REAL ESTATE- POWER HOUSE TRAINING (SAE) 61 Question with Verified Answers,100% CORRECT

Document Content and Description Below

REAL ESTATE- POWER HOUSE TRAINING (SAE) 61 Question with Verified Answers NAME RECOGNITION - CORRECT ANSWER Comes from developing a marketing plan that 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 More]

Last updated: 7 months ago

Preview 1 out of 7 pages