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Champions Real Estate Marketing SAE 122 Questions with Verified Answers,100% CORRECT

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Champions Real Estate Marketing SAE 122 Questions with Verified Answers Most common reason a property fails to sell is - CORRECT ANSWER price Matching human needs with goods or services to meet ... those needs is the process of - CORRECT ANSWER marketing _____________________ is a key personality trait of a successful agent - CORRECT ANSWER problem solving 3 Ways Sales Agents Add Value to the Buying Process - CORRECT ANSWER Counseling, Negotiating, and Managing the transaction Four P's of marketing real estate - CORRECT ANSWER product, promotion, price and place How can you know your product? - CORRECT ANSWER Inspect company listings • Travel your geographic area • Practice writing offers • Do net sheet calculations on your own house AIDA - CORRECT ANSWER (The four psychological steps of a sale: attention, interest, desire and action). states that rational buyers will pay no more for a property than they would for an equally desirable, comparable property. - CORRECT ANSWER The principle of substitution in real estate valuation Marketing to a specific age group is sometimes called - CORRECT ANSWER generational selling An acronym for the psychological steps of a sale is - CORRECT ANSWER AIDA A willingness to change and grow your marketing plan demonstrates to concept of ____________. - CORRECT ANSWER adaptation To be an effective problem solver, it is beneficial to understand .... - CORRECT ANSWER basic human needs and the psychological steps involved in a sale defined as expected benefits to be received as a result of ownership - CORRECT ANSWER amenities Objectives should be - CORRECT ANSWER measurable and achievable as well as timely. Goals should be - CORRECT ANSWER attainable, flexible, measurable, and time frame shot gun method - CORRECT ANSWER often the preferred choice for new agents until they realize that they can't possibly take on such a large-scale market 4 types of buyers - CORRECT ANSWER -first time buyers -relocators -upgraders -investors communication is - CORRECT ANSWER transcribing and receiving/ talking and listening Marketing budget goals should be set for a minimum of ___________, realistically more - CORRECT ANSWER 6 months _______ drive the market - CORRECT ANSWER consumers Agents should "listen" not only to what the client is saying, but also to ___________________. - CORRECT ANSWER body language To be an effective problem solver, a real estate agent should understand the __________ involved in a sale. - CORRECT ANSWER psychological In which emotional phase is the buyer ready to buy? - CORRECT ANSWER Act Gathering data, analyzing it and drawing conclusions based on it describes - CORRECT ANSWER marketing research Analyzing strengths, weaknesses, opportunities, and threats is referred to as a - CORRECT ANSWER SWOT analysis A report prepared by an agent to help a seller realistically price their property is a - CORRECT ANSWER CMA SWOT - CORRECT ANSWER strength, weakness, opportunities and threats - marketing research analysis CMA - CORRECT ANSWER comparative market analysis Two kinds of market research - CORRECT ANSWER primary and secondary primary research is ________ focused - CORRECT ANSWER customer, examples email surveys, mail surveys, closed transactions secondary research is more ___________________ and can be ___________________ - CORRECT ANSWER more in depth and can be quite complex, expensive, and time consuming Secondary research is ___________________ and includes ______________ - CORRECT ANSWER ongoing, data tracking , done by major companies found on internet (HAR, NAR) researcher is best served by using ___________________ - CORRECT ANSWER quantitative research employs statistical analysis by measuring values to determine the results - CORRECT ANSWER quantitative This type of analysis "describes" the obtained results. For example, how many people like or dislike a proposed change in a brokerage's marketing approach. - CORRECT ANSWER descriptive data analysis can also be employed to compare market segments to see how they respond to an issue, and to provide foresight as to what could possibly occur based upon the compiled data. - CORRECT ANSWER inferential data analysis It is widely held that ________ is the minimum sample size for reliable results - CORRECT ANSWER 30 Payments on your mortgage mean you are acquiring a major possession; instead of rent, you own more and more - CORRECT ANSWER investment More people have started on the road to their goals by home ownership than by any other way. Your principal and interest payments remain the same for the full term of your mortgage while rents usually go up - CORRECT ANSWER financial independence Better than a savings account, your home can appreciate to keep pace with inflation. Should your hobby be carpentry, decorating, etc., you have opportunities to enhance the value of your home. - CORRECT ANSWER cash equity Means, medians, and modes are all measures of - CORRECT ANSWER central tendency Why might a real estate professional perform market research? - CORRECT ANSWER a. To determine the direction of the market b. To monitor current marketing performance c. To identify new market opportunities The acronym FSBO stands for - CORRECT ANSWER For Sale by Owner Another name for telemarketing is called - CORRECT ANSWER Cold-Calling Working a market based on location is called - CORRECT ANSWER Geographical Farming Market research can indicate the - CORRECT ANSWER • sex/gender, • marital