 40 floors. garden-style apartments - CORRECT ANSWER buildings are typically low-rise (1 to 3 floors) clusters of buildings spanning a large piece of property with access to the landscaped outdoor areas surrounding the structure (i.e. gardens). Often built around a courtyard, many of the ground-floor units feature patios, while units on the higher floors have access to private balconies. limited-purpose center - CORRECT ANSWER airport retail centers single-purpose industrial - CORRECT ANSWER (heavy industrial)- Designed and purpose-built for one specific type of industry or company, single-purpose industrial buildings can present a leasing headache for their owners as the only tenants will likely be a firm involved in the same industry like, chemical production (plants), and manufacturing of large, heavy products. return on investment (ROI) - CORRECT ANSWER is the primary factor motivating people to buy commercial real estate. Especially Real Estate Investment Trusts (REITs). The one reason that inves- tors give money to REITs is to make money. Investors are trusting that REITs will make a return on their money. Properties are purchased and held in anticipation of income, appreciation, or both. urban-style - CORRECT ANSWER are usually in busy, developed geographical regions, yet still outside of the central business district; land is at a premium, yet not as expensive as in a central business district. Clustered together, buildings range in height, usually topping out at 5 to 7 stories. These parks offer access to major freeways and shopping centers, as well as a shorter commute for employees who live in the suburbs. mid-rise - CORRECT ANSWER 7 to 25 stories A mid-rise is a multi-story property equipped with an elevator. This description is depen- dent upon the market in which the property is located. CAP RATE - CORRECT ANSWER The cap rate is a percentage found by dividing the property's net operating income (NOI) by its value or price. It allows investors to assess whether a property is a good investment or not. general-purpose center - CORRECT ANSWER Though they are most often used for storage purposes, general pur- pose industrial buildings are flexible spaces that can be adapted and configured for a variety of uses. Ideal for distribution centers, these buildings are comprised of large, open floor plans with flat, durable concrete floors and high ceilings, allowing for different configurations of high shelving racks for storage and picking. category killer - CORRECT ANSWER Power centers - Are very large in size, the average being over 400,000 sq.ft., and can easily be found over 1,000,000 sq.ft. These centers are built for big box stores also known as category killers, speculative land - CORRECT ANSWER Banks are often hesitant to finance land deals. A lender classifies raw land into two categories, speculative and non-speculative. If development of raw land is not planned within 12 to 24 months of financing, it is considered speculative, which means a higher-risk for the lender, making it an undesirable deal. Why is this? The primary source of repayment in commercial real estate is the cash flow of the property. office park - CORRECT ANSWER also called a business park. They range in size from low-rise (1 to 2 stories) to mid-rises, rarely over four or five stories; in the suburban market, mid-rises average around five stories. central business district (CBD) - CORRECT ANSWER of a city is located within its heart, home to banking, finance, and mega insurance companies, among other industries. Land is at a premium, parking is scarce and expensive, and rents are high in a CBD. However, location is key, and most CBDs are located close to public transportation and cultural hot spots like museums and concert and sporting venues. high-rise - CORRECT ANSWER More than 25 stories usually with 9 or more floors2 consisting of multiple dwelling units; high-rise apartment buildings are also sometimes referred to as multi dwelling units (MDUs). High-rise apartment buildings must be equipped with at least one working elevator due to their height; residents should not be expected to climb 12 stories to access their units. walk-ups - CORRECT ANSWER consist of a building, usually four to six-stories, without an elevator. Residents must walk up the stairs to access their apartments. Walk-ups are often older buildings specialized-purpose center - CORRECT ANSWER (power centers, lifestyle centers, factory outlets) general-purpose industrial - CORRECT ANSWER (warehouse)- Though they are most often used for storage purposes, general pur- pose industrial buildings are flexible spaces that can be adapted and configured for a variety of uses. Ideal for distribution centers, these buildings are comprised of large, open floor plans with flat, durable concrete floors and high ceilings, allowing for different configurations of high shelving racks for storage and picking. non-speculative land - CORRECT ANSWER If construction is planned within 12 to 24 months, the land is categorized as non-speculative and the bank will finance with a loan term of no more than 2 years to give the borrower time to finalize plans, specs, and budgets. The borrower can then approach the bank for construction needs. Class A multifamily - CORRECT ANSWER UNDER 5 years old. properties, will be new builds with granite counter tops, garden tubs, high- er-grade appliances, usually stainless steel, in each unit. The property will boast a luxurious club house with a resort-style pool and a well-equipped gym. Often, these properties will have high-walkability scores, close to shopping districts and entertainment. The apartment owner can charge premium rental rates for these properties. These high-quality properties tend to have a lower cap rate because investors are not going to realize high cash flow. Operating expenses are high as the properties have professional management companies and many amenities to maintain. Class B multifamily - CORRECT ANSWER 15 years old. properties will rent in the mid-range of the market and will be in desirable areas, but will not offer the amenities of a Class A property. Class C multifamily - CORRECT ANSWER 50 years oldunits are clean, but might not have central a/c, depending instead on window units to cool the apartments. Appliances are older, yet functional, and kitchens and bathrooms are merely utilitarian. Class C properties offer a higher cap rate than As or Bs, and many investors are interested in buying C-quality properties in B-quality locations, and then cleaning them up so that they can raise the rents. Class D multifamily - CORRECT ANSWER properties are typically in economically depressed areas and often suffer from a great deal of deferred maintenance. These properties normally have higher cap rates because of the high risk involved. These properties will require a sizable investment for rehabilitation to bring them up to a higher standard. _____________ affect(s) the supply of real estate in the United States. - CORRECT ANSWER a. Economics b. Land costs c. Taxation d. All of these affect the supply of real estate in the U.S. What is the primary motivating factor for purchasing commercial real estate? - CORRECT ANSWER Return on investment LEED - CORRECT ANSWER The "green" revolution. The U.S. Green Building Council has a building certification program called Leadership in Energy and Environmental Design (LEED). Once certified, a building must be managed and maintained to LEED specifications to retain its certification. Buildings with a LEED certification need management and maintenance personnel who understand the program. operating statement - CORRECT ANSWER gives the landlord a picture of the financial health of the property, and should be prepared on a monthly, quarterly and annual basis. Individual property manager - CORRECT ANSWER Individual property managers are not required to be licensed by the state as long as they manage one or more properties as an employee of the owner. Licensed property manager - CORRECT ANSWER These are licensed real estate agents who work for a property management firm, or for a licensed broker who offers property management services. There is no real estate license requirement in Texas to manage an office building as long as you do not show space or quote rents. Resident manager - CORRECT ANSWER Residential property managers often live on the property that they man- age and may be employed by an individual owner or by a property management firm. A residential property manager is a liaison, a buffer between the property owner(s) and He or she will need to create and maintain a relationship with the residents (multi- family and apartment managers call their tenants "residents") VAMA stands for voluntary affirmative marketing agreement - CORRECT ANSWER A VAMA is a contract that is negotiated between HUD and national associations that represent the housing industry. Examples of these would be REALTORS®, home builders, apartment managers, appraisers, and real estate license commissions. Fair Housing Act - CORRECT ANSWER 1968 Act exempts owner-occupied buildings with no more than four units, single-family housing sold or rented without the use of a broker, and housing operated by organizations and private clubs that limit occu- pancy to members. The Americans With Disabilities Act (ADA) - CORRECT ANSWER The ADA prohibits discrimination against those with disabilities by denying them the full and equal enjoyment of goods, facilities, accommodations, services and privileges. Texas Property Code - CORRECT ANSWER arranges Texas Statute Law into a logical order, making it more accessi- ble and understandable. Each statute is formatted and numbered, enabling easy citation of the law. There are fifteen titles included in the property code. Most important to property managers and landlords is Title 8, Landlord and Tenant, Chapters 91-93. U.S. Green Building Council - CORRECT ANSWER founded in 1993, is a private 501(c)3, member- ship-based non-profit organization that promotes sustainability in the way that buildings are designed, built, and operated. USGBC was instrumental in the founding of the World Green Build- ing Council (WGBC) in 1999. The USGBC is a consensus-based organization of members from a wide range of vocations including architects, engineers, developers, builders, REALTORS®, and property managers just to name a few. is a voluntary rating and certificate system geared toward increasing the environmental and health performance of structures and neighborhoods.LEED® boasts the most widely used green rating system worldwide. It may come as a surprise that Texas is ranked Number 10 in the U.S. for LEED®-Certified green buildings, with 211 projects in the state as of January 2017 that meet council's targets for energy savings. Gulf Coast Region -563 LEED®-Certified projects. Houston occupies the top position as the EPA's Green Power Partnership - CORRECT ANSWER LEED SURFACE RIGHTS - CORRECT ANSWER The owner of surface rights has the ability to develop (improve) the surface, and to use resources extracted from or near the surface including stone, gravel, water, and limestone. Subsurface rights - CORRECT ANSWER include the rights to oil, gas and other minerals, and are commonly conveyed through a lease, mineral deed or by reservation. Air rights - CORRECT ANSWER extend above the surface without limitation. As an estate in land or interest in land, air rights can be leased, sold or mortgaged. Walkways and buildings that extend over public streets involve the lease or conveyance of air rights. Outdoor advertising leases and cell tower leases also involve air rights by prohibiting any activity that would block the view of the billboard or transmis- sions from the cell tower. Land Men - CORRECT ANSWER Their job is to research ownership of all the mineral estate. In order to do this they may pull all the deeds on a property all the way back to the sovereignty to determine ownership of the minerals. They may also research old or present lease agreements on the land to determine ownership. Riparian rights - CORRECT ANSWER are the rights that an owner has to use water from a river or a stream on or next to a property. Littoral rights are the rights to use water from a lake, ocean or sea on or next to property. The water may be used for domestic purposes and may not be contaminated. The flow of the water may not be interrupted. POLICE POWER - CORRECT ANSWER Police power is the right of the government to regulate and control the way land is used. The most common example of police power is zoning. EMINENT DOMAIN - CORRECT ANSWER Eminent domain is the right of the government to take private land for public use. The action of taking the land is called condemnation. Land must be taken for the good of all. TAXATION - CORRECT ANSWER Taxation is the right the government retains to tax real property. When the king first gave indi- viduals the right to own land, it was because land was the major source of wealth to everyone due to the agrarian-based economy of the time. Those who had land had wealth. In addition, land, as opposed to other types of assets cannot be hidden. Property taxes are ad valorem taxes. That is, they are according to value. The greater the value of the property, the higher the taxes. ESCHEAT - CORRECT ANSWER If a person dies intestate (without a will) and without heirs, the government will take title to his real property under the right of escheat. If property is abandoned, escheat will also be the solution. The government does not want land to be unowned. (Note: Single, without children does not mean without heirs.) ENCUMBRANCES - CORRECT ANSWER A claim, lien, charge, or liability attached to and binding real property is an encumbrance Specific lien - CORRECT ANSWER attaches to one or more specific or named properties (Example: a mortgage) Environmental Site Assessment (ESA) - CORRECT ANSWER n ESA is an assessment that is carried out by a qualified environmental professional to determine whether or not a property has been contaminated by any previous or current activities that occur(red) on or near the property. Certain industrial or retail facilities on or near the property could have caused contamination of the property. For example, a gas station with underground storage tanks could have contaminated the soil or groundwater, pre- senting an environmental risk. CERCLA - CORRECT ANSWER The Comprehensive Environmental Response, Compensation, and Liability Act 1980 was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. CERCLA SAFE HARBOR - CORRECT ANSWER Homeowners are generally exempt under the Act, under the following conditions: • They were unaware of the presence of pollutants when purchasing the property • They are not classified as a responsible party • They cooperate with the EPA or other agency in the cleanup of the property Wetlands - CORRECT ANSWER United States Army Corps of Engineers (USACE) as responsible for the regulation of U.S. wetlands. The Texas Railroad Commission controls all drilling for oil and gas in the state and reg- ulates all drilling activity in the state. - CORRECT ANSWER Oil and Gas Drilling HOW TO MEASURE OFFICE SPACE - CORRECT ANSWER The suite measures 26' × 40', 1040 sq. ft. of usable square feet. Jay will be charged for 1196 rentable sq.ft. What was the add-on factor used? Step 1: Divide the rentable square feet by the usable square feet. 1196 sq. ft. / 1040 sq. ft. = 1.15 Step 2: Subtract 1. 