TEXAS SAE REAL ESTATE Brokerage

Milly has been coaching Laura, one of her licensees, for several months. Laura has a professional development plan with specific action steps. On this day, Milly takes a few minutes to ______ as part of the coaching process.

Check in with Laura and see how her action steps are coming along

ABC brokerage has developed a _____ that leans towards a production philosophy, since employees and independent contractors receive pay raises related to productivity.

Compensation Plan

Which of the following is a supervising broker responsible for monitoring?

Completion of continuing education requirements

Which economic indicator is defined as the consumer's optimism or pessimism in the economy and his or her willingness to spend?

Consumer confidence index

Jorge works at a firm where elected officers govern the affairs of the organization, while a licensed broker, Shonda, is directly responsible for the real estate transactions. The officers and Shonda are responsible to a large number of stockholders. What type of legal structure is this?

Corporation

Supporting the company mission can be a common goal for a licensees, which is a strategy that helps______

Create a strong team dynamic

Most business plans include a synopsis of the plan as a whole, designed to be read by share holders, lenders and other third parties with an interest in learning about the organisation. What is the synopsis called?

Executive summary

Which of the following is a common concern that buyers express about their real estate license.

Failing to communicate information about the transactions progress.

Which statement describes a code of ethics?

Guidelines for conduct

Because heavy snow was predicted, facility manager Sandy called the plow company to schedule early morning service for the next business day. What area of facility management is Sandy exercising?

Health and safety

A consistent disparity in listing versus selling prices may reflect

Inaccurate competitive market analysis

Which step of the hiring process allows the broker to evaluate a small number of the most competitive candidates?

Interviewing

What market indicator is expressed as the number of months it takes to sell homes in at the current rate of sells.

Inventory rates

What's the purpose of a firewall?

It prevents hackers from infecting your system with viruses, worms, and malware.

Which of the following is the best definition of a budget?

It's a detailed management and planning tool that serves as your earnings and spending goal for a period of time.

You can improve your multiculturalism by learning how to speak another language and __

Learning another cultures customs

As a broker, you should be most concerned with _________

Local state and federal laws

A leader who displays the quality of being a visionary is able to do what?

Look ahead at trends to meet future market demands

Executive Summary

Most business plans include a synopsis of the plan as a whole, designed to be read by shareholders, lenders, and other third parties with an interest in learning about the organization. What is this synopsis called?

Which option is an example of verticals expansion?

Offering appraisal services

Your website is__

One tool in you marketing tool kit.

Under which type of agency agreement may a buyer and agent operate?

Open, exclusive right to represent, and exclusive agency.

Licensees cos a managing broker ______

Overhead and supervision

Brainstorming and focus groups are a big part of this style of management.

Participatory

Budget, target audience , and media are all elements of the ____ that licensees should learn about from their broker.

Personal marketing plan

In the hiring process, which step narrows the field down by identifying those applicants who do not meet the requirements of the position.

Pre screening

Which of the following actions, when performed by a Texas licensee, violates the Canons of Professional Ethics and Conduct - Integrity?

Preparing a written agreement that falsely states a purchase price

Charlie is monitoring market indicators in a particular area for her client, who wants to buy an oceanfront home. Which market indicator will tell her how much prices have fluctuated in the area over the past two years?

Price levels

One of the least expensive bus most effective marketing techniques is to

Provide superior service tot eh clients and customers.

What does RESPA prevent brokers from performing

Providing kickbacks to settlement providers

The buyer you're working with doesn't want to enter into an agency relationship. However, the buyer begins to rely more and more on your advice and, indeed, implied agency has begun! You could have avoided this issue by providing appropriate disclosures, but now that you've created implied agency, what should you do?

Ratify the implied agreement by getting a signed agency agreement.

Which of these professional development opportunities is the best way for a licensee to receive a quick introduction to a topic from an expert, or to dive more deeply into an area with other experienced professionals?

Real Estate Seminar

Which of the following steps is first in the hiring process

Recruiting

What number is most often used to evaluate how much a business is worth?

Return on investment

You've completed your budget, and it shows a projected net loss for the year. What should you do?

Review projected expenditures and revenue to see if there are acceptable adjustments to be made.

