Power House Training 88 Questions with Verified Answers How do you build name recognition? - CORRECT ANSWER comes from developing a marketing plan that is outside the box, something that separates ... you from others. 12 month marketing plan - CORRECT ANSWER -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. -a key habit of successful, professional agents. millennial generation forecast - CORRECT ANSWER -studies believe they will be the most adaptable to new ideas. -it is projected that many will enter the housing market over the next 10 years -In addition to being first-time home buyers, people will need agents when looking for a larger home, relocating for a new job, or other reasons. cold calling resources - CORRECT ANSWER might consist of contacting people from those dead files you collected from other agents, following up with previous contacts, and perhaps even soliciting expired listings. Another tool at your disposal is a criss-cross directory. criss cross directory - CORRECT ANSWER come in the form of searchable online databases of residences and businesses. These databases contain home owner's names, addresses, cell phone numbers, email addresses, and neighborhood demographics. types of farms - CORRECT ANSWER geographic economic geographic farms - CORRECT ANSWER including several neighborhoods or subdivisions. economic farm - CORRECT ANSWER including all the properties in a particular price range, in the area your firm services niche market - CORRECT ANSWER -Specializing in a specific segment of the population and becoming an expert in that particular area. -Understanding the housing require- ments and other lifestyle issues of your buyers is essential to effectively fill those needs. -The agent gains respect and recognition as knowledgeable to that specific generational buyer. Examples of Niche Markets - CORRECT ANSWER -Sun City communities, and planned communities such as Disney's Celebration, and Texas's "Downtown Frisco. -These communities incorporate many recreational facilities, such as local merchants, town halls, restaurants, libraries, and cultural centers. -All of the facilities are close together, perhaps even walking distance, for easy convenience. Long-term goal - CORRECT ANSWER from 5 to 10 years or more intermediate-goals - CORRECT ANSWER ranging from 3 to 5 years short-term goals - CORRECT ANSWER ranging from several months to a year. All of your goals should have the following characteristics - CORRECT ANSWER -They should be attainable. should not be too easy, but they should not be impossible to achieve. -They should be flexible, to permit for unexpected windfalls and dry spells. -They should be measurable. If your aim is to list 24 properties in the next 6 months, then that is a measurable goal. Prospecting - CORRECT ANSWER actively obtaining new sources of business through generating the leads yourself -you making contact with people. Goal setting - CORRECT ANSWER tangible, measurable objectives that you truly want to achieve. -They motivate you, help inspire self-discipline and they give you courage to keep trying. -Writing them down is the first step to achieving them. Production Analysis - CORRECT ANSWER will be your key to increasing your client base and aggressively growing your business. SMART - CORRECT ANSWER Specific, Measurable, Achievable, Relevant, and Timely. What is SMART used for - CORRECT ANSWER Many advisers use the acronym when referring to financial goals Financial Goals - CORRECT ANSWER should plan for short-term and long-term goals, which should be realistic and tangible - meaning you should be able to reach out and touch them. reasons for getting up early - CORRECT ANSWER doing this 20 minutes earlier will help you avoid stress, tardiness and unnecessary feelings of anxiety self-awerness - 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. What does the career goal "be flexible" mean? - CORRECT ANSWER -Continually review priorities. -As time moves on, and circumstances change, priorities might need to be revised. When the unexpected occurs, remember that it provides you with a challenge to which to adjust. Handle the unexpected, and then get back to your plan. Daily To-Do List - CORRECT ANSWER Begin each morning by listing tasks and activities which will help you achieve high-priority goals. Always start with As, not Cs. Do it once - CORRECT ANSWER Avoid the temptation to stop and start, stop and start. Handle each job and each piece of paper once. Deal with the task and be done with it. Set priorities - CORRECT ANSWER identify your most important goals with an A, and invest your time in their attainment. Items ranked B or C carry a lower priority. first step for financial goals for those working in commission sales - CORRECT ANSWER figure out how much they need to earn each year just to pay their bills Values statement - CORRECT ANSWER 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. -You want to make sure that your goals align with your mission statement. What does the code of ethics and standard of practice do? - CORRECT ANSWER establishes objective, enforceable ethical standards governing the professional conduct of realtors what does the code of ethics and standard of practice not do? - CORRECT ANSWER address the issues of courtesy or etiquette. Items typically credited to the buyer - CORRECT ANSWER -Earnest money being held in an escrow account -Existing mortgage on an assumption or the buyer's new mortgage he successfully secured from the lender -Unearned rents (previously collected by the lender) -Tenant's security deposits -Accrued items (items owed by the seller but the bill is not due yet. For Example - taxes on property) -Items paid on behalf of the buyer outside closing (POC - paid outside closing) Items credited to the seller - CORRECT ANSWER -Sales price of the property -Prepaid items (items paid in advance, For example - . insurance, HOA dues, etc.) -Escrow account overages (prepaid insurance, tax) Items usually charged to the buyer - CORRECT ANSWER • Survey • Mortgage loan fees charged by the lender •Copies of deed restrictions •Mortgagee's Title Insurance Policy •Credit report (POC) •Appraisal (POC) •Prepaid items for setting up escrow accounts •Private mortgage insurance •Recording fees for the deed and mortgage instruments •Inspections on property including termite, structural, mechanical •Attorney's fees •Messenger fees Items usually charged to the seller - CORRECT ANSWER •Real estate commission •Attorney's fees •Repairs to property •Owner's title policy •Existing loan payoff •Recording fee for release of lien •Messenger fee •Unpaid taxes on property •Accrued interest on loan from last payment to the day of closing •Unearned rent collected in advance •Tenant's security deposit TRID rule - CORRECT ANSWER requires that the consumer receive the Closing Disclosure no later than three business days before consummation deed of trust - CORRECT ANSWER securing repayment of the promissory note. closing - CORRECT ANSWER where the buyer pays for the property and the seller conveys title. In some markets, this is referred to as settlement. purpose of the deed - CORRECT ANSWER conveying the property to the buyer. agent goals when presenting counteroffer. - CORRECT ANSWER • Think of the big picture. Remind sellers that many times the value of concessions tend to be less costly than more days on the market. • If the price is reasonable, prevent the seller from continuing to negotiate just for the sake of negotiating. Remind them that a counteroffer is an entirely new offer that makes the first offer non-binding. They could lose the buyers if the buyers choose to walk away from the negotia- tion, especially if the sellers are perceived to be unreasonable. • Work to put a low-priced offer into perspective if it still meets the market range. More time on the market will cost your seller more money. For example - mortgage payments, market changes can equate to less money than when listed, shop worn if on the market too long. pathway to professionalism - CORRECT ANSWER Respect for the Public Respect for Property Respect for Peers (pg. 187) qualifying process for sales agent - CORRECT ANSWER -ask personal questions of relative strangers during qualifying interview -learning the financial qualifications of the buyer -emotional qualification process PITI - CORRECT ANSWER the sum of monthly principal, interest, taxes, and insurance -typically lenders will not allow borrowers to spend more than 28% of their monthly income on this reasons a house fails to sell - CORRECT ANSWER -price -location -condition -marketing plan Types of listings - CORRECT ANSWER Open listing Exclusive agency Exclusive right to sell Net listing open listing - CORRECT ANSWER gives the seller the right to list the property with multiple competing brokers and to sell the property personally without liability for payment of a commission 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 -Real estate brokers recommend this listing -right to sell the property during the listing term. -A commission is paid even if the property is sold by the owner. net listings - CORRECT ANSWER Under such listings, the seller establishes a minimum, acceptable ________. -Because of potential ethical and legal issues, this listing type is outlawed in many states, are legal in Texas, TREC has recognized the potential for abuse in conventional loans - CORRECT ANSWER -loans which are neither insured nor guaranteed by the federal government. These loans often have requirements for a higher down payment of 20% of the market value or more, unless private mortgage insurance is to be paid by the borrower -On these loans, interest rates, loan-to-value ratio, and amortization periods are usually negotiable. -A good rule of thumb is that the lower the down payment and the longer the amortization period, the greater the interest rate. VA loans - CORRECT ANSWER -These loans are often available with no down payment. -The guarantee is free to the Veteran. -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. FHA loans - CORRECT ANSWER -loans which are insured by the Federal Housing Administration -require a small down payment, and are obtained through approved lenders -requires that the borrower be able to pay a mortgage insurance premium in monthly installments as a part of the regular loan payment. -requires that the property be appraised before it will commit to insure any loans Buyer Representation Agreement - CORRECT ANSWER "lists" the buyer as your client. It also obligates you to act as an agent for the buyer. As buyers' agency becomes more popular across the nation, more and more buyers are asking for this level of service Signs that a buyer may cause trouble - CORRECT ANSWER •They tell you that they just want to "see what's out there" •They are always looking for a "good deal" •They have a less than favorable credit history •They refuse to be pre-qualified by a lender •They refuse to sign an exclusive buyer's agency agreement •They are hypercritical and/or over-demanding •They make a habit of missing appointments or showing up late •They simply are not being honest with you Sellers disclosure statement - CORRECT ANSWER A required disclosure that the seller of a residential property must provide to prospective buyers that details the seller's knowledge of the property condition How to handle sellers disclosure statement with buyer - CORRECT ANSWER Some possible closing lines for buyer - CORRECT ANSWER "Let's go into the office and see if we can work this out." "The owners have 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." "Won't it be wonderful to have this decision out of the way?" employment contracts used with sellers - CORRECT ANSWER listing agreement listing agreement - CORRECT ANSWER employ a real estate broker, or brokerage firm, to find a buyer for their property. Brokers agree to use their best efforts and abilities to find a purchaser. 