Real Estate Marketing ch 11-18 Finals Review

All of the following are examples of questions asked by people in no hurry EXCEPT

"Is my agent representing my best interests?"

Some agents lack the passion and commitment needed to develop a long-term career. They will certainly make money in the industry, but too often they burn out because they see their career as just another job. This accounts for what percent of licensees in the industry?

15%

NAR adopted the Code of Ethics in

1913

According to the text, approximately what percent of real estate licensees enter the industry just to give it a try?

80%

Which of the following is absolute and cannot be violated?

A fiduciary responsibility

An agency relationship is created after two actions have taken place. Which of the following is one of those actions?

A principle delegates authority to a broker.

An agency relationship is created after two actions have taken place. Which of the following isone of those actions?

A principle delegates authority to a broker.

When do agents typically use their personal selling skills?

After prospects respond to an agent's promotional efforts and come into the office

Personal residences, buildings that house religious organizations, and private clubs are exempt from the

Americans with Disabilities Act of 1992.

Which of the following is the best representation of a seller that was once motivated to work with a real estate agent?

An expired listing

Which of the following threatens an agent's or an agency's ability to make a living?

An interest rate increase

Which of the following personality types sometimes appear indecisive even when given lots of facts and details?

Analytical

Which of the following is TRUE?

Auditory learners are most lost by written information or directions

What is the purpose of having prospects prioritize their needs during the interview?

By doing so, prospects will realize that they may not get everything they want.

Agents must be able to produce exciting and creative promotional campaigns directed toward specific target markets. Which of the following characteristics of a successful salesperson best describes the above?

Communication

There are four elements in the place strategy. Which of the following is one of them?

Condition

There are multiple selling styles practiced in the marketing industry. Agents might adapt one or a combination of them. Which of the following takes the approach of asking questions and listening?

Consultative approach

It is difficult to overcome the public perception that all agent services are the same. How can agents educate the public about the differences between them and their competition?

Create messages that differentiate the agent's services and the properties listed through the use of promotional campaigns

During a national recession, which of the following may cause an extension of a company's recession, even after the local or national recession has ended?

Cutting back on the expensive advertising budget because it isn't working anyway

Which of the following describes ethics?

Ethics is a body of social obligations and duties. Ethics is the study and evaluation of human conduct in the light of moral principles. Ethics may be viewed as the individual's standards of conduct. -All of these describe ethics.

Which of the following is TRUE?

Everyone's personality is determined by how they relate to situations during the normal course of a day.

Starting in 1991, which of the following laws included new provisions that required greater accessibility to new construction and multifamily dwellings for handicapped individuals?

Fair Housing Amendments Act of 1988

Which of the following acts is associated with HUD attorneys that help victims bring their claims of unfair housing practices into the courtroom to be heard by judges?

Fair Housing Amendments Act of 1988

Marketing plans typically include a company overview that summarizes several issues. Which of the following is one of them?

Historic returns over the past two years

Which type of advertising promotes the firm?

Institutional advertising

The Civil Rights Act of 1964 made it illegal to discriminate or deny benefits based on race, color, or national origin. Which of the following is also TRUE about the act?

It had what some might consider a narrow scope because it only applied to any person, state, or agency that provided federal financial assistance programs.

Which of the following helps express personal ethics?

Licensees should study and have knowledge of professional negotiation. The office and staff should meet the high standards of one of the best offices in the world. -All of these are true. When giving advice, licensees should also advise the recipient to seek independent opinion from a lawyer or perhaps a qualified investment advisor.

Which of the following is NOT one of the four elements of the promotional mix?

Listening intently

In what topic within the marketing plan does the agent summarize and put into words a description of the size and demographic and psychographic makeup of the market?

Market segment

Which of the following may be called REALTORS®?

Members of the National Association of REALTORS®

Clarifying and intensifying a problem overcomes which of the following obstacles?

No need

Which of the following do prospects reinforce when they choose to sell a property on their own rather than hiring a professional agent to get them top dollar?

No trust

Overcoming no need is a three-step process. Which of the following is one of those steps?

