Real Estate Marketing SAE 173 Questions with Verified Answers
With a customer wants - CORRECT ANSWER In virtually all cases, agents are responsible for
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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]