Broker Jill is conducting the exit interview with one of her licensees, who is heading to a larger brokerage. Which of the following is an appropriate exit interview question for Jill to ask?

"What did you enjoy about working here?"

Shayla periodically reviews her brokerage's long-range business plan. What benefits to the brokerage can she expect to see in the future?

She can update the brokerage processes or projections in a timely manner.

Yvette decided to put her brokerage's training room right by the reception area and conference room. She wanted to be sure her visitors saw her brokerage's commitment to training. What should Yvette keep in mind if she opts for this configuration?

Soundproofing measures

To be effective, the wording of a brokerage's code of ethics must be ______.

Specific

Often, "strategies" and "tactics" are used interchangeably; however, in business they mean different things. Which of the following statements describes the difference between business strategies and tactics?

Strategies define what the company wants to do and the tactics define how its going to do it

Brokerage firms must continually evaluate and adapt to change. Which of the following represents a currently emerging trend that must be addressed by firms?

Sustainability.

Which special lease clause stipulates that the tenant is responsible for paying any increase in taxes over the base year's taxes, in addition to the base rent?

Tax

Which of the following gives employers the right to hire and fire people with or without a reasonable cause?

The doctrine of employment-at-will

Who is responsible for the actions of a personal assistant

The licensee and the licensees supervising broker

What is a relationship between the marketing department efforts and those of other departments in the firm?

The marketing department is an integral component of the firms activities.

If a minor enters into a contract with an adult, which of the following is true?

The minor may legally hold the adult to the contract, but the adult cannot legally hold the minor to the contract.

Which of the following is a characteristic of the decentralized organisational structure?

There are fewer layer of management at the top

Which of the following statement about enforcing a firms code of ethics id true?

There should be consequences for violating the firms code of ethics and these consequences should be communicated and documented.

Which of the following actions can licensees take related to signs?

They can place signs on an owner's property with the owner's written consent

What's the minimum number of business days prior to closing that lenders have to provide borrowers with the Closing Disclosure form?

Three days.

Why should a business owner evaluate the competition's affiliations?

To determine what help or hindrance the association provides

What is the role of the equal employment opportunity commission?

To enforce the anti-discrimination laws that cover most businesses with 15 or more employees

Which of the following is a good reason to merge with or acquire another company

To form a large company that is more competitive.

What is the purpose of tracking industry and economic trends?

To provide information about external events that might impact the brokerage

Charli has chosen to purchase only liability insurance on the office building she owns. Which of the following combinations of risk handling is she using?

Transfer and acceptance

Hanks leases 150 acres from Sara and jesse. He has an option to purchase that can be excercised within the next two years. What type of contract is this?

Unilateral

How should the broker record attendance at the brokerage sales meeting

Use a sign in sheet.

Which one of the following is a recommended productivity and time management strategy that the brokers should share with the new licensee

Use realistic task list

Brokers can use many kinds of incentives to encourage the associates at their firms to better performance. Which of these choices would be the best strategy for a broker to use

Using a variety of incentive programs.

Which of the following brokerage value is most important to a licensee who wants to thrive at that brokerage?

Values that matches the licensees values

Adding a mortgage lending service to a real estate brokerage operation is an example of what type of growth?

Vertical expansion

What does longevity mean in relation to your business name?

What her it will serve your purpose for a considerable length of time

What question does determining potential return on investment answer

What's it worth?

Why is it important to understand the needs of different generations?

When you define your niche, you can appeal to the needs of the generations in your market.

An indication that the worker wont be treated as an employee.

Which of these should a brokerage's independent contractor agreements include?

Which of the following is an industry trend that a brokerage

Average days on market

Which of the following items is an advantage to the broker of hiring a new licensees over those with several experience?

Easily trained to follow brokerage procedures

A buyer is suing Janet for an inadvertent mistake she made in a real estate transaction. What insurance policy covers this type of situation?

Errors and Omissions insurance

Mills is a broker who is coaching a sales associate , Laura. The first step in millas coaching process is to

Ask questions about Laura's goals and challenges.

Floss like to give her associates good value in exchange for the time they take to come to her sales meetings. That why she often ____ at the meetings.