Overcoming the fear of losing something

The four elements of the promotional mix:

Personal selling, Advertising, Publicity, Sales Promotion

In a marketing plan, the marketing mix calls for an agent's services to have value for the target market. This is a part of which strategy?

Product strategy

A new agent has decided to specialize in certain geographic areas. Which of the followingwould not qualify as a geographic specialization?

Properties bordered by rivers and mountains. All five acre parcels within specific townships. A commercial district. -None of these

Which of the following is TRUE?

Prospects associate with an agent's branded listings or services because of what it may say about them personally

Which of the following is TRUE?

Questioning the prospect and listening intently is a step in overcoming no need.

Which of the following statements is TRUE?

Real estate licensees must not reveal any offers on a property to a prospective buyer, at any time.

Salespeople must be dependable and accurate when delivering services. This is BEST described by which of the following words?

Reliability

Salespeople must be willing to help and need to provide services promptly. This is BEST described by which of the following words?

Responsiveness

Some agents depend exclusively on lists for their prospect leads and personal contacts. Which of the following is a type of list they might use?

Rosters from community service organizations. Names from voter registration. Names generated by title companies of property owners within specific areas. -All of the these

There are four elements in the place strategy:

Speed, convenience, condition, channels of distribution

Which of the following is an example of deceptive trade practices?

Suggesting that carpeting is new, when in fact it is six months old. Misrepresenting the actions of another agency. -All of these. Advertising a property that has already sold, therefore having no intent to sell it.

Which of the following would be considered in a place strategy?

Talking to previous customers

"All persons born or naturalized in the United States and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside." Which of the following applies to this statement?

The Fourteenth Amendment

"All persons born or naturalized in the United States and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside." Which of the followingapplies to this statement?

The Fourteenth Amendment

Which of the following allows no state the right to "deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws?"

The Fourteenth Amendment

What was the theme of the Code of Ethics when it was adopted by the National Association of REALTORS®?

The Golden Rule

During a home demonstration, the prospect may recognize the feature and even understand the advantage and usefulness of the feature, but they may not understand how the feature satisfiestheir need. What's missing in the agent's presentation if they are trying to overcome no help?

The benefit

What are margins?

The difference between revenue and costs

Those among the top income earners in the industry often do what when their business plan fails?

They modify it until they achieve success.

Sometimes when two people first meet, it can feel like they have known each other for years. They may have similar interests in photography and horses and even subscribe to the same magazines. What does this demonstrate?

This is an example of prospecting.

After an extensive research study of the market, agents try to list properties that line up with the commonalities shared by the largest segments in the market. Agents take the time during the interview to learn more about the prospects-what they want in a home, what their financing will entail-and to confirm some or all of the information they learned from the research study. What have these agents done?

This is known as the qualifying process.

An agent had a first appointment with what was hoped to be extremely lucrative customer. In preparing for the appointment the agent developed 10 questions she felt the prospect may ask and developed answers for each of those questions. When the meeting was held the prospect did have a series of questions. The agent suggested they exchange lists. There were no less than eight of the agent's questions on the prospects list.

This showed a dramatic level of competence on the part of the agent.

Overcoming no need is an involved, step-by-step process from discovering the problem to solving it. How many steps are involved when overcoming no need?

Three

Which of the following best describes why brokers hire agents?

To help prospects solve their problems through the purchase of real estate

Which of the following represents a channel of distribution?

Trade associations

Which of the following generations were children of the Great Depression and the New Deal?

Traditionalists

Which of the following is one of the elements involved in the prospecting process?

Using telephone and email contacts

Agents that carefully examine the environment in which they operate and the target market they choose to serve have a better chance of finding prospects. Getting the information to the target market about properties that are for sale is

a place strategy.

Suppose an agent advertises a listing in such a way as to attract a certain segment of the market. We'll assume it's been a particularly harsh winter. The advertisement says the home uses30% less energy than other homes its size. This is

a way of differentiating the market.

An agent says, "I can quickly pull together some properties out of the multiple listing service so we can start looking right now, or would you rather I locate three quality properties that meet your specific needs?" For someone who wants to save time, this statement BEST describes the

advantage.

