Course 2
Through data collection, agents can discover the limits to their resources, time, and money, and how best to take advantage of the opportunities available. What is discovered and what actions will be taken to address the question in the research projects will eventually be disclosed in the A) summary of findings. B) data analysis. C) product/benefit analysis. D) time and expense findings.
A
Which of the following is FALSE? A) Real estate agents are not responsible for putting the data to use. B) Professional marketing firms have a battery of people to help organize data. C) Data gathering is a difficult task. D) Real estate agents are responsible for assembling the information they gather.
A
Which of the following is TRUE?
A web host is a business that specializes in handling the technical side of websites.
Incentives
A) help explain how a two-for-one coupon causes a person to choose one restaurant over another. B) create preferences. C) do not provide the reason for doing something. D) do all of these. D
Why would an agent put a calendar or weather application on a website?
Adding external applications of interest could attract consumers, promoting return visits.
Target marketing is essential to the marketing process. What is essential for the marketing mix to be developed?
Agents must know whom they are trying to attract
Which of the following is a channel of distribution?
An air balloon that flashes an LED lighted message at dusk each night
When a broker subscribes to Internet Data Exchange who will see the listings?
Anyone who views a subscribing broker's public website
Although salespeople have duties to these individuals, they aren't the same as the high level of duties owed to their clients. Which of the following is someone agents work with but do NOT represent? A) Broker B) Customer C) Co-op agency D) None of these
B
If you are confident in yourself, your marketing plan, and your ability of perform, A) higher commissions will never be possible in a competitive market. B) the chances of receiving a rewarding compensation are quite high. C) a comprehensive marketing plan is not needed. D) none of these.
B
Which of the following BEST describes driver personalities? A) In a social gathering, they tend to be in the back corners and will not speak up. Challenging this personality will not make them more engaged, but may drive them away. B) In a social gathering, they tend to be up at the front. They may challenge what a person will say in order to determine another's belief systems. C) In a social gathering, they tend to be front and center in a room. They will interrupt and often want to dominate conversations, having the need to be noticed and feel important. D) In a social gathering, they tend to be near the back of the room and are somewhat quieter. If asked a question, they will almost always know the correct answer.
B
Which of the following is TRUE? A) Profits increase as the number of sales go up. B) Real estate offices may establish commission targets with a privately owned office. C) Having the most sales in a specific geographic area is called turnover. D) None of these are true.
B
Which of the following is TRUE? A) Traditionalists have an altered sense of time, which leads to a lack of patience. B) Clients should never have to call their salesperson first. C) Amiable individuals enjoy power, control, and respect. D) Client updates should be given on an as-needed basis.
B
Which of the following is offered by agents that accurately and dependably deliver services and information to their clients? A) Persistence B) Reliability C) Empathy D) Patience
B
From a pricing strategy, only A) price helps explain how the buyer benefits from owning the property. B) a standardized output for services increases differentiation between agencies. C) higher commissions and bonuses often yield faster sales. D) buyers feel the agents' commission affects them directly.
C
What personality type is MOST associated with people that want to know what the bottom line is? A) Amiable B) Expressive C) Driver D) Analytical
C
How does an agent's listing get published on Zillow or Trulia?
Manually entering the listing information into these websites
Ultimately, what form of website should an agent strive to own, and why?
Paid, the agent is busy.
Which of the following is concerned with how values and different needs motivate people?
Psychographics
What are margins?
The difference between revenue and costs
Which of the following is the gatekeeper?
The individual that informs the decider of the details or other information about the proposal
Everyone has the need to eat food. However, people don't have a need to eat all the time. When people get hungry they may choose to eat. What is hunger?
The motive to do something
Which of the following represents an agent or agency weakness?
When one or more agents are having lunch over a trash can when prospects enter the office
When is segmentation of the market not beneficial?