status, • lifestyle, • education level, and • income level of the consumers in your target market. Two forms of macro marketing - CORRECT ANSWER geographic farming and demographic farming a great place to kick off your marketing, particularly if your marketing budget is lean, and that tends to be the case for most new agents when launching their new career - CORRECT ANSWER geographic farming A farm is a part of the area that is - CORRECT ANSWER serviced by your firm Canvassing door to door best time is - CORRECT ANSWER Saturday mornings, follow up with email, flyer, etc. once a month The following three-step strategy for prospecting for listings is very effective. - CORRECT ANSWER Telephone call, mail, personal visit What time of day should you cold call? - CORRECT ANSWER evening or late afternoon the housing situation in the country - CORRECT ANSWER macro market the housing situation in the state/city - CORRECT ANSWER metro market the housing situation in specific communities/neighborhoods - CORRECT ANSWER micromarket Why would an agent employ micro marketing strategies? - CORRECT ANSWER Because it can save agents time and money by custom tailoring their marketing campaigns for a specific group of buyers/sellers Which of the following techniques is commonly used in prospecting for listings? a. Cold-calling b. Door-to-door canvassing c. Mailing a note or postcard d. All of these are techniques used in prospecting - CORRECT ANSWER d A broker can keep and protect client records by making use of - CORRECT ANSWER cloud storage A source of information about current and expired listings and sales can be found on the local __________, - CORRECT ANSWER MLS Two popular social networks are ___________ and _____________ - CORRECT ANSWER twitter fb With client permission, an agent could post a video of a listed property on ___________. - CORRECT ANSWER youtube Skyler 360 and Siri are examples of - CORRECT ANSWER artificial intelligence Why is search engine optimization (SEO) important? - CORRECT ANSWER Because without it, your website might end up buried on page 12 or 13 of a Google search, and everyone knows that the majority of web-surfers do not click past page 2 or 3 of the results. SEO employs strategies that promote your site up in the ranks of a search results page, making you more visible to prospective clients MLS stands for - CORRECT ANSWER Multiple Listings Services is an office concept that is catching on in some brokerages, limiting the amount of office space needed for agents - CORRECT ANSWER Hoteling The word blog is a combination of which two words? - CORRECT ANSWER web and log are the largest demographic of customers to sell to due to their sheer volume of numbers - CORRECT ANSWER Millennials The purpose of compiling a market analysis for a seller is to assist the seller in __________ their property competitively. - CORRECT ANSWER pricing Preparing a home for showing can be done professionally or by the sellers. It is often called ___________. - CORRECT ANSWER home staging THE 4CS OF SOCIAL MEDIA MARKETING - CORRECT ANSWER • Creating • Curating • Connecting • Culture created when there is more money in the market and less goods for sale - CORRECT ANSWER Demand-pull inflation occurs when the costs of production and offering services increase, thereby causing manufacturers and tradespeople/vendors to raise their prices accordingly. The costs are then passed on to the consumer - CORRECT ANSWER cost-push inflation More available affordable housing creates what is known as a _________ market. - CORRECT ANSWER buyer's Rather than being employees of their broker, most license holders work as _____________. - CORRECT ANSWER independent contractors The commission is the most common form of ______________. - CORRECT ANSWER agent compensation An independent contractor will have earnings reported to the IRS on a form called a _________. - CORRECT ANSWER 1099-MISC The way a commission is divided between cooperating brokers is called the ____________. - CORRECT ANSWER commission split IRS guidelines state that sales agents that are independent contractors: - CORRECT ANSWER are required to pay their own business fees Which of the following statements is INCORRECT? a. Brokers may offer discounted commission rates to clients. b. Brokers may charge clients a flat fee for services. c. Flat fee charging is illegal in most states. d. Real estate commissions are always negotiable - CORRECT ANSWER c Who determines commission fees and splits? - CORRECT ANSWER The broker of record TREC requires any broker with an exclusive agency agreement to provide the client with _____________. - CORRECT ANSWER minimum levels of service Time in the office providing an agent the opportunity to work with any walk-in or call-in prospects is commonly called _________. - CORRECT ANSWER floor time In direct approach to marketing is considered - CORRECT ANSWER inpersonal personality type that gives back to community - CORRECT ANSWER whale personality type that likes to have fun, they like to talk - CORRECT ANSWER dolphin interested in data, engineers - CORRECT ANSWER urchins personality type that is competitve, out for blood, big idea people, big picture people - CORRECT ANSWER shark values ideas, innovation, original and new concepts that have long-term implications; inquisitive and imaginative; challenged by problems and finding solutions. - CORRECT ANSWER theorist values actions ("actions speak louder than words"); results oriented; direct; frank about events, situations and people; down to earth and practical in working. - CORRECT ANSWER driver The best marketing tip for Sofia when dealing with GenX and Millennials