Prospects sometimes have needs that are not addressed by a demonstration of the property. For instance, if the purchase doesn't bring the prospects recognition, they may not understand how the property helps them, so the no help objection may come up. This is known as

an emotional need.

Licensees that operate like a business, that don't use people, that have an overwhelming desire to achieve, and that pay attention to details

are among the top 5% of licensees in the industry.

Services that appear inexpensive when compared to the services of others

are called enhanced services.

Objectives

are established after the goals for the company or the agent are set.

Building positive first impressions, having a reputation for offering a unique style of customer service, or specializing in specific types of listings are all forms of

branding.

Staying in touch with past customers involves

building a referral base.

The place strategy

coordinates the activities of other professionals that contribute to the sale of a property.

Putting new ideas into action and striving toward continual improvement have beneficial effects on production. Licensees that practice this are

executing a personal total quality program

Putting new ideas into action and striving toward continual improvement have beneficial effects on production. Licensees that practice this are

executing a personal total quality program.

Improving margins and controlling debt are examples of

financial goals.

The statement "You can't go wrong buying on this street. It's the best street in the neighborhood" is an example of

fraud. misrepresentation. -none of these. negligence.

Personal selling

has the advantage of a limited number of face-to-face presentations. is the direct result of a satisfied customer telling others about an agent's services. helps agents learn as much as they can about specialized geographic areas. -involves none of these.

The Uniform Deceptive Trade Practices Act

identified activities business people could no longer engage in when attracting or marketing their products to consumers.

Any changes made to the operations of a firm since the last marketing plan was implemented should be mentioned __________________, along with the purpose of those changes.

in the background sub-topic in the company overview section of the marketing plan

A place strategy

increase customer awareness by using the media.

During part of an initial interview the agent took the time to share with her prospects the ways she solved problems for her customers in the past. She did so by limiting the use of real estate jargon and by using terms the prospects understood and could relate to. What does this kind of approach best demonstrate?

is an emotional need.

A company overview is a way for the company or the agent to summarize its background and expertise as well as describe how its product or service meets the needs of its consumers. The overview may include the firm's mission statement and its

long term goals.

According to the NAR Code of Ethics, licensees may

make objective comments about other licensees.

Identifying with some specificity the number of listings or the market share a company or an agent will have by month, by quarter, and by the end of the year is known as

marketing objectives.

Agents must be able to produce exciting and creative promotional campaigns that speak to different target markets. This means that agents

must develop their communication skills.

Prospects who are familiar with the successful reputation of their agent, often throw up the _________ objection when they question whether the agent really understands their unique needs.

no hurry

He huffed and he puffed and he blew the house down is part of a fairy tale. However, in real estate, agents making statements that are regarded as puffing may be accused of

nothing at all.

When agents evaluate the size and demographic make-up of the market, the percentage of people with children, the number of married couples, their incomes, occupations and interests, the agent is

segmenting the market.

An agent asks "Just to clarify my thinking, what isn't clear? Is it the energy efficient, instant on hot water system?" This is an example of the kind of question used in a

summary close.

Without this element in overcoming no help, prospects may recognize the feature and understand the need they have, but they may not understand how the property helps satisfy the need. This element is known as

the benefit.

Identifying your intent, acting as the prospect expects you to act, and demonstrating what you have in common with the prospect are all examples of how to overcome no

trust.

Prospects can sense when their agent is just passing through to another career. Agents with a strong self-image or those who develop a strong self-image often have an easier time of overcoming no

trust.

When agents do not take the time to proof read the emails and letters they send, or when they appear unorganized, then prospects may develop a sense of no

trust.

Prospects that use the no hurry objection

want additional assurances that what they are about to do is best for them.

A mission statement acts as a reminder in the marketing plan of the purpose of the firm, the market for its services, and

why it's in business.

Which of the following encouraged offended parties to go to the Secretary of Housing and Urban Development for assistance in specific forms of discrimination?

• Civil Rights Act of 1968

Which of the following is used to overcome the no need objection?

•a.Question the prospects and listen intently •b.Discover the problem •c.Discover the cause of the problem -d.All of the above