When the balance of the market is so fragmented that further segmentation wouldn't be beneficial
"I always want to learn from my mistakes. Perhaps I missed something in the interview. Could you help me? Could you tell me what was wrong with the property?" This represents what kind of closing technique? A) The lost sale close B) None of these C) The purchase agreement close D) The storytelling close
a
A prospect that buys a home, not so much for its square footage or for its number of bedrooms, but because it can be seen up on a hill from several miles away A) is purchasing for what it says about them personally. B) does none of these. C) generally wants a long escrow. D) is not concerned about the sales price.
a
An agency relationship is created after two actions have taken place. Which of the following is one of those actions? A) A principle delegates authority to a broker. B) A principle delegates authority to a salesperson. C) A salesperson accepts the delegation. D) None of these are true.
a
An agent is working with a prospect that enjoys gardening. When the agent points out a feature in the sprinkler box next to a thriving strawberry patch, he asks out loud to himself a question about what the feature does. The prospect takes the time to explain how it automatically fertilizes various areas of the yard with the proper nutrients for specific plants. By following this approach and pointing out this feature that may have been overlooked otherwise, what was the agent able to create by this demonstration? A) Interest in the feature B) A reason to buy C) None of these D) An easier way to sell the property
a
Areas that consist of residential homes, or areas of acreage, unimproved residential or commercial lots, or multifamily units are sometimes worked by agents to gather listings or discover buyers. These are best known as A) farm areas. B) call zones. C) endowment areas. D) public retail areas.
a
Different offices supply different forms of training. Which of the following is a type of training? A) All of these B) Cold calling by telephone or in person C) Making a listing presentation D) Overcoming objections
a
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 A) nothing at all. B) negligence. C) misrepresentation. D) fraud.
a
If a Deceptive Trade Practices Act (DTPA) lawsuit is filed against a real estate agent, broker defenses do NOT include A) notice to the consumer before consummation of the sale that the broker is relying on verbal representations given by the seller, the appraisal district, or other providers of information. B) written notice to the consumer before consummation of the sale that the broker is relying on written information prepared by others. C) the impossibility of the broker's knowing that the information was false or inaccurate. D) a reasonable offer of settlement within specified time limits.
a
In most real estate offices, who is responsible for marketing a listing? A) The salesperson that took the listing B) None of these C) The real estate broker D) The sales rep from the selected channel of distribution
a
Part of a place strategy A) describes the processes used by agents to deliver the promotional message to the public. B) occurs when prospects and agents get to know one another. C) supplies a message that is not paid for by agents. D) creates reasons people identify with the product.
a
People who conspire with others to restrain commerce with foreign nations are guilty of violating the A) Sherman Antitrust Act of 1890. B) law prohibiting redlining. C) Civil Rights Act of 1968. D) Deceptive Trade Practices law.
a
Personal selling A) involves none of these. B) helps agents learn as much as they can about specialized geographic areas. C) has the advantage of a limited number of face-to-face presentations. D) is the direct result of a satisfied customer telling others about an agent's services.
a
Personal selling A) offers one of the best ways to quickly respond to prospects' questions, concerns, misunderstandings, and unaddressed needs. B) is the best method for finding prospects that are ready, willing, and able. C) offers a platform for marketing an agents services to hundreds of people at a time. D) and its effectiveness is difficult to measure. Explanation
a
Planning for sales means practicing A) all of these. B) smiling when answering the phone. C) listening empathically. D) speaking clearly.
a
Prospects that use the no hurry objection A) want additional assurances that what they are about to do is best for them. B) don't know what the agent intends to do. C) don't trust their agent. D) reflect on how the purchase affects them personally.
a
Sending small gifts to people that sent customers to you, asking for letters of recommendation, stopping by to visit past customers A) are examples of how to develop the referral market. B) are a way of making presentations to a few people at a time. C) suggest a customized presentation. D) are none of these.
a
Some agents are good at modifying their message in ways that are so seamless, prospects to whom they are speaking rarely know the difference. This is best accomplished A) with personal selling. B) with updated press releases. C) with daily advertising. D) with agent to agent sales promotions.
a
State and local fair housing laws are A) subject to jurisdictional requirements set out in those laws. B) not an independent source of housing discrimination law. C) not subject to jurisdictional requirements set out in those laws. D) neither an independent source of housing discrimination law nor subject to jurisdictional requirements.
a
The callback close has which attribute? A) The agent presents something new about the property. B) The agent presents a major point in the secondary question close and assumes there is agreement before presenting a minor question for the prospects to answer. C) Agents ask a series of questions that cause prospects to choose one way or another. D) Agents help the prospects list in two columns the advantages and disadvantages of a decision.
a
The place strategy involves all the following EXCEPT A) price. B) speed. C) condition. D) convenience.
