Power House Training Exam 61 Questions with Verified Answers,100% CORRECT

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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 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 More]

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