1.15 - 1 = 0.15 Answer: The add-on factor is 15% Common Area Maintenance (CAM) - CORRECT ANSWER Common areas benefit every tenant in the building and can include (among other things) bathrooms, corridors, lobbies, janitor closets, mechanical rooms, elevators, stairwells etc. These are shared expenses, and each tenant in the building is responsible for paying fees associated with the upkeep of the common areas. The landlord is collecting rent for these common areas. Gross lease - CORRECT ANSWER a lease of property where the landlord pays charges regularly incurred in ownership, such as taxes, insurance, utilities, and repairs. The tenant pays only rent. The gross lease is perhaps the simplest of all leases. This type of lease is riskier for the landlord because of the possibility of rising costs during the lease term. Net lease - CORRECT ANSWER A net lease is one in which, in addition to rent, the tenant pays expenses such as taxes, insurance and maintenance. A net lease shifts the risk of cost increases from the landlord to the tenant. Net leases are often characterized as net (N), double net (NN) and triple net (NNN). triple net lease (NNN) - CORRECT ANSWER is one in which the tenant is responsible for rent and all fixed and variable expenses related to a property (property taxes, property insurance, maintenance). In most cases, the landlord is still responsible for structural repairs. Office park - CORRECT ANSWER Office parks will typically offer a gross rental agreement. Some will have a "stop- gap" payment which is one extra payment per year that the landlord charges to offset his costs of running the building. Shopping centers - CORRECT ANSWER Most often will be percentage rent based on tenant sales. The landlord gets credit for you being there. OlderClassCstripcenters - CORRECT ANSWER Inthepast,mostretailleasesweregrossleases.Landlordsmoved to triple-net and percentage rent because of the economy, namely inflation. There are some older strip centers that still may offer gross leases to their tenants due to the economic condi- tions of the area. index lease - CORRECT ANSWER assigns an adjustment number to the lease, often tied to the Consumer Price Index (CPI), that allows for the rent to increase or decrease, usually from year to year. The parties to the lease agreement negotiate the amount and frequency of the adjustment. The CPI, also referred to as the cost of living index, is a measurement used to compare the average cost of certain goods that consumers buy, including real estate. I Contract Rent - CORRECT ANSWER The rental income stipulated by the parties in a lease is known as Statute of Frauds - CORRECT ANSWER a lease for a period of more than one year must be in writing to comply with the procuring cause of sale - CORRECT ANSWER is the individual who, through a series of uninterrupted activities or actions, brought about the completion of a contract. The rule is that the broker must perform within the time specified in the contract. exclusive agency - CORRECT ANSWER this listing, the seller agrees to list the property with only one broker during the listing term, with the provision that the seller can sell the property independently, without paying a commission. Listing Agreement - CORRECT ANSWER The _____________ is an employment contract between a seller or landlord and the broker. Metes and bounds - CORRECT ANSWER Most commercial properties will be described using The Real Estate Investors Association (REIA) - CORRECT ANSWER is a national non-profit trade association that holds investor conferences and events, and could be a good place to network among investors. DUST - CORRECT ANSWER Demand, Utility, Scarcity, Transferaility Buffer Zone - CORRECT ANSWER an area of land separating one land use from another Variance - CORRECT ANSWER permission to violate the rules Police Power - CORRECT ANSWER the right of the government to regulate and control the way land is used Downsizing - CORRECT ANSWER Changing the zoning of a property to lower the value use Zoning - CORRECT ANSWER the most common example of police power Texas Property Code - CORRECT ANSWER arranges Texas Statute Law into a logical order, making it more accessible and understandable Security Deposit - CORRECT ANSWER is any advance of money, other than a rental application deposit of an advance payment of rent that is intended primarily to secure performance under a lease of commercial property Variances - CORRECT ANSWER are often requested prior to the construction to avoid violation of the rules Title 8 Landlord & Tenant - CORRECT ANSWER The most important chapter of the Texas Property Code for property managers and landlords Noncormfing use of land - CORRECT ANSWER a change in zoning can cause? Manufactured Homes - CORRECT ANSWER are built in a factory and are built to a nation-wide building code Trust Account - CORRECT ANSWER account managed by one party for the benefit of another in a banking institution authorized to do business in Texas Safe Harbor Policy - CORRECT ANSWER determines whether or not an advertisement is clear and conspicuous Advertisement - CORRECT ANSWER a written or oral statement or communication by or on behalf of a license holder or service provider Trust Money - CORRECT ANSWER clients' money Trust Account - CORRECT ANSWER an account managed by one party for the benefit of another in a banking instistution authorized to do business in Texas Sales Agent - CORRECT ANSWER Should not maintain a trust account Open Carry and Concealed Carry Signage - CORRECT ANSWER must appear in contrasting colors with block letters at least one inch in height 30.06 - CORRECT ANSWER establishments that will permit open carry on their premises, but prohibit concealed carry 30.07 - CORRECT ANSWER Prohibits open carry on he premises Deceptive Trade Practices Act (DTPA) - CORRECT ANSWER allows an aggrieved consumer to sue a seller of goods for damages Goods - CORRECT ANSWER Tangible chattels Services - CORRECT ANSWER means work, labor or repair of goods. Brokerage is an example Consumer - CORRECT ANSWER an individual, corporation, partnership, or government source who seeks to acquire Producing Cause - CORRECT ANSWER requires proof that the act or omission was a significance factor in bringing about the injury Force Majeure - CORRECT ANSWER Circumstances beyond the tenant of landlord's control that could affect performance of the contract Term - CORRECT ANSWER beginning and ending date Demised premises - CORRECT ANSWER spaces transferred from the landlord to the tenant by the lease CAM - CORRECT ANSWER includes hallway, lawn and elevator maintenance Indemnify - CORRECT ANSWER Defend Gross Lease - CORRECT ANSWER a lease of property where the landlord pays charges regularly incurred in ownership, such as taxes Net Lease - CORRECT ANSWER in addition to rent, the tenant pays expenses such as taxes Single Net Lease (N) - CORRECT ANSWER tenant pays rent and property taxes Double Net Lease (NN) - CORRECT ANSWER tenant pays rent, property taxes, and property insurance Triple Net Lease (NNN) - CORRECT ANSWER tenant pays rent, property taxes, property insurance, and maintenance Feasibility Period - CORRECT ANSWER Also known as due diligence period UCC Search - CORRECT ANSWER filed with the county clerk by an equipment leasing company notifying the public that there is a prior lease/lein on the equipment and that it cannot be seized by a landlord Percentage Lease - CORRECT ANSWER a lease in which all or part of the rental is based on the gross receipts of the tenant's business LEED - CORRECT ANSWER a building certification program for properties that are "green" Preventative Maintenance - CORRECT ANSWER servicing a property and its equipment in order to prevent mechanical failure and keep property values high BOMA - CORRECT ANSWER An organization that advocates on the part of the building owners and managers Deferred Maintenance - CORRECT ANSWER deterioration of a property due to delayed maintenance Mitigation - CORRECT ANSWER methods used to lower levels of radon in buildings EMF's (electromagnetic fields) - CORRECT ANSWER Energy Fields given off by power lines Asbestos - CORRECT ANSWER material previously used to insulate pipes in chimneys and roofs Radon - CORRECT ANSWER odorless, colorless, gas that is naturally produced by the decay of radioactive materials in rocks underground ESA (Environmental Site Assessments) - CORRECT ANSWER assessment carried out by a qualified environmental professional to determine whether or not a property has been contaminated by any previous or current activities Leverage - CORRECT ANSWER Using borrowed money to make money Capital Gain - CORRECT ANSWER A return on property when it is sold for profit Real Estate Investment Syndicate - CORRECT ANSWER a method of raising funds for the purchase of real estate Appreciation - CORRECT ANSWER the passive increase in the value of a parcel due to market forces Gross Scheduled Income - CORRECT ANSWER potential income of a property in the amount of rent that would be collected in a year GRM - CORRECT ANSWER Price/ Rent CAM Fees - CORRECT ANSWER charges for the maintenance of communal areas of an office building Add-on Factor - CORRECT ANSWER rentable sq. ft. divided by usable sq. ft Volume - CORRECT ANSWER LXWXH Area of a Rectangle - CORRECT ANSWER L X W Exclusive Agency listing - CORRECT ANSWER states that you are the exclusive listing agent and agency. However, the owner reserves the right to sell the property himself to people whom you have not had negotiations with and the owner will owe no commission to the firm or agent open listing - CORRECT ANSWER no protection at all. In writing and sets the price and terms, but states that it is cancelable Verbal listing - CORRECT ANSWER also known as pocket listing Listing Property Manager - CORRECT ANSWER this person is a licensed real estate agent employed by a real estate firm that manages property or an individual broker who manages property for a fee. People working under the direct supervision of a licensed property manage do not need to be licensed Individual Property Manager - CORRECT ANSWER this person manages a single property for an owner and may or may not be real estate licensee . This is usually a salary position that could include free rent Resident Manager - CORRECT ANSWER lives on the premises and may be employed by the owner or a property management firm Licensed Property Manager - CORRECT ANSWER must act in fiduciary capacity as the agent Advantages of investing in single family homes - CORRECT ANSWER High Leverage Rapid Appreciation Large Resale Ease of Management Disadvantages of investing in single family homes - CORRECT ANSWER Lack of Cash Flow Potential Higher Vacancy Rates Rent Control Potential Management Issues Maintenance Tenant Issues when selling "B" area - CORRECT ANSWER Example Pawn Shops Retail Shopping Centers - CORRECT ANSWER currently depreciated over a 39 year period Phase 1 Environmental Report - CORRECT ANSWER this is a record check of the local building department, health department, or other government agency to see if there has been any cease and desist order made or any demand to clean up a hydrocarbon spill Phase 2 Environmental Report - CORRECT ANSWER This is an on-site inspection of the business using hydrocarbons and the surrounding area to see if any visible spills or storage tank leakage has taken place Phase 3 Environmental Report - CORRECT ANSWER This report requires boring test hold and obtaining soil samples at various spots around the affected property to see if any of the samples contain traces of hydrocarbon Three Types of Mini-storage Construction - CORRECT ANSWER Concrete block wall with sloped tar, gravel roofs, and metal doors all metal construction wood fame/stucco with a hip roof Land Brokerage - CORRECT ANSWER One of the highest litigation rates against brokers of any type of commercial brokerage Includes selling subdivided lots in existing subdivisions [Show Less]
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Power House Training Exam 61 Questions with Verified Answers,100% CORRECT
Power House Training Exam 61 Questions with Verified Answers 12 Month Marketing Plan - CORRECT ANSWER Devising a 12 month marketing plan in advance is a... [Show More] key habit of successful, professional agents. Planning in advance not only allows you to properly budget, it also ensures that you do not over commit to any one buyer or seller. Cost Approaches-Zero Cost Approach - CORRECT ANSWER Seek and find houses within your community that are in a "target rich environment" and offer to hold it open as a means to get the buyer clients. Cost Approaches-Zero Cost Approach (Arrival) - CORRECT ANSWER Arrive Early & Stay Late Cost Approaches-FSBO & Expired Listings, No leases - CORRECT ANSWER Prospecting FSBO is a tried and true Zero Cost Approach Choosing your farm area - CORRECT ANSWER *Average turnaround for response to mailers. ? 1% *Why send mailers? Name & Facial recognition. *Choosing the right farm area is a successful marketing strategy for business for realtors. Cold Calling - CORRECT ANSWER * Develops new business *Builds Networks *Yields results & Saves money Cold Calling Contacts - CORRECT ANSWER *Contacting clients from dead files * Following up from previous contacts *Soliciting expired listings *Criss-Cross Directory Generational Selling - CORRECT ANSWER *Specializing in a specific segment of population and becoming an expert in that particular market is the wave of the millennium real estate industry. * The primary market of buyers today is in the 25-49 year old range. Generation Z/ Millennial- 1981-1997 - CORRECT ANSWER * Boom Echo- 70 million potential future homebuyers. *1st Multicultural generation of children, most adabtable to new ideas. 