a
Under antitrust laws, which of the following activities is acceptable? A) A broker setting a company commission schedule B) Competing brokers allocating markets based on the value of homes C) Real estate companies agreeing not to cooperate with a broker because of the fees that the broker charges D) Competing property management companies agreeing to standardized management fees
a
What closing technique do agents use when they pull a form from their desk and ask, "What is the correct spelling of your last name?" A) The purchase agreement close B) The question close C) The summary close D) The lost sale close
a
When agents list properties that meet the location needs of the target market and they coordinate the activities of the other professionals that contribute to the sale, they are applying which element of the place strategy? A) Convenience B) Noise C) Differentiation D) Incentives
a
When using email to communicate with clients, real estate professionals should A) do all of these. B) respond in a timely manner to customer and client messages. C) perform a spelling check before sending. D) use a subject line that indicates what the message is about.
a
Which civil rights act defined citizenship in the United States as belonging to anyone born in this country? A) The Civil Rights Act of 1866 B) The Civil Rights Act of 1964 C) The Civil Rights Act of 1968 D) The Civil Rights Act of 1865
a
Which of the following BEST describes the process of agents spending time finding out what their prospects think and what their reasons are for making a purchase? A) Qualifying B) Selling C) Preparing D) Closing
a
Which of the following BEST describes the process of face-to-face interaction between salespeople and their prospects? A) Personal selling B) Marketing concept C) Public relations D) Promotion
a
Which of the following helps express personal ethics? A) All of these are true. B) When giving advice, licensees should also advise the recipient to seek independent opinion from a lawyer or perhaps a qualified investment advisor. C) Licensees should study and have knowledge of professional negotiation. D) The office and staff should meet the high standards of one of the best offices in the world.
a
Which of the following is TRUE? A) If you increase the value of the services you provide a seller for the brokerage fee you charge, then you must provide the same services to everyone charged that fee. B) The Civil Rights Act of 1964 helped victims bring cases before judges. C) Group boycotting occurs when agents incite panic among sellers to sell before prices decline. D) The Fair Housing Amendments Act of 1993 made discrimination illegal when offering brokerage services to sell, rent, or finance housing.
a
Which of the following is TRUE? A) Prospects associate with an agent's branded listings or services because of what it may say about them personally. B) Offering a bonus commission to the selling agent is a form of advertising. C) The function of real estate promotion is to list, understand, and remind. D) Promotional campaigns are designed to sell homes at the highest possible price.
a
Which of the following often has the greatest effect on prospects during a closing sequence? A) When agents can remind prospects of their thinking or the statement they made during the interview B) When the prospect and the agent discover they are not looking at the right property C) When agents find out how long the prospect lived in their current residence D) When agents guarantee they can get a reduced price from their seller's listed price
a
Which of the following protected classes was added with the 1988 Fair Housing Amendments Act? A) Handicap B) Familial status C) Religion D) Race
a
Which of the following represents a selling style used by agents today? A) All of these B) Consultation approach C) Waiting for prospects to say they are ready to buy D) Depend on the client for guidance
a
Which of the following statements regarding one of the three functions of real estate promotion is considered TRUE? A) Communicating information is the foundation of a promotional strategy. B) Agents are responsible for most of the sales in a geographic area. C) None of these are true. D) Personal selling describes prospects and agents who meet face to face.
a
Objectives
are established after the goals for the company or the agent are set.
"I like to make presentations to all concerned parties. Is that how decisions are made in your family?" This question is designed to A) demonstrate the agent's professionalism. B) help the prospects say they are not the actual buyer or perhaps the final decision maker. C) put the prospects at ease. D) help the prospects tell the agent what they expect.
b
A real estate licensee is permitted to A) tell the appraiser to take into consideration the racial character of the neighborhood. B) refuse to rent an apartment to a convicted sex offender. C) exclude families with more than two children. D) use different purchase contracts based on race or ethnic origin.
b
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? A) They do this because they are product-oriented and want to avoid purchase decision delays in the field. B) This is known as the qualifying process. C) They do this as a way of generating immediate action. D) They do this as a way of generating desire.
b
Agents can expect to hear objections from prospects. Which of the following tends to block any further communication about a property? A) A positive objection B) A negative objection C) A secondary objection D) An objection that was overcome
b
Agents may fear they will say the wrong thing or they won't know what to say at all when communicating across the table from prospects. This is a reasonable fear for agents that A) create advertising messages. B) employ their personal selling skills. C) hire others to create their promotional messages. D) do none of these.