would be: - CORRECT ANSWER Make your presentation short, direct and use technology Kathy is a top-producing agent who is very direct in her approach with clients and fellow agents. She is often in a hurry, and keeps her conversations short and to the point. Given this description, it is safe to say that Kathy is probably a __________. - CORRECT ANSWER driver A summary of your personal qualifications, business information and a sample contract are some items that would be included in your ___________________. - CORRECT ANSWER listing presentation kit The mandatory disclosure notice that must be presented to both prospective buyers and sellers is the __________. - CORRECT ANSWER IABS A form prepared by the seller and provided to buyers is the ____________________. - CORRECT ANSWER seller's disclosure A Seller's Disclosure is prepared by the seller and the __________ is responsible for the accuracy of the information. - CORRECT ANSWER seller The underlying theory is that a good sales person must have at least two basic qualities: - CORRECT ANSWER empathy and ego drive empathy is - CORRECT ANSWER the ability to put yourself in someone else's shoes Loans guaranteed by a government agency are ____________. - CORRECT ANSWER VA loans Loans insured by a government agency are _____________. - CORRECT ANSWER FHA Private sector loans without a government guarantee or insurance are ____________. - CORRECT ANSWER conventional An employment contract hiring a broker to represent a buyer is a ____________________. - CORRECT ANSWER buyer representation agreement VA loan must have - CORRECT ANSWER The Veteran must receive a Certificate of Eligibility from the VA prior to applying for the loan. The property must be appraised by the Veterans Administration. A veteran who is applying for a VA loan must sign a document stating that he or she will occupy the property in this loan the borrower makes equal regular payments of principal and interest until the loan is repaid. The term of the loan can be anything from 10 to 30 years, but the most common terms are 15 years and 30 years. This loan is often referred to as a fixed-rate loan. - CORRECT ANSWER amortized loan the interest rate changes or is adjusted periodically. The rate is usually tied to some readily available index, and changes from period to period are usually limited or "capped". This loan can often give the buyer the lowest available monthly payment at the start of the term, but it is important to remember that the rate will fluctuate, and so will the payments. The maximum allowable adjustment over the life of the loan is also usually capped. - CORRECT ANSWER adjustable rate mortgage (ARM) This is an amortized loan in which the loan payments in the early years are set lower than normal, and they gradually rise over the first few years, leveling off at some point, such as the fifth year - CORRECT ANSWER Graduated Payment Mortgage Most lenders will not allow borrowers to spend more than ______% of their monthly income on PITI. - CORRECT ANSWER 28 two types of qualifying - CORRECT ANSWER financial and emotional A federal law that regulates marketing emails is the _____________. - CORRECT ANSWER CAN-SPAM act Taking buyers to or away from a neighborhood based on any protected group is called ___________. - CORRECT ANSWER steering Another name for panic peddling with sellers is ______________ - CORRECT ANSWER block busting On signs or any other type of advertising, a broker's name, the brokerage name, or an assumed name has to be at least _________% of the largest item of contact information. - CORRECT ANSWER 50 TREC has opined over the years that the word "__________®" or "_______" are words that clearly identify the advertiser as a broker, but that the words "Real Estate" or "Properties" do not. - CORRECT ANSWER Realtor or realty It allows an aggrieved consumer to sue a seller of goods for damages. The act by the seller of the goods has to be deceptive or unfair for the consumer to successfully sue for monetary damages. - CORRECT ANSWER Deceptive Trades Practicing Act uses adjectives and opinions rather than details or facts (The most beautiful landscaping). This is not misrepresentation - CORRECT ANSWER puffing restricts the use of the facsimile machine to deliver unsolicited advertisements - CORRECT ANSWER telephone consumer protection act TCPA Which of the following is an INCORRECT statement? a. Seller's agents MUST disclose to a potential buyer whether or not a person has died of AIDS or HIV-related illness in a home. b. In Texas, sellers are responsible for filling out a Seller's Disclosure of Property Condition for the buyer. c. In Texas, sellers of residential property most disclose all material facts relating to the condition of the property. d. All of these statements are incorrect - CORRECT ANSWER A The TREC requirements for professional behavior are set forth in the ________________. - CORRECT ANSWER Canons of Professional Ethics and Conduct ___________________ is influenced by an individual's morals, ethical standards set by a profession and laws. - CORRECT ANSWER Business Conduct is very specific concerning this violation. All commissions are negotiable between the broker and his or her client and are not set by any Board of REALTORS® or between competitors, or by TREC - CORRECT ANSWER Sherman Anti Trust Act What makes a topic searchable on twitter? - CORRECT ANSWER # How many people should agents contact a week from the hot sheet on MLS? - CORRECT ANSWER 25 Penalties of Fair Housing Act - CORRECT ANSWER 75,000 first time and 150,000 there after [Show More]

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