1st time home buyers 90% graduation rate since of civic pride positive attitude and selfless team spirit Time Management- Goal Setting - CORRECT ANSWER Long-term goals Intermediate-goals- should lead to long term goals Short-term goals- should lead to intermediate goals * Should be flexible, to permit for unexpected windfalls and dry spells * Should be written down Career Goal Setting (How To) - CORRECT ANSWER * Be Flexible *Do it Once Financial Goals - CORRECT ANSWER * Just to pay my bills each year, I must earn... Developing Business Plan - CORRECT ANSWER *Mission Statement- Main thing I want to achieve *Values Statement- Define how the work will be accomplished * Goals should align with mission statement. Self- awareness - CORRECT ANSWER *Identifying strengths and weaknesses is essential to continued success. *Taking an honest look at my best qualities and weaknesses. Production Analysis - CORRECT ANSWER * Key to increasing client base and aggressively growing business. Address Sales price Source (Buyer or seller) Weaknesses (I will learn from) Strengths (I will use again) Begin Your Day- Begin Your Plan- End with Success - CORRECT ANSWER Get up early Qualifying the Buyer - CORRECT ANSWER *Financial Qualification *Emotional Qualifications Pg 78 PITI - CORRECT ANSWER Principal, Interest, Taxes, Insurance Pg 79 FHA - CORRECT ANSWER Federal Housing Administration Pg 80 VA - CORRECT ANSWER Department of Veterans Affairs Loan often available with no down payment Pg 80 Conventional Loan - CORRECT ANSWER a loan that is neither federally insured nor guaranteed - a private sector loan Pg 80 Buyer Representation Agreement - CORRECT ANSWER A principal-agent relationship in which the real estate professional acts on behalf of the buyer, usually as an agent, with fiduciary responsibilities to the buyer. Pg 82. Closing Lines - CORRECT ANSWER Let's go into the office and see if we can work this out The owners indicated that you could take occupancy on March 1 is that good for you or would April 1 be better? If both properties were the same price, which would you prefer? I feel that you both like this house, and it seems that you are ready to make an offer. Let's talk about that now. It'll be terrific when you are all moved in and living here. I know you will love it. I sure do Wont it be wonderful to have this decision out of the way? Exclusive Agency - CORRECT ANSWER The seller agrees to list the property with only one broker during the listing term, with the provision that the seller can sell the property himself or herself, without payment of a commission. Exclusive Right to Sell - CORRECT ANSWER *Realtors recommend this listing type A listing that gives the broker the right to collect a commission no matter who sells the property during the listing period. Net Listing - CORRECT ANSWER The broker agrees to sell the property in order to achieve a net price to the owner, and anything which is received above the net price is the broker's commission. A net listing is illigal by the licensing law in many states. Overcoming Objections - CORRECT ANSWER learning why the customer is reluctant to buy, providing information to remove that uncertainty, and helping the customer to make a satisfying buying decision 4 Reasons why a house doesn't sell - CORRECT ANSWER Price, Location, Condition, Marketing Plan Subagency - CORRECT ANSWER When a license holder is not associated with the seller's broker byt is representing the seller through a cooperative agreement withthe seller's broker. Co-op transaction one broker is handling both sides. TEST ANSWER # 43 - CORRECT ANSWER Answer- B * Prior to sinate Bill 489 (Active 1995) It was known that we rep. the seller. Dynamizing- Improving chances if selling quickly - CORRECT ANSWER The final touch is a bit of glamour, which makes your home stand out as one the buyer want to live in. Plants, attractive table settings in the dining room, fire in the fireplace, background music, plenty of light, pleasant aromas and a welcoming attitude are a sure way to win in the selling game. Pricing Objections - CORRECT ANSWER Real Estate agents do not control the market or dictate price, the market does. Counter- Offers (Sellers) - CORRECT ANSWER If the price is reasonable , prevent the seller from continuing to negotiate just for the sake of negotiating. Remind them that a counteroffer is entirely new offer that makes the first offer. TRELA - CORRECT ANSWER The Texas Real Estate License Act- passed by legislation to protect the public TREC - CORRECT ANSWER The Texas Real Estate Commission- 6 broker members and 3 public members- created to administer the provisions of the license act- they promulgate contract forms for licensees Real Estate- Law, Ethics & Morals - CORRECT ANSWER All liscense holders are required to adhere to the provisions of the TRELA & TREC Scrupulously - CORRECT ANSWER Acting in strict regard for what is considered right or proper Meticulously - CORRECT ANSWER marked by extreme or excessive care in the consideration or treatment of details; careful. Consumer Information - CORRECT ANSWER Each real estate inspector or active real estate broker licensed by the Texas Real Estate Commission shall display Consumer Protection Notice CN 1-2 in a prominent location in each place of business the broker maintains and on the first page of a broker's website. TREC COMPLAINTS - CORRECT ANSWER A person may file a complaint with TREC against a realtor if the person believes the realtor has violated the Texas Real Estate License Act (TRELA) or one of TREC's rules. After reviewing TREC will notify license holder if it intends to initiate disciplinary proceedings. If guilty TREC may impose a reprimand, suspension of license, revocation of the license, a fine, probation or any combination. Professional Codes of Ethics - CORRECT ANSWER Can be attached to or made part of an independent contractor agreement signed by the sponsored license holder. * Guide to business behavior Realtors - CORRECT ANSWER A registered trademark owned by the National Association of REALTORS for use by its members Grievance Panel - CORRECT ANSWER A local association that conducts an initial review to determine if the complaints alleges are a violation of the organizations code of ethics. Pathways to Professionalism by (NAR) - CORRECT ANSWER Code of ethics and Standards does not address issues of courtesy or etiquette. Professional Conduct working group of the professional standards commitee made what list? - CORRECT ANSWER Pathways to Professionalism- *Respect for property, never allow buyers to enter listed property unaccompanied. Article 9 - CORRECT ANSWER For the protection of all parties all agreements related to real estate transactions are to be in writing in clear and understandable language expressing the specific terms, conditions, obligations & commitments of the parties. A copy of each agreement shall be furnished to each party to such agreements upon their signing or initialing. Closing the transaction - CORRECT ANSWER The finial consummation of a transaction is the closing. * Buyer pays for the property and the seller conveys title. When the seller closes, the seller will: - CORRECT ANSWER Sign a dead conveying the property to the buyer. When the buyer closes, she has a large number of documents to sign, including: - CORRECT ANSWER Deed of Trust securing repayment of the promissory note. Credit to the buyer - CORRECT ANSWER Earnest money being held in an escrow account Charge to the Seller - CORRECT ANSWER Existing Loan Payoff TRID Rule - CORRECT ANSWER Requires that the consumer receive the Closing Disclosure no later than three business days before consummation. If the closing disclosure is not delivered in person, it is presumed received 3 business days after it is placed in the mail, sent by email, or otherwise delivered. WIKIS - CORRECT ANSWER Compilations of information from different contributors. *Realtors can invite visitors to their site, or wikis, to comment on the local community, schools, and shopping recreational facilities in the area, parks and events. Posting on Facebook - CORRECT ANSWER *Be professional. It can't be all business *Be you, be authentic *Act like you would at a dinner party *Don't be the talker, Be the listener *It's not about selling a house, it's about making a relationship Posting Plan - CORRECT ANSWER Helps to build an online persona and will develop the relationships desired. Instagram - CORRECT ANSWER Functions like a photo gallery GRI- (Graduate Realtor Institute) - CORRECT ANSWER Geared towards agents in their first to third year in business. ABR- (Accredited Buyer Representation) designation - CORRECT ANSWER Will position you for successful business practices and handling buyers, covers the issues of representation, ethics, legal practices. When do we recommend you get your GRI? - CORRECT ANSWER During your 1st renewal period. Which designation course will keep you operating ethically? - CORRECT ANSWER ABR- (Accredited Buyer Representation) designation Course In the 56 Safety Tips for Realtors what is #46? - CORRECT ANSWER Beware of Phishers- Don't respond to emails requesting personal or private information such as passwords, credit card numbers or bank account numbers even if a message appears to be from your bank never request private information. [Show Less]
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Power House Training 88 Questions with Verified Answers,100% CORRECT
Power House Training 88 Questions with Verified Answers How do you build name recognition? - CORRECT ANSWER comes from developing a marketing plan that ... [Show More] is outside the box, something that separates you from others. 12 month marketing plan - CORRECT ANSWER -Planning in advance not only allows you to properly budget, it also ensures that you do not over commit to any one buyer or seller. -a key habit of successful, professional agents. millennial generation forecast - CORRECT ANSWER -studies believe they will be the most adaptable to new ideas. -it is projected that many will enter the housing market over the next 10 years -In addition to being first-time home buyers, people will need agents when looking for a larger home, relocating for a new job, or other reasons. cold calling resources - CORRECT ANSWER might consist of contacting people from those dead files you collected from other agents, following up with previous contacts, and perhaps even soliciting expired listings. Another tool at your disposal is a criss-cross directory. criss cross directory - CORRECT ANSWER come in the form of searchable online databases of residences and businesses. These databases contain home owner's names, addresses, cell phone numbers, email addresses, and neighborhood demographics. types of farms - CORRECT ANSWER geographic economic geographic farms - CORRECT ANSWER including several neighborhoods or subdivisions. economic farm - CORRECT ANSWER including all the properties in a particular price range, in the area your firm services niche market - CORRECT ANSWER -Specializing in a specific segment of the population and becoming an expert in that particular area. -Understanding the housing require- ments and other lifestyle issues of your buyers is essential to effectively fill those needs. -The agent gains respect and recognition as knowledgeable to that specific generational buyer. Examples of Niche Markets - CORRECT ANSWER -Sun City communities, and planned communities such as Disney's Celebration, and Texas's "Downtown Frisco. -These communities incorporate many recreational facilities, such as local merchants, town halls, restaurants, libraries, and cultural centers. -All of the facilities are close together, perhaps even walking distance, for easy convenience. Long-term goal - CORRECT ANSWER from 5 to 10 years or more intermediate-goals - CORRECT ANSWER ranging from 3 to 5 years short-term goals - CORRECT ANSWER ranging from several months to a year. All of your goals should have the following characteristics - CORRECT ANSWER -They should be attainable. should not be too easy, but they should not be impossible to achieve. -They should be flexible, to permit for unexpected windfalls and dry spells. -They should be measurable. If your aim is to list 24 properties in the next 6 months, then that is a measurable goal. Prospecting - CORRECT ANSWER actively obtaining new sources of business through generating the leads yourself -you making contact with people. Goal setting - CORRECT ANSWER tangible, measurable objectives that you truly want to achieve. -They motivate you, help inspire self-discipline and they give you courage to keep trying. -Writing them down is the first step to achieving them. Production Analysis - CORRECT ANSWER will be your key to increasing your client base and aggressively growing your business. SMART - CORRECT ANSWER Specific, Measurable, Achievable, Relevant, and Timely. What is SMART used for - CORRECT ANSWER Many advisers use the acronym when referring to financial goals Financial Goals - CORRECT ANSWER should plan for short-term and long-term goals, which should be realistic and tangible - meaning you should be able to reach out and touch them. reasons for getting up early - CORRECT ANSWER doing this 20 minutes earlier will help you avoid stress, tardiness and unnecessary feelings of anxiety self-awerness - CORRECT ANSWER identifying your strengths and weaknesses is essential to your continued success year after year. Take an honest look at your best qualities and your weaknesses. What does the career goal "be flexible" mean? - CORRECT ANSWER -Continually review priorities. -As time moves on, and circumstances change, priorities might need to be revised. When the unexpected occurs, remember that it provides you with a challenge to which to adjust. Handle the unexpected, and then get back to your plan. Daily To-Do List - CORRECT ANSWER Begin each morning by listing tasks and activities which will help you achieve high-priority goals. Always start with As, not Cs. Do it once - CORRECT ANSWER Avoid the temptation to stop and start, stop and start. Handle each job and each piece of paper once. Deal with the task and be done with it. Set priorities - CORRECT ANSWER identify your most important goals with an A, and invest your time in their attainment. Items ranked B or C carry a lower priority. first step for financial goals for those working in commission sales - CORRECT ANSWER figure out how much they need to earn each year just to pay their bills Values statement - CORRECT ANSWER help define how the work will be accomplished, and they articulate a set of beliefs and principles that guide the way the company conducts business. -You want to make sure that your goals align with your mission statement. What does the code of ethics and standard of practice do? - CORRECT ANSWER establishes objective, enforceable ethical standards governing the professional conduct of realtors what does the code of ethics and standard of practice not do? - CORRECT ANSWER address the issues of courtesy or etiquette. Items typically credited to the buyer - CORRECT ANSWER -Earnest money being held in an escrow account -Existing mortgage on an assumption or the buyer's new mortgage he successfully secured from the lender -Unearned rents (previously collected by the lender) -Tenant's security deposits -Accrued items (items owed by the seller but the bill is not due yet. For Example - taxes on property) -Items paid on behalf of the buyer outside closing (POC - paid outside closing) Items credited to the seller - CORRECT ANSWER -Sales price of the property -Prepaid items (items paid in advance, For example - . insurance, HOA dues, etc.) -Escrow account overages (prepaid insurance, tax) Items usually charged to the buyer - CORRECT ANSWER • Survey • Mortgage loan fees charged by the lender •Copies of deed restrictions •Mortgagee's Title Insurance Policy •Credit report (POC) •Appraisal (POC) •Prepaid items for setting up escrow accounts •Private mortgage insurance •Recording fees for the deed and mortgage instruments •Inspections on property including termite, structural, mechanical •Attorney's fees •Messenger fees Items usually charged to the seller - CORRECT ANSWER •Real estate commission •Attorney's fees •Repairs to property •Owner's title policy •Existing loan payoff •Recording fee for release of lien •Messenger fee •Unpaid taxes on property •Accrued interest on loan from last payment to the day of closing •Unearned rent collected in advance •Tenant's security deposit TRID rule - CORRECT ANSWER requires that the consumer receive the Closing Disclosure no later than three business days before consummation deed of trust - CORRECT ANSWER securing repayment of the promissory note. closing - CORRECT ANSWER where the buyer pays for the property and the seller conveys title. In some markets, this is referred to as settlement. purpose of the deed - CORRECT ANSWER conveying the property to the buyer. agent goals when presenting counteroffer. - CORRECT ANSWER • Think of the big picture. Remind sellers that many times the value of concessions tend to be less costly than more days on the market. • If the price is reasonable, prevent the seller from continuing to negotiate just for the sake of negotiating. Remind them that a counteroffer is an entirely new offer that makes the first offer non-binding. They could lose the buyers if the buyers choose to walk away from the negotia- tion, especially if the sellers are perceived to be unreasonable. • Work to put a