SAE -Power House Training 120 Questions with Verified Answers,100% CORRECT

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SAE -Power House Training 120 Questions with Verified Answers Geographic Farm - CORRECT ANSWER An area of neighborhoods or subdivisions that is serviced by your firm. Marketing Plan - CORRECT AN... SWER 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 More]

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