Real Estate Marketing: Power House Training 36 Questions with Verified Answers,100% CORRECT

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Real Estate Marketing: Power House Training 36 Questions with Verified Answers According to the text, which of the following is NOT a method for selecting a farm area? (a) Choose the most expensiv... e 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. Choose the most expensive homes so your commission will be bigger The 150 people in your _____ are comprised of friends, family, and acquaintances. (a) Realm of possibility (b) Sphere of influence (c) Dead files (d) Marketing team - CORRECT ANSWER b. Sphere of influence 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. All of these could help agents boost their marketing platforms Which of the following statements is TRUE? (a) Mission statements are best developed after you've been in business for at least 5 to 10 years (b) Mission statements are powerful when they describe what the company does and why (c) Value statements are unnecessary for the majority of businesses (d) Mission statements are separate from what the company does for customers - CORRECT ANSWER b. 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. (a) Farming (b) Networking groups (c) Open houses (d) All of these can be good sources for business - CORRECT ANSWER d. All of these can be good sources for business Goals should be attainable, flexible, and _____. (a) Measurable (b) Rigid (c) Difficult to reach (d) Constantly changing - CORRECT ANSWER a. 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 ratio, what is his maximum monthly house payment (rounded)? (a) $2,702 (b) $2,252 (c) $8,042 (d) $3,500 - CORRECT ANSWER b. $2,252 (96,500/12 = 8041.67 * 28% =) A Veteran must receive a(n) _____ from the VA prior to applying for the loan. (a) Letter of Intent (b) Certificate of Eligibility (c) Government subsidy (d) All of these are required for a VA loan - CORRECT ANSWER b. Certificate of Eligibility Buyers feel that they can confide in their agents because of the agent's _______. (a) legal advice (b) money-back guarantee (c) duties of confidentiality and loyalty (d) financial support - CORRECT ANSWER c. duties of confidentiality and loyalty Scenario 1: - CORRECT ANSWER 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? (a) $3,682.50 (b) $3,692.50 (c) $3,671.50 (d) $3,782.50 - CORRECT ANSWER b. $3,692.50 (158,250/12 =13,187.5*28%=3,692.5) What is the maximum she can qualify for using the back ratio? (a) $4,747.50 (b) $3,160.50 (c) $3,692.50 (d) $3,524.50 - CORRECT ANSWER a. $4,747.50 (13,187.5*36%=4,747.50) Assuming that she has total fixed monthly obligation of $1,760, what is the maximum house payment that she can qualify for? (a) $3,160.50 (b) $4,747.50 (c) $2,987.50 (d) $1,968.50 - CORRECT ANSWER c. $2,987.50 (4,747.50-1,760= $2,987.5) Scenario 2: - CORRECT ANSWER 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 Henry's criteria. After the showing, Henry admits that it is his "dream house," 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 in his life and that he just might not be ready to take on that much debt. He also fears that he might not be able to sell the house if he needs to. Which statement most accurately describes Henry? (a) Henry is a problem client with a less-than-favorable credit history. (b) Henry is simply not being honest with Karen. (c) Henry is probably a first-time buyer who is just nervous about purchasing a home. (d) Henry is wishy-washy and isn't emotionally mature enough to buy a house. - 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? (a) She could respond to his objections with questions in order to determine his real concerns. (b) She could refer him to a sales agent she doesn't like so that she can free up time to work with real clients who know what they want. (c) She could lie by telling him that there is another couple who wants his "dream home" in hopes that will spur him to action. (d) She could suggest that he move in with her while he makes his final decision. - 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? (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) Karen should address Henry's questions and concerns to the best of her ability. (d) These are all things that Karen should do to ensure that she serves Henry's best interests. - CORRECT ANSWER d. These are all things that Karen should do to ensure that she serves Henry's best interests 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. The first broker who sells the property 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 type amongst brokers (c) Net listings always produce the best price and brokerage service for the seller (d) All of these statements are 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 __________. (a) Dynamizing (b) Repairing (c) Neutralizing (d) Decluttering - CORRECT ANSWER c. Neutralizing Scenario 3: - CORRECT ANSWER 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, let's plug in the players to 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 seller's broker." Jim Williams is associated with XYZ Realty, and the seller's 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? (a) Jim Williams (b) Harriet Green (c) Sally Brown (d) No one is the buyer - CORRECT ANSWER b. Harriet Green Based on the information given, the seller is whose client? (a) ABC Realty's (b) XYZ Realty's (c) Both ABC's and XYZ's (d) The Jones family's - CORRECT ANSWER c. Both ABC's and XYZ's Who is representing the buyer? (a) ABC Realty (b) XYZ Realty (c) Harriet Green (d) No one is representing the buyer - CORRECT ANSWER d. No one is representing the buyer Which of the following is discussed in the text as a factor that can shape a person's sense of morality? (a) School experience (b) The media (c) Literature (d) Real estate training - CORRECT ANSWER a. School experience The Code of Ethics and Standards of Practice is designed for _____ to adhere to. (a) All Texas real estate sales agents (b) Real estate inspectors (c) REALTORS® (d) Brokers only - CORRECT ANSWER c. REALTORS A real estate broker or sales agent, while acting as an agent for another, is a(n) _____. (a) Fiduciary (b) REALTOR® (c) Easement (d) Plaintiff - CORRECT ANSWER a. Fiduciary If clients ask for recommendations of inspectors, lenders, title companies, or repairmen, you should: (a) Provide a list of reliable people/companies (b) Inform them that it is against the Code of Ethics to make recommendations (c) Refer them to Yelp so they can do their own searches (d) Tell them that you will personally handle any services they require - CORRECT ANSWER a. Provide a list of reliable people/companies Which of the following is an item that is typically credited to the seller? (a) Unearned rents (b) Earnest money being held in an escrow account (c) Tenant's security deposits (d) Prepaid items - CORRECT ANSWER d. Prepaid items When does the transaction process begin? (a) When an offer is made (b) When the listing is taken (c) When the negotiations have ended and the contract has been signed by all parties (d) When all offers have been presented - CORRECT ANSWER c. When the negotiations have ended and the contract has been signed by all parties Which of the following is NOT a social media platform that agents can use for marketing? (a) Skype (b) Twitter (c) Instagram (d) TikTok - CORRECT ANSWER a. Skype Before using Facebook for business, create a _____ that will help you build an online persona and develop desired professional relationships. (a) LinkedIn account (b) Listing package (c) Posting plan (d) Buyer's book - CORRECT ANSWER c. Posting plan Which social media site highlights job history, job skills, and education? (a) LinkedIn (b) Pinterest (c) Instagram (d) Twitter - CORRECT ANSWER a. LinkedIn A(n) _____ should be someone that you wish to emulate and that espouses the level of success and philosophy that you respect. (a) Mentor (b) Mentalist (c) Competitor (d) Influencer - CORRECT ANSWER a. Mentor What does GRI stand for? (a) Great REALTOR® Information (b) Galaxy of Realty Information (c) Graduate REALTOR® Institute (d) Graduate REALTOR® Insurance - CORRECT ANSWER c. 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 beneficial to real estate agents - CORRECT ANSWER d. All of these are beneficial to real estate agents [Show More]

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