low-priced offer into perspective if it still meets the market range. More time on the market will cost your seller more money. For example - mortgage payments, market changes can equate to less money than when listed, shop worn if on the market too long. pathway to professionalism - CORRECT ANSWER Respect for the Public Respect for Property Respect for Peers (pg. 187) qualifying process for sales agent - CORRECT ANSWER -ask personal questions of relative strangers during qualifying interview -learning the financial qualifications of the buyer -emotional qualification process PITI - CORRECT ANSWER the sum of monthly principal, interest, taxes, and insurance -typically lenders will not allow borrowers to spend more than 28% of their monthly income on this reasons a house fails to sell - CORRECT ANSWER -price -location -condition -marketing plan Types of listings - CORRECT ANSWER Open listing Exclusive agency Exclusive right to sell Net listing open listing - CORRECT ANSWER gives the seller the right to list the property with multiple competing brokers and to sell the property personally without liability for payment of a commission exclusive agency - CORRECT ANSWER the seller agrees to list the property with only one broker during the listing term, with the provision that the seller can sell the property himself or herself, without payment of a commission exclusive right to sell - CORRECT ANSWER -Real estate brokers recommend this listing -right to sell the property during the listing term. -A commission is paid even if the property is sold by the owner. net listings - CORRECT ANSWER Under such listings, the seller establishes a minimum, acceptable ________. -Because of potential ethical and legal issues, this listing type is outlawed in many states, are legal in Texas, TREC has recognized the potential for abuse in conventional loans - CORRECT ANSWER -loans which are neither insured nor guaranteed by the federal government. These loans often have requirements for a higher down payment of 20% of the market value or more, unless private mortgage insurance is to be paid by the borrower -On these loans, interest rates, loan-to-value ratio, and amortization periods are usually negotiable. -A good rule of thumb is that the lower the down payment and the longer the amortization period, the greater the interest rate. VA loans - CORRECT ANSWER -These loans are often available with no down payment. -The guarantee is free to the Veteran. -The Veteran must receive a Certificate of Eligibility from the VA prior to applying for the loan. -The property must be appraised by the Veterans Administration. -A veteran who is applying for a VA loan must sign a document stating that he or she will occupy the property. FHA loans - CORRECT ANSWER -loans which are insured by the Federal Housing Administration -require a small down payment, and are obtained through approved lenders -requires that the borrower be able to pay a mortgage insurance premium in monthly installments as a part of the regular loan payment. -requires that the property be appraised before it will commit to insure any loans Buyer Representation Agreement - CORRECT ANSWER "lists" the buyer as your client. It also obligates you to act as an agent for the buyer. As buyers' agency becomes more popular across the nation, more and more buyers are asking for this level of service Signs that a buyer may cause trouble - CORRECT ANSWER •They tell you that they just want to "see what's out there" •They are always looking for a "good deal" •They have a less than favorable credit history •They refuse to be pre-qualified by a lender •They refuse to sign an exclusive buyer's agency agreement •They are hypercritical and/or over-demanding •They make a habit of missing appointments or showing up late •They simply are not being honest with you Sellers disclosure statement - CORRECT ANSWER A required disclosure that the seller of a residential property must provide to prospective buyers that details the seller's knowledge of the property condition How to handle sellers disclosure statement with buyer - CORRECT ANSWER Some possible closing lines for buyer - CORRECT ANSWER "Let's go into the office and see if we can work this out." "The owners have indicated that you could take occupancy on March 1. Is that good for you or would April 1, be better?" "If both properties were the same price, which would you prefer?" "I feel that you both like this house, and it seems that you are ready to make an offer. Let's talk about that now." "It'll be terrific when you are all moved in and living here. I know you will love it. I sure do." "Won't it be wonderful to have this decision out of the way?" employment contracts used with sellers - CORRECT ANSWER listing agreement listing agreement - CORRECT ANSWER employ a real estate broker, or brokerage firm, to find a buyer for their property. Brokers agree to use their best efforts and abilities to find a purchaser. Subagency - CORRECT ANSWER when a license holder is not associated with the seller's broker but is representing the seller through a cooperative agreement with the seller's broker. Dynamizing - CORRECT ANSWER the final touch is a bit of glamour, which makes your home stand out as one the buyers want to live in. ex: Plants, attractive table settings in the dining room, fire in the fireplace, background music, plenty of light, pleasant aromas and a welcoming attitude are a sure way to win in the selling game. Neutralizing - CORRECT ANSWER it is a good idea to get rid of posters, unusual paint colors or very outdat- ed wallpapers. Neutral colors sell better for the simple reason that they blend in with the things buyers already have, rather than clashing. De-cluttering - CORRECT ANSWER straighten up closets and other cluttered areas to give the illusion of space and adequate storage. Clear off counter tops and neaten shelves. Throw away unwanted items that add to a crowded feeling. You will probably not want to move these things any- way, so now is a good time to get rid of them. open listing - CORRECT ANSWER gives the seller the right to list the property with multiple competing brokers and to sell the property personally without liability for payment of a commission. Net listings - CORRECT ANSWER Under such listings, the seller establishes a minimum, acceptable net price. The real estate broker's commission is the difference between the minimum net established by the seller and the price that the buyer is willing to pay. prior to Senate Bill 489 - CORRECT ANSWER most buyers didn't even know that they were not being represented. Handling price objections from sellers - CORRECT ANSWER Help sellers understand you are on the same team. Remind sellers that you also benefit if the property sells for a higher price since your commission is a percent- age of the sales price, but that an overpriced house does not equate to higher commission for agents. examples of things you might say when dealing with pricing objections from your sellers - CORRECT ANSWER -A higher price is not likely to be supported by an appraisal, so buyers won't be able to obtain financing. -If your property excludes a feature important to current buyers - large family room or upstairs game/TV room - that must be reflected in the price. -Real estate agents do not control the market or dictate price; the market does. -The monthly payments required on a higher-priced house will eliminate a large number of buyers. Calculate the amount of income buyers would need to carry an 80 percent mortgage with payments equal to (1/3) of monthly income. -The beauty and sentimental value of your home will help it sell, but they are not indicators of price. -The amount of money you need in order to move and buy your new home is a viable indicator of market price Code of Ethics - CORRECT ANSWER highly regarded as a model for ethical conduct, that it became the basis for real estate license laws in many cases. complaints filed with trec - CORRECT ANSWER A person may file a complaint with TREC against a real estate license holder if the person believes the license holder violated the Texas Real Estate License Act (TRELA) or one of TREC's rules. -investigate the allegations by interviewing the parties and witnesses and gathering relevant information. After review, TREC's enforcement division will notify the license holder if it intends to initiate disciplinary proceedings. -After a hearing or other settlement procedure, it will render a decision. If the evidence establishes a violation, TREC may impose a reprimand, suspension of the license, revocation of the license, a fine, probation, or any combination. Ethics - CORRECT ANSWER a set of moral principles, and as a theory or system of moral values. NAR disciplinary action could include - CORRECT ANSWER •A reprimand •Afine •Probation •Suspension of membership •Revocation of membership •Any combination of the above actions. scrupulously - CORRECT ANSWER acting in strict regard for what is considered right or proper; punctiliously exact; painstaking social media - CORRECT ANSWER its fun and it is a great way to stay in contact with old friends, past and present clients, and people who share similar interests. Activity on social media sites happens in real time. Users make posts and receive immediate feedback, creating the opportunity for conversations. This is a great way to make new contacts. What are the big 4 social media sites - CORRECT ANSWER Facebook: I LIKE Oreos. • Twitter: I'm eating Oreos. • LinkedIn: I'm skilled at eating Oreos. • YouTube: Watch me eat Oreos. Facebook - CORRECT ANSWER -Using this site to create and foster relationships is a great way to find new clients and maintain previous ones -agents have to be intentional about what they post. ----They have to create a plan that helps develop relationships between themselves and their friends. Emailing - CORRECT ANSWER these are as important as live phone conversations in today's companies and many employers are losing customers, leads and dollars due to these being poorly handled reply all - CORRECT ANSWER should only be used when requested wikis - CORRECT ANSWER These are compilations of information from different contributors. Real estate professionals can invite visitors to their site to comment on the local community, schools, and shopping, recreational facilities in the area, parks, and events. GRI (Graduate REALTORS Institute) - CORRECT ANSWER A professional designation that requires seminar attendance and courses of study (administered by the state REALTORS Association) safety tip #46 - CORRECT ANSWER Beware of "phishers" -Don't respond to emails requesting personal or private information such as passwords, credit card numbers or bank account numbers. Even if a message appears to be from your bank or a trusted vendor, credible companies never request private information this way. ABR (Accredited Buyer Representation) - CORRECT ANSWER it will not only will position you for successful business practices and handling buyers, it extensively covers the issues of representation and will help keep you operating ethically, legally and for a long time. Certified Home Marketing Specialist (CHMS) - CORRECT ANSWER Help your clients prepare their homes for sale with this designation dedicated to marketing dialogue and staging technique. Military Relocation Professional (MRP) - CORRECT ANSWER Learn to help our military professionals relocate. Seller Representative Specialist (SRS) - CORRECT ANSWER Gain the necessary knowledge to apply methods, tools, and techniques to provide support and services that sellers want. Consumer Protection Notice CN 1-2 - CORRECT ANSWER Each real estate inspector or active real estate broker licensed by the Texas Real Estate Commission shall display in a prominent location in each place of business the broker maintains and on the first page of a broker's website. Values statements - CORRECT ANSWER help define how the work will be accomplished, and they articulate a set of beliefs and principles that guide the way the company conducts business. You want to make sure that your goals align with your mission statement. mission statement - CORRECT ANSWER announces to the world what the company's long term goals are, and describes the overall purpose of the organization. personal business plan - CORRECT ANSWER Assess the situation Define your business focus. Decide on the end results. Determine the "what" and the "how" of attaining these results. [Show Less]
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Real Estate Brokerage SAE - Champion's School of Real Estate 291 Questions with Verified Answers
Real Estate Brokerage SAE - Champion's School of Real Estate 291 Questions with Verified Answers Search Engine Optimization (SEO) - CORRECT ANSWER The p... [Show More] rocess of maximizing the number of visitors to a particular website by ensuring the website appears high on the list of results returned by a search engine. Fcebook Live - CORRECT ANSWER Video streaming through facebook. CoStar Database - CORRECT ANSWER Functions much like a residential MLS, connecting commercial agents with brokerages, owners, lenders, property managers, appraisers, and investors. Virtual Reality (VR) - CORRECT ANSWER A computer-generated image or environment that can be interacted with by using special electronic equipment Augmented Reality (AR) - CORRECT ANSWER Provides a modified view of reality for the user Artificial Intelligence (AI) - CORRECT ANSWER A way of describing intelligence exhibited by machines Google Analytics - CORRECT ANSWER A powerful analytic software MLS Systems - CORRECT ANSWER The gold standard in data collection, processing, and dissemination in the real estate industry for years. Millennial Generation - CORRECT ANSWER People reaching young adulthood in the early part of the 21st century What does a consumer want from their brokerage? - CORRECT ANSWER - hyper-personalization - high online ratings - high level customer service - marketing that creates interest - give back to community - deeper relationship with agent Mission Statement - CORRECT ANSWER Announces to the world what the company's long-term goals are, describing the overall purpose of the organization. Value Statement - CORRECT ANSWER Define how a company's work will be accomplished, articulating a set of beliefs and principles that guide the way the company conducts business. Action Plan - CORRECT ANSWER Outlines the steps, approaches and resources that will be used to fulfill the objectives of the company. Operational Planning - CORRECT ANSWER The aspect of planning that encompasses the day-to-day operations of a company. Due diligence - CORRECT ANSWER Analyzing, exploring, investigating and evaluating a business to learn about the business, in order to position themselves to make an educated decision about whether to buy or not buy a business. DBA - CORRECT ANSWER Doing Business As An assumed name or a trade name used instead of the legal name of a business entity. FBN - CORRECT ANSWER Fictitious Business Name An assumed name or a trade name used instead of the legal name of a business entity. Assumed name - CORRECT ANSWER A trade name used instead of the legal name of a business entity. Trade name - CORRECT ANSWER An assumed name used instead of the legal name of a business entity. Sole Proprietorship - CORRECT ANSWER A venture owned by one individual. Partnership - CORRECT ANSWER A type of business entity that has partners General partner - CORRECT ANSWER Responsible for the day to day operations of the business and has full liability limited partnership - CORRECT ANSWER A type of partnership created in Texas by filing a certificate of limited partnership with the Texas Secretary of State Limited partner - CORRECT ANSWER A business partner whose liability is limited to the amount invested in the partnership, having no involvement in the day-to-day operations of the business. limited liability partnership - CORRECT ANSWER Formed by filling a statement with the Texas Secretary of State. a partner is not individually liable for the debts and obligations of the partnership, nor is the partner liable for tortious acts committed by other partners. joint venture - CORRECT ANSWER A group of individuals joining together for a single business venture, combining their funds and talents to carry out one project. When the project or venture is complete, they will dissolve as a group. syndicate - CORRECT ANSWER Two or more parties join together to create and operate a real estate investment corporation - CORRECT ANSWER estate investment Corporation Corporations in Texas are created by filing with the office of the Secretary of State. The corporate entity is comprised of three components: - Shareholders (stockholders) who are the owners of the corporation - A Board of Directors elected by the shareholders who represent the interests of the shareholders - Corporate Officers who are responsible for the overall management of the operation of the business shareholders - CORRECT ANSWER The owners of the corporation. board of directors - CORRECT ANSWER Elected by the shareholders who represent the interests of the shareholders corporate officers - CORRECT ANSWER Corporate officers are responsible for the overall management of the operation of the business. limited liability company - CORRECT ANSWER Formed by filing articles of organization with the Texas Secretary of State and is governed by the Texas Limited Liability Company Act. The limited liability company offers limited liability protection. franchise - CORRECT ANSWER An authorization given by a company to an individual enabling the individual to carry out specific commercial activities as an agent for the company's products. T or F: A limited partner is involved in the day-to-day of the business - CORRECT ANSWER False A partnership may be created by: - CORRECT ANSWER filing documents with the Secretary of State The three main categories that sould be addressed during the planning phases are: operational planning, _______, and time planning. - CORRECT ANSWER budget How much cash reserves do industry experts recommend new brokerages have available for operating expenses? - CORRECT ANSWER 6 months to 2 years Ethics - CORRECT ANSWER Concerned with what is right or wrong, good or bad, fair or unfair, responsible or irresponsible, obligatory or permissible, praiseworthy or blameworthy Ethics refers to the well-rounded standards of right and wrong that prescribe what humans ought to do. usually in terms of: rights, obligations, benefits to society, fairness, specific virtues Ethics refers to the study and development of one's ethical standards, principles that when followed, promote values such as: trust, good behavior, fairness, kindness TRELA - CORRECT ANSWER Enacted in 1939, the Texas Real Estate License Act protects the public against unscrupulous brokers and sales agents. Canons of Professional Ethics and Conduct - CORRECT ANSWER Section 531 of TREC's Rules includes Fidelity, Integrity, Competency, Consumer Information, and Discriminatory practices Consumer information - CORRECT ANSWER The Consumer Protection Notice that is required to be posted in a prominent location in each place of business the broker maintains Discriminatory practices - CORRECT ANSWER Article 5 of the Canons of Professional Ethics and Conduct DTPA - CORRECT ANSWER A Texas consumer protection law that was passed in 1973, allowing an aggrieved consumer to sue a seller of goods or services for damages Goods - CORRECT ANSWER Tangible chattels (real property is tangible when purchased or leased. Under DTPA, the sale of a house is considered a good) Services - CORRECT ANSWER Means work, labor, or repair of goods. Brokerage is a service. Consumer - CORRECT ANSWER An individual, corporation, partnership, or government source who seeks to acquire or purchase the goods or services Producing cause - CORRECT ANSWER Proof that the act or omission was a significant factor in bringing about injury. Knowingly - CORRECT ANSWER With actual awareness of a falsity, deception, or unfairness of an act. If an agent deliberately made a false statement about the condition of the property, or intentionally did not disclose a known defect Intentionally - CORRECT ANSWER With actual awareness, or flagrant disregard of prudent and fair business practices Statutory defences - CORRECT ANSWER Defenses that arise out of law (statute) National Association of Realtors - CORRECT ANSWER Founded in 1908, is America's largest trade association, representing 1 million members, composed of residential and commercial REALTORS® who are brokers, sales agents, property managers, appraisers, counselors, and others engaged in all aspects of the real estate industry. Price fixing - CORRECT ANSWER Any attempt by a group of brokers or brokerage firms to set the commission rates in their area. Sherman Anti-Trust Act - CORRECT ANSWER Federal law that prevents any combination in restraint of trade. Clayton Act - CORRECT ANSWER Federal law that defines unethical business practices such as price-fixing and monopolies. Texas Free Enterprise and Antitrust Act - CORRECT ANSWER Texas state law that prohibits any attempt to fix prices, limit competition by assigning market areas, or boycotting of discount brokers Illegal boycott - CORRECT ANSWER Prohibits any attempt to fix prices, limit competition by assigning market areas, or boycotting of discount brokers ADA - CORRECT ANSWER Federal law that prohibits discrimination against those with disabilities by denying them the full and equal enjoyment of goods, facilities, accommodations, services, and privileges Penalties for violation of the act are up to $75,000 for the first violation, and up to $150,000 for subsequent violations. Civil Rights Act - CORRECT ANSWER Prohibits discrimination connected to housing. The Civil Rights Act of 1968 with amendments prohibits discrimination based on race, color, religion, national origin, sex, families with children, and disabilities Steering - CORRECT ANSWER The illegal practice of directing buyers into or away from certain areas because of their race, color, or other protected classes Blockbusting - CORRECT ANSWER The illegal practice of inducing homeowners to sell their properties by making representations regarding the entry or prospective entry of minority persons into the neighborhood Substantice discussion - CORRECT ANSWER A discussion about a specific property triggering the need to deliver the Information About Brokerage Services notice. Prospecting laws - CORRECT ANSWER Federal and state laws that govern how a person solicits or advertises by phone, fax, or email Listing agreements - CORRECT ANSWER A contract between a landowner (as principal) and a licensed real estate broker (as agent) by which the broker is employed to sell real estate on the owner's terms within a given time, for which service the landowner agrees to pay a commission Multiple Listing Services - CORRECT ANSWER Site where member firms share their listings with other members Comparative Markey Analysis - CORRECT ANSWER An analysis of data to provide the seller with a range of appropriate list prices for their property and range of offer prices for the buyer RESPA - CORRECT ANSWER Real Estate Settlement Procedures Act ensures that consumers throughout the nation are provided with more helpful information about the cost of the mortgage settlement and are protected from unnecessarily high settlement charges caused by certain abusive practices Controlled business arrangement - CORRECT ANSWER An affiliate relationship of a direct or beneficial ownership interest of more than 1 percent in a provider of settlement services where a lender directly or indirectly refers business to the provider 5 sources of ethical standards - CORRECT ANSWER utilitarian approach the rights approach the fairness of justice approach the common good approach the virtue approach The Utilitarian Approach - CORRECT ANSWER Ethical action produces the greatest balance of good over harm to those who are affected. The Rights Approach - CORRECT ANSWER Individuals have the right to have their moral rights protected and respected, and the right to be told the truth, and not to be injured. The Fairness or Justice Approach - CORRECT ANSWER Ethical action is equal for all, or if not, then fair for some, based on some defensible standard. The Common Good Approach - CORRECT ANSWER Ethical standards and actions embrace common conditions that are important to the welfare (common good) of all. The Virtue Approach - CORRECT ANSWER Ethics are habits that enable us to act accordingly as persons who are truthful, honest, courageous, compassionate, generous, tolerant, and possess integrity, fairness, self-control, and prudence. Ethical Dilemmas - CORRECT ANSWER 1. recognize the issue 2. get the facts 3. evaluate alternative actions 4. make a decision and test it 5. act, then reflect on the decision later Federal Fair Housing Act - CORRECT ANSWER The Federal Fair Housing Act covers the sale and rental of most housing. No one may take any of the following actions based on race, color, national origin, religion, sex, familial status, or handicap in the sale or rental of housing Americans with Disabilities Act - CORRECT ANSWER The Americans With Disabilities Act (ADA) prohibits discrimination against those with disabilities by denying them the full and equal enjoyment of goods, facilities, accommodations, services and privileges. When readily achievable, the ADA requires the removal of architectural and communication barriers. The ADA affects almost all public accommodations. Single-family homes, private clubs, historic buildings, and religious organizations are exempt from the ADA. Truth in Lending Act (TILA) - CORRECT ANSWER Truth In Lending Act (TILA) protects consumers by providing them with complete information regarding loans and the actual cost of borrowing, including interest and all other charges associated with the loan. The law closely regulates the advertising of financial terms. In addition, the law requires lenders to provide the borrower with a full disclosure of the loan costs within three business days of loan application. Real Estate Settlement Procedures Act (RESPA) - CORRECT ANSWER Real Estate Settlement Procedures Act (RESPA) ensures that consumers throughout the nation are provided with more helpful information about the cost of the mortgage settlement and are protected from unnecessarily high settlement charges caused by certain abusive practices. The Act requires mortgage loan originators and servicers of residential loans to provide borrowers with timely disclosures of the nature and costs of the real estate settlement process. RESPA also prohibits abusive practices such as undisclosed referral fees and kickbacks. RESPA is applicable to all "federally related" mortgage loans. Securities Act of 1933 - CORRECT ANSWER Securities Act of 1933 prohibits deceit in the sale of securities and provides for the complete and accurate disclosure of all information to potential investors. Securities can include real estate investments as there is an expectation of profit. The sale or offering of securities must be registered with the Securities and Exchange Commission (SEC) and all material information must be disclosed to shareholders. Sherman Anti-Trust Act - CORRECT ANSWER Sherman Anti-Trust Act prevents any combination in restraint of trade. Commission rates must always be a matter of negotiation between the broker and the client. Any hint that there is a "standard" or "going rate' for commissions in a given market area could be evidence of violation and restraint of trade. Any attempt to boycott a discount real estate broker is a violation. Attempts to limit competition by allocating markets or customers is also a violation. Any attempt by a group of brokers or brokerage firms to set the commission rates in their area would be considered illegal price-fixing. Texas Free Enterprise and Anti-Trust Act - CORRECT ANSWER Texas Free Enterprise and Anti-Trust Act prohibits any attempt to fix prices, limit competition by assigning market areas, or boycotting of discount brokers. An illegal boycott is an agreement among two or more competitors not to do business with another competitor for the purpose of inducing the other competitor to change its business practices. The state law is enforced by the Texas Attorney General. Canons of Professional Ethics and Conduct: fidelity - CORRECT ANSWER A real estate broker or salesperson, while acting as an agent for another is a fiduciary. Special obligations are imposed when such fiduciary relationships are created. They demand: That the primary duty of the real estate agent is to represent the interests of the agent's client, and the agent's position, in this respect, should be clear to all parties concerned in a real estate transaction, that however, the agent, in performing duties to the client, shall treat other parties to a transaction fairly; That the real estate agent be faithful and observant to trust placed in the agent, and be scrupulous and meticulous in performing the agent's functions; That the real estate agent place no personal interest above that of the agent's client. Canons of Professional Ethics and Conduct: integrity - CORRECT ANSWER A real estate broker or salesperson has a special obligation to exercise integrity in the discharge of the license holder's responsibilities, including employment of prudence and caution so as to avoid misrepresentation, in any way, by acts of commission or omission. Canons of Professional Ethics and Conduct: competency - CORRECT ANSWER It is the obligation of a license holder to be knowledgeable as a real estate brokerage practitioner. The license holder must: be informed on local market issues and conditions affecting real estate in the geographic area where a license holder provides services to a client; be informed on national, state, and local issues and developments in the real estate industry; exercise judgment and skill in the performance of brokerage activities; be educated in the characteristics involved in the specific type of real estate being brokered by others. Canons of Professional Ethics and Conduct: discriminatory practices - CORRECT ANSWER No real estate license holder shall inquire about, respond to or facilitate inquiries about, or make a disclosure of an owner, previous or current occupant, potential purchaser, lessor, or potential lessee of real property which indicates or is intended to indicate any preference, limitation, or discrimination based on the following: (1) race; (2) color; (3) religion; (4) sex; (5) national origin; (6) ancestry; (7) familial status; or (8) disability. T or F: An informal TREC proceeding requires a public member of TREC and at least 2 TREC staff members with regulatory experience - CORRECT ANSWER True T or F: The ADA covers the sale and rental of most housing in the country - CORRECT ANSWER False A TREC disciplinary panel consists of: - CORRECT ANSWER 3 commission members T or F: you can hold a brokerage and sales agent license at the same time - CORRECT ANSWER false All of the following are statutory