b
Agents must A) answer all objections as they come up. B) know the inventory before starting an interview. C) develop their interview questions in a way that is random and conversational, and therefore not too organized. D) not waste time on prospects that don't seem to know what they want.
b
Agents use a variety of methods to get their message out to their target market. For other agents to receive the message they might use the multiple listing service. For sellers to see their service messages they may use newspapers. Other agents may use their existing client base to help them spread the message of a new listing. These methods of getting their message out A) are none of these. B) are called using their channels of distribution. C) are used to develop a pricing strategy to make the message worthwhile. D) are, in these instances, called prospecting.
b
Agents who make false statements or conceal information from buyers that may be useful in making a purchase decision may be guilty of A) fraud. B) misrepresentation. C) negligence. D) confusion.
b
All of the following are noninteractive forms of promotion, EXCEPT A) sales promotions. B) personal selling. C) publicity. D) advertising.
b
All of the following statements are false EXCEPT A) initially, the data collected for a research project does not need relevance to the project. B) motivation is the reason for doing things. C) clothing is a psychological need. D) personal experiences do not affect an agent's analysis and interpretation of research material.
b
An agent is considering two newspapers that can publish advertisements within two days. A magazine will take about three weeks before the information is shared with the public. What element of the place strategy do these address? A) Condition B) Speed C) Convenience D) Positioning
b
An agent takes a listing and immediately prepares a brochure describing the benefits realized by purchasing the property. He takes several hundred brochures to a local discount store and passes them out to everyone exiting the store. The agent A) is applying a niche marketing strategy. B) is his own channel of distribution. C) uses the brochure to persuade customers of the store to work with his office. D) is positioning himself as the go-to agent for the area.
b
Based on information supplied by the prospects, an agent selects several properties that meet the criteria for prospect needs and the benefits sought. After supplying several choices, the agent explains the facts about each. He counsels the prospects by providing additional information on how each property or the solution meets or exceeds the benefits they were most interested in receiving. This is an example of A) an order taker. B) a problem solver. C) an agent more concerned about earning a commission. D) someone that is pressing the prospect to make a decision.
b
Group boycotting is illegal and occurs when A) agents of one real estate organization refuse to socialize with another. B) two or more businesses conspire against another business or agree to withhold their patronage to reduce competition. C) a group of neighbors decide to boycott the services of a particular agent. D) agents refuse to provide services to a certain class of individuals.
b
If a listing agent advertises a property as "valued at more $25,000 above similar homes on the same block," does that claim have to be backed up? A) This is an example of the type of clam that has been banned by the federal Consumer Financial Protection Bureau. B) The claim does not have to be proven, but the agent should be prepared to offer some measurement on which the claim is based. C) The claim must be based on an unbiased measurement that should be offered to the potential buyer as part of full disclosure. D) The claim is an example of puffery and is generally acceptable in advertising real estate and most other industries.
b
If an agent uses a computer screen to make a presentation, they should let which of the following learners move the screen forward when they are ready? A) Auditory learners B) Kinesthetic learners C) Visual learners D) Video learners
b
It's vital that the message be heard within a promotional strategy. The message is made available A) upon the condition of an equitable price. B) through channels of distribution. C) by differentiating it from others. D) only when sales promotions are included.
b
Misleading or deceptive practices according to the Deceptive Trade Practices Act (DTPA) include all of the following EXCEPT A) advertising a property with no intention of selling the property as advertised. B) stating that a property is being sold "as is." C) making false statements of fact concerning the reasons for a price reduction. D) misrepresenting the authority of an agent to negotiate the final terms of a sales contract.
b
Once the data is gathered, agents may do any number of things with it. Which of the following is the BEST approach? A) None of these are best. B) Look at the purpose for the research project and organize the data in preparation for solving the problem. C) View the collected data, see the trends, and prematurely draw conclusions without taking into account the effect other data may have on those conclusions. D) View the collected data and draw conclusions without regard for the purpose of the research project.
b
Salespeople who are employed specifically to maintain customers and their repetitive orders are known as A) problem solvers. B) order takers. C) order getters. D) pioneers.