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. Dynamizing - CORRECT ANSWER the final touch is a bit of glamour, which makes your home stand out as one the buyers want to live in. ex: 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. Neutralizing - CORRECT ANSWER it is a good idea to get rid of posters, unusual paint colors or very outdat- ed wallpapers. Neutral colors sell better for the simple reason that they blend in with the things buyers already have, rather than clashing. De-cluttering - CORRECT ANSWER straighten up closets and other cluttered areas to give the illusion of space and adequate storage. Clear off counter tops and neaten shelves. Throw away unwanted items that add to a crowded feeling. You will probably not want to move these things any- way, so now is a good time to get rid of them. open listing - CORRECT ANSWER gives the seller the right to list the property with multiple competing brokers and to sell the property personally without liability for payment of a commission. Net listings - CORRECT ANSWER Under such listings, the seller establishes a minimum, acceptable net price. The real estate broker's commission is the difference between the minimum net established by the seller and the price that the buyer is willing to pay. prior to Senate Bill 489 - CORRECT ANSWER most buyers didn't even know that they were not being represented. Handling price objections from sellers - CORRECT ANSWER Help sellers understand you are on the same team. Remind sellers that you also benefit if the property sells for a higher price since your commission is a percent- age of the sales price, but that an overpriced house does not equate to higher commission for agents. examples of things you might say when dealing with pricing objections from your sellers - CORRECT ANSWER -A higher price is not likely to be supported by an appraisal, so buyers won't be able to obtain financing. -If your property excludes a feature important to current buyers - large family room or upstairs game/TV room - that must be reflected in the price. -Real estate agents do not control the market or dictate price; the market does. -The monthly payments required on a higher-priced house will eliminate a large number of buyers. Calculate the amount of income buyers would need to carry an 80 percent mortgage with payments equal to (1/3) of monthly income. -The beauty and sentimental value of your home will help it sell, but they are not indicators of price. -The amount of money you need in order to move and buy your new home is a viable indicator of market price Code of Ethics - CORRECT ANSWER highly regarded as a model for ethical conduct, that it became the basis for real estate license laws in many cases. complaints filed with trec - CORRECT ANSWER A person may file a complaint with TREC against a real estate license holder if the person believes the license holder violated the Texas Real Estate License Act (TRELA) or one of TREC's rules. -investigate the allegations by interviewing the parties and witnesses and gathering relevant information. After review, TREC's enforcement division will notify the license holder if it intends to initiate disciplinary proceedings. -After a hearing or other settlement procedure, it will render a decision. If the evidence establishes a violation, TREC may impose a reprimand, suspension of the license, revocation of the license, a fine, probation, or any combination. Ethics - CORRECT ANSWER a set of moral principles, and as a theory or system of moral values. NAR disciplinary action could include - CORRECT ANSWER •A reprimand •Afine •Probation •Suspension of membership •Revocation of membership •Any combination of the above actions. scrupulously - CORRECT ANSWER acting in strict regard for what is considered right or proper; punctiliously exact; painstaking social media - CORRECT ANSWER its fun and it is a great way to stay in contact with old friends, past and present clients, and people who share similar interests. Activity on social media sites happens in real time. Users make posts and receive immediate feedback, creating the opportunity for conversations. This is a great way to make new contacts. What are the big 4 social media sites - CORRECT ANSWER Facebook: I LIKE Oreos. • Twitter: I'm eating Oreos. • LinkedIn: I'm skilled at eating Oreos. • YouTube: Watch me eat Oreos. Facebook - CORRECT ANSWER -Using this site to create and foster relationships is a great way to find new clients and maintain previous ones -agents have to be intentional about what they post. ----They have to create a plan that helps develop relationships between themselves and their friends. Emailing - CORRECT ANSWER these are as important as live phone conversations in today's companies and many employers are losing customers, leads and dollars due to these being poorly handled reply all - CORRECT ANSWER should only be used when requested wikis - CORRECT ANSWER These are compilations of information from different contributors. Real estate professionals can invite visitors to their site to comment on the local community, schools, and shopping, recreational facilities in the area, parks, and events. GRI (Graduate REALTORS Institute) - CORRECT ANSWER A professional designation that requires seminar attendance and courses of study (administered by the state REALTORS Association) safety tip #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 or a trusted vendor, credible companies never request private information this way. ABR (Accredited Buyer Representation) - CORRECT ANSWER it will 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. Certified Home Marketing Specialist (CHMS) - CORRECT ANSWER Help your clients prepare their homes for sale with this designation dedicated to marketing dialogue and staging technique. Military Relocation Professional (MRP) - CORRECT ANSWER Learn to help our military professionals relocate. Seller Representative Specialist (SRS) - CORRECT ANSWER Gain the necessary knowledge to apply methods, tools, and techniques to provide support and services that sellers want. 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 in a prominent location in each place of business the broker maintains and on the first page of a broker's website. Values statements - CORRECT ANSWER 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. You want to make sure that your goals align with your mission statement. mission statement - CORRECT ANSWER announces to the world what the company's long term goals are, and describes the overall purpose of the organization. personal business plan - CORRECT ANSWER Assess the situation Define your business focus. Decide on the end results. Determine the "what" and the "how" of attaining these results. [Show More]
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