defenses under the DTPA, except: - CORRECT ANSWER a. written information drafted by the real estate agent b. written information relating to the good or service from another source c. written information relating to a particular good or service from another source d. written information concerning a test required a. written information drafted by the real estate agent If an agent deliberately made a false statement about the condition of the property, the agent could: - CORRECT ANSWER be liable for up to three times the amount of money lost by the consumer The NAR Code of Ethics is organized into the Preamble, Articles, and ___________. - CORRECT ANSWER standards of practice NARS was founded in _______ becoming the largest trade association in the United States - CORRECT ANSWER 1908 The association of Realtors may take a variety of actions when it is determined one of it's members has violated the Code of Ethics, including: - CORRECT ANSWER suspension of membershoip The Code of Ethics and Standards of Practice address how Realtors should treat customers, clients, the public, and - CORRECT ANSWER other realtors Accredited Buyer's Representative (ABR) Designation - CORRECT ANSWER Show your buyers that you are an expert in the field with the designation that is solely dedicated to the buyer's representative. Accredited Luxury Home Specialist (ALHS) Designation - CORRECT ANSWER Give your clients confidence that you have been well trained in selling their luxury homes with the designation that gives you an edge on the high end real estate market. Certified Home Marketing Specialist (CHMS) Designation - CORRECT ANSWER Help your clients prepare their homes for sale with this designation dedicated to marketing dialogue and staging techniques. Marketing Strategy and Lead Generation - CORRECT ANSWER Employ a creative and memorable marketing approach to generate leads, while clearly communicating services and value based on the buyer's needs and expectations. Military Relocation Professional (MRP) Designation - CORRECT ANSWER Learn to help our military professionals relocate. NAR's Green Designation - CORRECT ANSWER Learn the principles of green as well as green building trends and practices. New Home Construction (NHC) Designation - CORRECT ANSWER Discover how the development and new-home sales process work and the type of services the buyer needs. Pricing Strategy Advisor (PSA) Certification - CORRECT ANSWER Improve your skills in creating CMAs, pricing properties, understanding home values, and working with appraisers. Seller Representative Specialist (SRS) Designation - CORRECT ANSWER Gain the necessary knowledge to apply methods, tools, and techniques to provide support and services that sellers want. Real Estate Negotiation Expert (RENE) Certification - CORRECT ANSWER Hone your negotiation techniques to be a skillful advocate for your clients. Seniors Real Estate Specialist (SRES) Designation - CORRECT ANSWER Counsel senior clients through the major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home. Texas Real Estate Broker Designation - CORRECT ANSWER Obtain the only designation the general public recognizes. TREC Rules - CORRECT ANSWER Rule 535.2(i)(2): All sales agents conducting real estate activities must have an active real estate license. Rule 535.2(i)(4): A broker is required to make certain that any sales agent they sponsor has been notified about changes to the Texas Real Estate License Act and Texas Real Estate Commission rules including promulgated contract forms and educational requirements Rule 535.2(i)(5): In addition to completing statutory minimum continuing education requirements, each sponsored sales agent receives such additional educational instruction the broker may deem necessary to obtain and maintain, on a current basis, competency in the scope of the sponsored sales agent's practice subject to the Act Sales Agent Apprentice Education (SAE) Requirements: A sales agent is required to have completed a total of 18 semester hours (or 278 credit hours) of qualifying education along with the non-elective TREC Legal Update courses prior to the end of their first license term. TREC CE Rules: TREC CE rules require all license holders to take a four hour Legal Update I course and a four-hour Legal Update II course created for and approved by TREC to satisfy the 8 hours of legal topics on continuing education required by the Act. A broker or a designated broker of a business entity, who sponsor one or more sales agents during their current license period, or a delegated supervisor of one or more license holders for a period of six months or more during the supervisor's current license period must also attend a 6-hour Continuing Education (CE) Broker Responsibility course. In addition to TREC's minimum education requirements, brokers may require additional education or training of the agents that they sponsor. Background Checks: Many sponsoring brokers require a background check for all employees with access to the office, including e In order to renew an active broker or sales agent license past the first renewal, the license holder must complete 18 hours of continuing education including ___________ hours of Legal Update. - CORRECT ANSWER 8 All sales agents in their first renewal period must complete________ hours of SAE courses along with 8 hours of Legal Update - CORRECT ANSWER 90 A broker is required to advise a sponsored sales agent ________ of the sales agent's authorizes activities - CORRECT ANSWER in writing Fiduciary duties and responsibilities - CORRECT ANSWER OLDCAR: Obedience Loyalty Disclosure Confidentiality Accounting Reasonable Care Advantages of Buyer Agency Only and Seller Agency Only (No Intermediary) - CORRECT ANSWER Firms that practice Buyer Agency Only or Seller Agency Only do not have to worry about unintentional dual representation. Brokers do not have to act as Intermediary or make appointments. Agents are only responsible for giving advice and opinion to the buyer or seller, avoiding conflicts of interest that may occur when representing both sides of a transaction. Disadvantages of Buyer Agency Only and Seller Agency Only - CORRECT ANSWER Many buyers do not want to sign a Buyer's Representation Agreement because they do not want to pay a commission to a Buyer's Agent. Agents can only list properties for sellers, or have buyers sign Buyer's Representation Agreements, limiting the firm to either the selling side only or listing side only commission. Intermediary Advantages - CORRECT ANSWER The brokers and associates can work with both sellers and buyers, under listing contracts and/ or buyer representation agreements. Using the Intermediary process, in-house sales may be performed, widening the firm's client base. Some buyers like to work with listing agents because they think that they are more motivated to get an offer accepted because they will collect both the buyer and seller side of the commission. Intermediary Disadvantages - CORRECT ANSWER The broker must remain neutral: the broker must create as much transparency as possible and cannot do anything that may be construed as giving an advantage to one party over another, making negotiations difficult even with Intermediary with Appointments. All documentation must be in order, all disclosures made correctly, and great caution taken. You are the listing agent for the seller and are also under a buyer's representation agreement with the buyer who is paying you on a daily basis for your time. Can you accept this payment from the buyer who would like to buy your listing? - CORRECT ANSWER Yes, you can accept the daily fee from the buyer and the commission on the sale from the seller with the written disclosure and permission from both parties. What is your agency relationship or status under this type of sale? The agency status is intermediary without appointments. Your neighbor tells you about another neighbor who is interested in buying your listing. Your neighbor asks you "if the sale goes through, can I receive a finder's fee"? What do you tell them in order to be within compliance of the law? - CORRECT ANSWER "I am not allowed to pay a commission to someone who is not licensed; however, I can pay you a flat fee of $50. This amount is all the law allows." You are purchasing a property for your spouse's company and you are the buyer's agent. Do you need to disclose anything about your relationship on the offer to purchase? - CORRECT ANSWER Yes, you must disclose that you are a principal in the transaction as well as the buyer's agent and you must disclose your relationship with the buyer-client if it is a spouse, child or parent of the agent. The buyer's agent discovers the listing broker's license has expired and the sale is going to closing soon. Is the listing broker allowed to receive a commission? What is the status of the buyer's agent's commission? - CORRECT ANSWER The listing broker is not allowed to receive a commission as the broker is considered not licensed. The listing broker in the listing agreement agrees to split his or her commission with the selling broker. The selling broker would need to get a separate agreement from the seller on how they are going to get paid as the listing broker's license is expired. The listing agent has a pocket listing and the seller is not aware his property was not placed on the MLS. Is this a violation? - CORRECT ANSWER Yes, it is a violation as it constitutes conduct which points to dishonest dealings, bad faith and untrustworthiness. A pocket listing is one in which the agent leaves the listing off MLS and may only advertise it in his brokerage office. To perform this type of action, the agent must have the written permission of the seller. This is also called an Exclusive Agency listing. This action, done without the seller's knowledge, is also an example of placing the agent's interest above that of the client-seller. The buyer's agent gives the seller's agent the option money and the seller's agent does not physically give it to the seller, but rather, puts it in his file. The transaction does not go through to closing. The seller's agent gives the check back to the buyer's agent to give to the buyer. Did the seller's agent do anything wrong? - CORRECT ANSWER Yes, he disbursed money before the transaction was consummated or terminated and the option money should have been delivered to the seller. However, if he had the written permission of the seller to perform this action, then there would be no problem. The Disclosure of Relationship with Residential Service Company should be included: - CORRECT ANSWER In a transaction when the broker receives compensation from the residential service company Can Spam Act of 2003 - CORRECT ANSWER The Can Spam Act (Public Law No. 108-187) of 2003 is a commonly used name for the Federal law more formally known as the "Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003." The law took effect on January 1, 2004. When sending out emails with advertisements, brokers and their agents must comply with the Federal CAN-SPAM Statute governing e-mail solicitations. The statute applies to any email that contains advertising. The statute prohibits: the falsification of routing or sending information in any e-mail; and any false, misleading or deceptive statements in the subject line. The CAN-SPAM statute provides that the sender's message must contain clear and conspicuous notice that the message is an advertisement or solicitation. The statute also requires the sender's message to include a valid physical postal address and requires that emails containing advertisements must contain unsubscribe features. The statute requires that it be honored in ten days and also requires that the unsubscribe feature remain active for 30 days after the message is sent. Each separate email in violation of the CAN-SPAM Act is subject to penalties of up to __________. - CORRECT ANSWER $16,000 Housing for older persons is exempt from the prohibition against familial status discrimination if: - CORRECT ANSWER HUD has determined that it is specifically designed for and occupied by elderly persons under a federal, state, or local government program or It is occupied solely by persons who are 62 or older It houses at least one person who is 55 or older in at least 80 percent of the occupied units, and adheres to a policy that demonstrates an intent to house persons who are 55 or older. Elements of a Listing Agreement - CORRECT ANSWER In most states a broker must provide to a seller certain disclosures prior to entering into a listing agreement. These disclosures often address such issues as: Agency relationships Brokerage fees Property condition Relationships with buyers Market value of the property being listed Local market conditions Additionally, a listing agreement should provide the broker with specific authorizations and instructions including: Permission to place a sign on the property Permission to place a lock box on the property Permission to advertise the property on the Internet Other provisions regarding showing times and instructions Statute of Frauds - CORRECT ANSWER is a body of law that requires that certain contracts be in writing in order to be enforceable Types of Listing Agreements - CORRECT ANSWER Exclusive Right to Sell: Real estate brokers recommend this listing which grants an exclusive right to sell the property during the listing term. A commission is paid even if the property is sold by the owner. Exclusive Agency: In an exclusive agency listing, the seller agrees to list the property with only one broker during the listing term, with the provision that the seller can sell the property himself or herself, without payment of a commission Open Listing: The open listing gives the seller the right to list the property with multiple competing brokers and to sell the property personally without liability for payment of a commission. Net Listings: the seller establishes a minimum acceptable net price According to the Statute of Frauds, all listings must be in writing to be _______________. - CORRECT ANSWER enforceable A(n) _______________ allows the seller to list the property with multiple competing brokers and to sell the property personally without the liability for payment of a commission. - CORRECT ANSWER open lisitng The Multiple Listing Service - CORRECT ANSWER Shares listings of member firms with each other Increases the inventory of properties for sale among member brokers Is used by agents to prepare a Comparative Market Analysis RESPA Section 8: Prohibition against Kickbacks and Unearned Fees - CORRECT ANSWER prohibits any person who, pursuant to any agreement or understanding, gives or receives a fee or a thing of value (including payments, commissions, fees, gifts, or special privileges) for the referral of settlement business. Payments in excess of the reasonable value of goods provided or services rendered are considered kickbacks. RESPA Section 8: no referral fees - CORRECT ANSWER No person may give and no person may accept any fee, kickback or other thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or part of a settlement service involving a federally related mortgage loan shall be referred to any person. A business entity (whether or not in an affiliate relationship) may not pay any other business entity or the employees of any other business entity for the referral of settlement service business. RESPA Section 8: no split charges except for actual services performed - CORRECT ANSWER No person may give and no person may accept any portion, split, or percentage of any charge made or received for the rendering of a settlement service in connection with a transaction involving a federally related mortgage loan other than for services actually performed. A charge by a person for which no or nominal services are performed or for which duplicative fees are charged is an unearned fee and violates this section. The source of the payment does not determine whether or not a service is compensable. Nor may the prohibitions of this part be avoided by creating an arrangement wherein the purchaser of services splits the fee. Transactions exempt from RESPA include loans: - CORRECT ANSWER 1. Secured by parcels of 25 acres or more, whether or not the property is improved. 2. For which the primary purpose is business, commercial, or agricultural. However, a business purpose loan made to one or more persons, acting in an individual capacity (natural persons) to acquire, refinance, improve, or maintain a one-to-four family residential property used or to be used to rent or lease to other persons is a covered transaction. 3. Temporary loans, such as construction loans. (The exemption does not apply, and the transaction becomes covered by RESPA, if the loan is used as, or may be converted to permanent financing by the same bank. A lender's commitment for permanent financing is covered by the regulation. Any construction loan with a term of two years or more is covered by the regulation, unless it's made to a bona fide contractor. Bridge or swing loans are not covered by the regulation). 4. Secured by vacant or unimproved property when none of the loan proceeds will be used to construct a one-to-four family residential structure. If the proceeds will be used to locate a manufactured home or construct a structure within two years from the date of settlement, the loan is covered [Show Less]