Asks different associates to share a best practice tip

Which one of these choices describes the professional development strategy of mentorship?

A form of one-on-one professional coaching.

Who is behaving unethically in the following scenarios?

A licensee who doesn't show potential buyers a home because he believes they aren't a cultural fit.

What is the difference between a merger and an acquisition?

A merger is when two companies join together. An acquisition is when one company purchases another company.

Which of the following statements is true regarding real estate licensing requirements

A person who receives a $50 gift certificate for performing real estate activities on a friends behalf must have a real estate license

What's a financing portfolio

A proposal presented to lenders or investors when seeking funding.

Jennifer is selling her property and hired Larry as her agent. Jane brings her prospective buyer client, Andrew, to see Jennifer's property. What is Larry's role in this scenario?

A sellers agent

Serious damage to the firm's brand or reputation can occur as a result of ______.

A single large event or a pattern of smaller events

Avery is drafting her firms vision statement. Which is of the following should be included.

A statement of what the company's future results, achieveMents, and successes will be.

Tangible or intangible items that a firm owns are

Assets

Which of the following is an example of horizontal growth?

Adding a commercial sales venture to a residential sales office

One evening during their weekly card game, Cecilia and her group of retired friends were recounting their difficulty finding a place they could afford that was close to a hospital. Cecilia added that they were the lucky ones because some of her other friends had to put their names on a waiting list to get into a low-maintenance condo development just down the street. What current market trend is this an example of?

Aging baby boomers

______ must abide by the Canons of Professional Ethics and Conduct, enforced by the Texas Real Estate Commission.

All Texas real estate licensees

Which statement most accurately describes the licensees responsibility related to written offers on a listing according to the NAR code of ethics and standard practice?

All formal written offers received by the licensee must be presented to the owner until closing or execution of a lease unless the client waives this obligation in writing.

Which of these is an example of agency coupled with interest.

An agent foregoes buyer agent commission, provided the purchasing developer gives the agent the listings on the developed lots.

Which of these should a brokerage independent contractor agreements include?

An indication that the worker wont be treated as an employee.

Gloria has an option to purchase the cottage she leases from her landlord. She can exercise the option within the next two years. To gain that right, Gloria paid the landlord $5,000. This is called ______.

An option fee

When is an agency disclosure form required?

Any time real estate matters are discussed between an agent and a consumer

How does assignment differ form novation

Assignment doesn't require agreement of all parties

Expenses may be listed on the income statement either in order from largest to smallest or?

Based on the order they are listed on the general ledger

What is the relationship between a policies and procedures manual and the broker's obligation to supervise agents?

Brokers who enforce policies and procedures outlined in an effective PPM proof of efforts to properly train and supervise agents.

Which one of the following statements is a potential consequence of inaccurate revenue reported on financial statements?

Budgeting and forecasting will be inaccurate

The ______ component involves trading value for your offerings.

Exchanging

Forecasters predict a huge spring blizzard. Jarrod's not concerned about operations because everyone could use a couple of days off, anyway. The snow will melt eventually. What long-term issues could arise that would cause more damage than Jarrod realizes?

Damage to the building from the storm and melting snow could destroy Jarrod's office and records.

What's the last stage of a business life cycle?

Death

Tyrone started a job in the sale department of a large firm in an organisational chart, his department is shown alongside many others. Departments are run as teams with individuals at all levels responsible for making business decisions . What type of organisational structure is this?

Decentralized

Broker Allen just had a licensee leave work screaming obscenities and shouting about a dispute with another licensee. Allen needs to use one of his leadership qualities and act ______ to take care of the situation without undue delay.

Decisively

The new worker orientation at a brokerage should do which of the following?

Describe the behaviors expected of the brokerage's affiliates or employees.

Which of the following is a best practice for supervising a remote employee

Develop a mentor program to pair inexperienced licensees with experienced colleagues.

What must a licensee do regarding property to the licensee hold directly or indirectly if it becomes the subject of a real estate transaction.

Disclose the interest to all parties to the transaction

Which of these scenarios would best be solved with short-term financing?

Your forecast shows that you won't be able to fully fund operations in February and March, but the rest of the year looks great.