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Commercial Real Estate SAE - Champion's School of Real Estate 495 Questions with Verified Answers
Commercial Real Estate SAE - Champion's School of Real Estate 495 Questions with Verified Answers Productivity Management - CORRECT ANSWER Measuring the... [Show More] results from the use of available systems and tools for prospecting activities CRM - CORRECT ANSWER Contact Relationship Manager, a tool used to automate prospecting tasks and manage leads Geographic farming - CORRECT ANSWER A particular area that may include neighborhoods that a sales agent or broker markets for the solicitation of business Management plan - CORRECT ANSWER A schedule of activities that creates the ability to measure accomplished tasks _________ are an important way to offer a platform for advice and encouragement for agents - CORRECT ANSWER Business meetings Incremental evaluation - CORRECT ANSWER Evaluations that take place at pre-determined intervals, such as monthly ongoing evaluation - CORRECT ANSWER Takes place consistently throughout each week to help business owners monitor, assess, and analyze specific assets of their firms preventative controls - CORRECT ANSWER A type of financial control through assignment of duties, authorization, and verification, and access to equipment, cash, and other assets detective controls - CORRECT ANSWER A type of financial control that includes performance reviews, reconciliation of financial records, audits, inventories, and other investigative activities business activity management - CORRECT ANSWER A process that can help brokerage owners to recognize, define, and analyze critical risks, and opportunities data retention plan - CORRECT ANSWER A set of policies for handling sensitive information using protocols that meet federal, state, and local legal requirements information management - CORRECT ANSWER Systems that allow businesses to collect, store, organize retain, and communicate information lean management - CORRECT ANSWER The evaluation of a brokerage's structure to improve efficiency to maximize what it is that customers value about your business, always with an eye out for cost reduction vertical expansion - CORRECT ANSWER Growth through adding specialty departments horizontal expansion - CORRECT ANSWER Growth by enlarging the company through adding branch offices organic growth - CORRECT ANSWER Referred to as true growth, involves expansion through the company's own resources such as energy, personnel, creativity, and reputation inorganic growth - CORRECT ANSWER Growth by adding additional businesses from the outside to produce company growth merger - CORRECT ANSWER Growth by bringing two or more companies together, combining their assets acquisition - CORRECT ANSWER Growth through one company buying another company venture capital - CORRECT ANSWER Investment from outside resources used to grow or start a company mentor - CORRECT ANSWER An experienced agent who guides a newer agent through their first year of real estate comprehensive database - CORRECT ANSWER A list of properties and property owners within a geographical region time blocking - CORRECT ANSWER Separating periods of time for different activities intermediary brokerage - CORRECT ANSWER Brokerages that will represent both parties in a transaction caveat emptor - CORRECT ANSWER Let the buyer beware fair housing - CORRECT ANSWER Federal, state, and local laws that ensure the public has unobstructed access to housing CCIM - CORRECT ANSWER Certified Commercial Investment Member designation for commercial real estate agents who want to further their business practices through education and networking opportunities IREM - CORRECT ANSWER Institute of Real Estate Management is an international community of real estate managers dedicated to ethical business practices, maximizing the value of investment real estate, and promoting superior management through education and information sharing SIOR - CORRECT ANSWER Society of Industrial and Office Realtors is a professional organization that is affiliated with NAR ICSC - CORRECT ANSWER International Council of Shopping Centers is designed to advance the shopping center industry and to promote its role in the commercial distribution of consumer goods and services BOMA - CORRECT ANSWER Building Owners and Managers Association is an association of building owners, managers, developers, leasing professionals, corporate facility managers, asset managers, and providers of the products needed to operate commercial properties NARPM - CORRECT ANSWER The National Association of Residential Property Managers is an organization of managers of single-family and small multifamily properties diplomacy - CORRECT ANSWER The ability to handle clients and situations in a sensitive and effective way Agent Jay procures a buyer for the owner of a convenience store in a high-crime urban area. There have been 3 robberies, a fatal stabbing, and fatal shooting on the property in the last two years. The fatal stabbing occurred in the parking lot, after hours. The fatal shooting occurred inside the establishment during a robbery, killing the store clerk. The suspects were never apprehended. Jay knows the history of the property from watching the evening news. His buyer, however, lives in a different city, over 200 miles away. Are the seller or Agent Jay obligated to disclose the murders that took place on the property to the seller? - CORRECT ANSWER No T or F: The CCIM is the largest commercial real estate professional organization. - CORRECT ANSWER true T or F: Federal Fair Housing laws apply to both residential and commercial real estate transactions. - CORRECT ANSWER false T or F: Federal, state, and local fair housing laws ensure that only citizens have an unobstructed access to housing. - CORRECT ANSWER false T or F: The Canons of Professional Ethics and Conduct include loyalty as an article. - CORRECT ANSWER false T or F: The sale of a house is considered a good under the Deceptive Trade Practices and Consumer Protection Act. - CORRECT ANSWER true T or F: The primary duty of a real estate agent is to represent the interests of his or her client. - CORRECT ANSWER true T or F: The Consumer Protection Notice must be in a prominent location in each place of business the broker maintains. - CORRECT ANSWER true T or F: Intermediary allows a broker to work with a seller client and a buyer customer in the same transaction. - CORRECT ANSWER false T or F: Brokerage is not covered under the DTPA. - CORRECT ANSWER false Agent Business Plan - CORRECT ANSWER create a budget goal setting daily plan: must-dos, should-dos, could-dos 3 categories of time - CORRECT ANSWER income-generating activities support activities personal time The Canons of Professional Ethics and Conduct, part of TREC's Rules, include all of the following articles, except: - CORRECT ANSWER a. fidelity b. competency c. loyalty d. consumer information c. loyalty Section 535.2 of the TREC Rules require brokers to - CORRECT ANSWER maintain written policies and procedures and advise a sponsored sales agents of the scope of authorized activities Under the DTPA, _______________ are defined as tangible chattels. - CORRECT ANSWER goods Commercial real estate is often defined as any real estate that is _____. - CORRECT ANSWER not residential in nature Which of the following is a good reason for joining a big-name international commercial real estate firm? - CORRECT ANSWER a. no MLS b. good mentorship program c. the ability to keep your residential clients d. all of these b. good mentorship program Which statement regarding commercial real estate is false - CORRECT ANSWER a. pocket listings are rare and can be viewed at unethical b. it can take uo to 3 to 6 months for a deal to close c. No TREC-promulgated forms exist d. Attorneys are often involved in the transaction a. pocket listings are rare and can be viewed as unethical What do buyers and sellers look for in a commercial agent? - CORRECT ANSWER the ability to close deals supply and demand - CORRECT ANSWER The primary determinants of real estate values return on investment (ROI) - CORRECT ANSWER The primary factor motivating people to buy commercial real estate office park - CORRECT ANSWER Located in suburban areas are commercial centers ranging in size from low-rise (1 to 2 stories) to mid-rises, but rarely over four to five stories. Also known as a business park campus-style - CORRECT ANSWER Named due to their resemblance to university campuses, are commercial centers that are large and spread out over several acres of land, allowing for ample parking and not relying on foot traffic rban-style - CORRECT ANSWER Commercial centers that are in busy, developed, geographical regions but still outside the central business district. center business district (CBD) - CORRECT ANSWER Located within the heart of the city is home to banking, finance and mega insurance companies low-rise - CORRECT ANSWER Commercial development that is less than 7 stories mid-rise - CORRECT ANSWER Commercial development that is 7 to 25 stories high-rise - CORRECT ANSWER Commercial development that is more than 25 stories skyscraper - CORRECT ANSWER Supertall and mega-tall commercial buildings multifamily - CORRECT ANSWER Residential living facilities ranging from duplexes to multi-story apartment complexes and buildings walk-ups - CORRECT ANSWER A building with usually four to six stories without an elevator used for residential living garden-style apartments - CORRECT ANSWER Low-rise clusters of buildings with access to the landscaped outdoor areas surrounding the structure general purpose center - CORRECT ANSWER A category of shopping centers including neighborhood centers, strip centers, community centers, and regional/super-regional malls specialized purpose center - CORRECT ANSWER A category of shopping centers including power centers, lifestyle centers, and factory outlets limited purpose center - CORRECT ANSWER A category of shopping centers including airport retail centers single-purpose industrial - CORRECT ANSWER Large home improvement chains and warehouse-type retailers that take up to 90% of the gross leasable area of a power center and are dominant in the market and kill the competition speculative land - CORRECT ANSWER Land that will not be developed in the next 24 months non-speculative land - CORRECT ANSWER Land that will be developed in the next 12 to 24 months general purpose indstrial - CORRECT ANSWER Flexible spaces that can be adapted and configured for a variety of uses single purpose industrial - CORRECT ANSWER Designed and purpose-built for one specific type of industry or company Supply can be restricted by many factors, including: - CORRECT ANSWER zoning oridnances commercial agents will typically work with one or more of the following property types - CORRECT ANSWER office retail raw land for development special-use multifamily and apartments industrial hospitality/leisure Class A buildings - CORRECT ANSWER Class A buildings are usually recently developed properties in desirable, cosmopolitan areas that will attract sophisticated tenants. Class A office buildings are typically going to be newer properties, with quality construction. These properties are located in areas with easy access to major thoroughfares, and will often be landmark buildings that are known by name across the city. Many will include on-site gyms and delis or convenience stores. Leasing space in these properties will be expensive for tenants but will provide them with a strong market presence. Older buildings that have been renovated, painstakingly improved, and upgraded to include sought-after amenities can also carry an A classification in some markets. Class B buildings - CORRECT ANSWER Class B buildings are generally older, yet well-maintained properties that are in good locations. These properties may have once commanded a Class A rating and clientele, but have fallen in status due to age and competition from newer, higher-end properties. The building finishes are adequate but lack the quality and polish of a Class A property. Office buildings classified as Bs typically have good visibility from major arteries and some amenities, but owners cannot charge tenants premium rates. Building owners often renovate Class B buildings, creating outside seating, upgrading lobbies, elevators, and common areas to try to squeeze out an A rating to attract quality tenants. Class C buildings - CORRECT ANSWER Class C buildings are usually older properties (20 years and up) that are maintained as functional properties for tenants and residents. These properties often need upgrades or facelifts. Rent is on the lower end, and there are not many amenities. Office buildings typically do not go any lower than a C classification. Office space in Class C buildings can take a long time to lease as tenants interested in leasing in these properties often want to reduce overhead so they can use their money to put toward growing their businesses. Class buildings - CORRECT ANSWER Class D buildings rank the lowest, and in many markets, these are buildings that display obvious signs of deferred maintenance. These are older buildings, usually more than 30 years, that have been neglected or have not been appropriately maintained, and are often not in prime or preferred locations. Rents are typically below market and it is challenging for landlords to attract good tenants. Businesses that are not as address-conscious will typically choose to lease space in Class B or Class C buildings, depending upon their budget. Investors will often be interested in buying a Class C building, then renovating it to bring it up to today's basic standards. The idea behind this is to buy when the property is distressed at a high cap rate. Then put the money saved into rehabbing the property, and raise the rents. The investor will hold onto the property and sell it at a low cap rate in order to make money on the deal. Class A multifamily - CORRECT ANSWER Class A multifamily properties will be new builds with granite countertops, garden tubs, higher-grade appliances, usually stainless steel, in each unit. The property will boast a luxurious clubhouse with a resort-style pool and a well-equipped gym. Often, these properties will have high-walkability scores, close to shopping districts and entertainment. The apartment owner can charge premium rental rates for these properties. These high-quality properties tend to have a lower cap rate because investors are not going to realize a high cash flow. Operating expenses are high as the properties have professional management companies and many amenities to maintain. Class B multifamily - CORRECT ANSWER Class B multifamily properties will rent in the mid-range of the market and will be in desirable areas, but will not offer the amenities of a Class A property Class C multifamily - CORRECT ANSWER Class C multifamily units are clean but might not have central a/c, depending instead on window units to cool the apartments. Appliances are older, yet functional, and kitchens and bathrooms are merely utilitarian. Class C properties offer a higher cap rate than As or Bs, and many investors are interested in buying C-quality properties in B-quality locations. After the investors purchase the properties, they clean them up so that they can raise the rents. Class D multifamily - CORRECT ANSWER Class D multifamily properties are typically in economically depressed areas and often suffer from a great deal of deferred maintenance. These properties typically have higher cap rates because of the high risk involved. These properties will require a sizable investment for rehabilitation to bring them up to a higher standard. Commercial agents will also be able to classify multifamily properties by their rents. Remember, rental markets are different in each area, but let's look at a basic example of rents for a 2-bedroom apartment in different locations spanning an urban area. Lovely low-rise 63-unit property built in 1983 minutes away from the city, major freeways, and the airport. New roofs, floors, and appliances installed in the last year. Beautiful courtyard with relaxing pool and picnic area. All units are large and spacious, cable-ready and include A/C, ceiling fans, crown molding, and walk-in closets,. Property manager on site. Gross Rental Income is $550,000. Contact listing broker. - CORRECT ANSWER class c Recently remodeled 6-unit income-producing property $399,999! Property is one story, built in 1960. All units are 800 sq.ft. and all are currently rented for $750 per month. New floors, newer roof, freshly painted...11.0% cap rate. - CORRECT ANSWER class d Historic gem close to downtown entertainment district converted to residential loft units! Ground floor occupied by restaurant and bar space. Nine-story building built in 1910 contains 120 spacious residential lofts. Painted concrete floors, granite countertops, high-end appliances. Central a/c and elevator. Close to rail and major cross streets, this is a public transit rider's paradise! 100% occupied! - CORRECT ANSWER class b Brand-new upscale development located at busy major intersection. Mid-rise building features state-of-the-art fitness center, beautiful sparkling resort-style pool, entertainment lounge with Wi-Fi café, business center, and outdoor lounge with fireplace and gas grills. Multi-level parking garage onsite. Variety of floor plans. Each residence includes: granite countertops, custom cabinetry, stainless steel Energy Star appliances, 10' ceilings, built-in wine racks, oversized soaking tubs and walk-in showers available in select units. Full-size washer and dryer in each unit. - CORRECT ANSWER class a Super Champions Apartments is an 82-unit garden-style apartment community situated on 3.5 acres. Less than 10 miles from downtown, this two-story property was built in 1983, and has been well maintained. Beautifully landscaped with mature trees, this property includes a swimming pool, playground, and picnic area. Each unit includes a/c, ceiling fans, and balcony. Average occupancy is 100%, parking ratio 1.5/1,000 sq.ft. - CORRECT ANSWER class c shopping centre design classifications - CORRECT ANSWER straight-line (strip) L-shaped U-shaped T-shaped cluster triangle dumbbell double dumbbell shopping center characteristics - CORRECT ANSWER neighborhood shopping centers strip centers community centers regional malls power centers lifestyle centers factory outlets Business owners who require financing for special-purpose properties may apply through: - CORRECT ANSWER the small business administration 50/50 office/warehouse - CORRECT ANSWER This type of building is typically constructed out of heavy metal framing, complete with roller doors for easy loading and unloading of materials by large trucks and work vans. 50% of the space is air-conditioned office space; the other 50% is warehouse space. 50/50 warehouse/office spaces are perfect for companies involved in research and development, and small technology start-ups who need office space and work or lab space. semi-dock - CORRECT ANSWER Semi-Dock buildings are ideal for companies that employ box trucks for the movement of goods. Semi-docks allow trucks to back in and unload dollies onto the floor of the building because the lip of the truck will match up with the floor of the loading bay, making them perfect for warehouse and storage facilities. dock - CORRECT ANSWER Dock buildings are designed with the right door height and width for larger, semi-trucks and heavy moving equipment like forklifts and mobile cranes. Only 10 to 15% of the building serves as air-conditioned office space with the majority of the square footage allotted for large pallets of merchandise loaded and unloaded through multiple loading bays equipped with roller doors. There is usually a glass-walled office space with a view of the loading bays, from which a floor manager can supervise operations from all directions with an eye for safety. The loading docks are not flush with the back of the trucks. Instead, they slope downward, allowing for the truck to be backed in and unloaded or loaded by a forklift or crane. Large online retailers that need space in strategic locations are called: - CORRECT ANSWER fulfilment centers _______________ are larger than a strip or neighborhood center and are typically anchored by supermarkets, large drugstore chains, or discount stores. - CORRECT ANSWER community centers Information resource: The Council on Tall Buildings and Urban Habitat (CTBUH) - CORRECT ANSWER Founded in 1969 at Lehigh University in Bethlehem, Pennsylvania, CTBUH's website is an excellent resource to read about the latest supertall and megatall building projects around the world. You can search the Tall and Urban Database, watch video interviews with builders and architects, and read about how the definition of a tall building has changed throughout history. REDNews - CORRECT ANSWER The REDNews is a popular publication written specifically for commercial real estate in Texas. REDNews is an invaluable source for news, information, and listings for commercial agents and brokers across the state. Subscribe to their print publication or visit the REDNews website. _________ affects the supply of real estate in the US - CORRECT ANSWER economics, land costs, taxation What is the primary motivating factor for purchasing commercial real estate? - CORRECT ANSWER return on investment What type of building would you most likely find in the suburbs? - CORRECT ANSWER office parks property management - CORRECT ANSWER An employee or general agent of the owner who has a broad scope of responsibilities including protecting and preserving the property of the owner while generating an income for the owner. management agreement - CORRECT ANSWER The property manager's employment contract that establishes the roles and responsibilities of the property manager and the property owner cash flow report - CORRECT ANSWER Shows all cash that was received and all the expenses incurred by the property during the reporting period operating statement - CORRECT ANSWER A report that gives the landlord a picture of the financial health of the property profit and loss statement - CORRECT ANSWER An account of all revenues and expenses a company has generated during a specific timeframe occupancy report - CORRECT ANSWER An analysis of occupied and vacant space to total space during a specific time period maintenance report - CORRECT ANSWER An account of all maintenance completed during a specific period of time preventative maintenance - CORRECT ANSWER Regular servicing of equipment to prevent breakdown deferred maintenance - CORRECT ANSWER The accumulation of needed maintenance over time individual property manager - CORRECT ANSWER An employee of the owner who is not required in the state of Texas to have a real estate license that manages a specific complex like an on-site manager Licensed property manager - CORRECT ANSWER Licensed real estate agents who work for a property management firm or a licensed broker who offers property management services residential property manager - CORRECT ANSWER A property manager who may live on the property that they manage and may be employed by the individual owner or by a property management firm single-family homes vacation rentals manufactured-home parks multifamily housing VAMA - CORRECT ANSWER Voluntary Affirmative Marketing Agreement is a contract that is negotiated between HUD and national associations that represent the housing industry reasonable accommodation - CORRECT ANSWER A change to a rule, policy, or practice, or service for a disabled person to use housing service animals - CORRECT ANSWER A specially trained canine or miniature horse that works with a disabled individual providing a service to their human companions therapy animals - CORRECT ANSWER An animal that provides support to individuals with physical, cognitive, emotional and/or social issues and does not live with the individual but visits the individual for sessions emotional support animals - CORRECT ANSWER An animal that provides emotional and companionship for an individual prescribed as part of a medical treatment plan ADA - CORRECT ANSWER Americans With Disabilities Act is a federal law that prohibits discrimination against those with disabilities by denying them the full and equal enjoyment of goods, facilities, accommodations, services and privileges Texas Property Code - CORRECT ANSWER Texas Statute Law that is formatted and numbered into fifteen titles addressing property in Texas USGBC - CORRECT ANSWER United States Green Building Council is a membership-based non-profit organization that promotes sustainability in the way that buildings are designed, built, and operated LEED - CORRECT ANSWER Leadership in Energy and Environmental Design is a voluntary rating and certificate system geared toward increasing the environmental and health performance of structures and neighborhoods One trend a manager should follow in the marketplace: - CORRECT ANSWER vacancy rates ________ causes a downward spiral in rental rates. - CORRECT ANSWER deferred maintenance The property manager must understand federal, state, and local laws that affect property management, including: - CORRECT ANSWER federal, state, and local housing laws americans and disabilities act building and fire codes etc. No one may take any of the following actions based on race, color, national origin, religion, sex, familial status, or handicap in the sale or rental of housing - CORRECT ANSWER refuse to rent or sell housing refuse to negotiate for housing making housing unavailable deny availability of a dwelling set different terms, conditions, or privileges for sale or rental of a dwelling provide different housing services or facilities falsely deny that housing is available for inspection, sale, or rental for profit, persuade owners to sell or rent (blockbusting) deny anyone access to membership in a facility or service (such as MLS) related to the sale or rental of housing Does advertising a property at 'walking distance' violate fair housing laws? - CORRECT ANSWER yes, it is assuming someone can walk therefore unintentionally discriminating against ADA What are the ADA violation penalties? - CORRECT ANSWER Penalties for violation of the act are up to $75,000 for the first violation and up to $150,000 for subsequent violations. often canine in nature - CORRECT ANSWER service animals emotional support animals not therapy animals specifically defined as dogs by ADA - CORRECT ANSWER service animals covered by the ADA as service animals - CORRECT ANSWER service animals Places of worship are not required to allow individuals to bring them inside - CORRECT ANSWER service animals emotional support animals therapy animals provide companionship help with depression and anxiety - CORRECT ANSWER emotional support animals therapy animals provide individuals with therapeutic contact, often in a clinical setting in order to improve their emotional, social, or cognitive function - CORRECT ANSWER therapy animals may live with a disabled individual - CORRECT ANSWER service animals emotional support animals ADA provides the right to being the animal into a public place - CORRECT ANSWER service animals must be vaccinated according to state and local laws - CORRECT ANSWER service animals emotional support animals therapy animals Texas Property Code - CORRECT ANSWER The Texas Property Code arranges Texas Statute Law into a logical order, making it more accessible and understandable. Each statute is formatted and numbered, enabling easy citation of the law. There are fifteen titles included in the property code. Most important to property managers and landlords is Title 8, Landlord and Tenant, Chapters 91-93. Property Code - Title 8 and Tenant Chapter 93. Commercial tenancies - CORRECT ANSWER This chapter applies only to the relationship between landlords and tenants of commercial rental property. Property Management Certifications and Designation - CORRECT ANSWER Certified Property Manager (CPM) Accredited Residential Manager (ARM) Accredited Commercial Manager (ACoM) Accredited Management Organization (AMO) Certified Sustainable Property Program (CSP) Certified Property Manager (CPM) - CORRECT ANSWER Certified Property Manager (CPM) is the premier accreditation that is ideal for asset managers and managers of large multifamily, office, retail, or industrial properties. The CPM process includes seven courses, letters of recommendation, and a comprehensive examination. A fast track option is available for those candidates who have specific real estate designations, a real estate degree, or significant experience. IREM requires CPMs to be affiliated with the NAR. Accredited Residential Manager (ARM) - CORRECT ANSWER Accredited Residential Manager (ARM) is a designation for residential property managers that demonstrates to the industry that the individual is knowledgeable, ethical, and reliable. Individuals must complete coursework, including courses on managing maintenance operations and property risk, and marketing and leasing strategies for multifamily properties among others. An examination is required to obtain the certification. [Show Less]
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