b
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 uses 30% less energy than other homes its size. This is A) the primary way agencies position themselves in the market. B) a way of differentiating the market. C) how agents might let the price speak for itself. D) a form of place strategy.
b
The agent says, "All you have to do is push these three buttons and the security alarm is set." This is an example of a(n) A) solution close. B) advantage close. C) benefit close. D) property close.
b
Under the Sherman Antitrust Act, the penalty for a person found guilty of fixing prices or allocating markets is A) a maximum of $100 million. B) a maximum $1 million fine and 10 years in prison. C) $50,000 per transaction up to a maximum of $500,000. D) a minimum of $100,000.
b
Under the federal Fair Housing Act, insurance companies are prohibited from A) fixing prices. B) redlining. C) steering. D) blockbusting.
b
Under what conditions, if any, is the owner of a four-family dwelling exempt from the restrictions of the Fair Housing Act? A) Building occupants must be racially diverse. B) Owner must occupy one of the units. C) At least one unit must be rented to a family with children. D) No conditions exist to qualify for the exemption.
b
Using television as a channel of distribution A) allows the prospects to do something else at the same time they listen to the message. B) is a good way to deliver the message when visual impact is important. C) provides immediate personal interaction with the agent. D) is a good way to deliver the message when agents intend that the message to last more than a few seconds.
b
Using television as a channel of distribution A) is a good way to deliver the message when agents intend that the message to last more than a few seconds. B) is a good way to deliver the message when visual impact is important. C) provides immediate personal interaction with the agent. D) allows the prospects to do something else at the same time they listen to the message. Explanation
b
What should agents do to save time and money on their promotional campaigns? A) Lower the price on all existing listings by 15% before starting a promotional campaign. B) Take the time to define the target market before spending the broker's limited funds on advertising. C) Offer large bonuses to cooperating agencies for the first agent to write an acceptable offer by a certain date. D) List only moderate- to low-priced homes.
b
When do agents typically use their personal selling skills? A) When estimating the value of a property B) After prospects respond to an agent's promotional efforts and come into the office C) At the beginning of the marketing effort D) When agents prepare their promotional material
b
Which of the following best describes why brokers hire agents? A) To be among the top producers within specific geographic areas B) To help prospects solve their problems through the purchase of real estate C) To bring new points of view into the organization D) To help the office obtain a specific market share
b
Which of the following is TRUE? A) Millennials were raised to compete for whatever life has to offer. B) Auditory learners are most lost by written information or directions. C) The bulk of the baby boomers were born between 1981 and 2003. D) Visual learners might use phrases like, "That sounds good to me."
b
Which of the following is TRUE? A) Visual learners may use phrases like, "You're coming through loud and clear." B) Kinesthetic learners may use phrases like, "Stay in touch," or, "This is what my gut is telling me." C) Kinesthetic learners may use phrases like, "Hear me out." D) Kinesthetic learners may use phrases like, "Can we draw that out?"
b
Which of the following salespeople are very effective once the models in a housing tract are up and running? A) Order getters B) Order takers C) Gatekeepers D) Pioneers
b
Which question(s) helps give agents an opportunity to gain some insight into what salespeople have done for their prospects in the past and what they expect from the agent today? A) "What do you expect from us today?" B) "Have you ever been with an effective, professional salesperson that found you the right home within a few showings?", "How did you feel about that?" C) "What would be the driving force that would cause you to want to look at more homes if you were standing in a home that you described in our interview?" D) "Are you working with any other professional real estate agents at this time?"
b
Which type of advertising promotes the firm? A) Target market advertising B) Institutional advertising C) Reverse advertising D) Promotional advertising
b
While meeting with prospects in their home, the agent gets permission to take notes with regard to answers the prospects give to questions the agent asks. The prospects agree and over the next hour or so the agent asks questions about the kind of property they wish to purchase, why they wish to purchase it, what problems they are trying to find solutions for, and other questions that help provide a hint as to the emotional reasons for their interest in making a purchase. This is known as A) creating an interest to make a purchase decision. B) qualifying the prospect. C) developing an early product orientation. D) a meet and greet.
b
Who, what, why, and how are often associated with the benefits sought by the four personality types. What personality type MOST wants the benefit of "who" addressed? A) Driver B) Expressive C) Amiable D) Analytical
b
With which of the following should salespeople use proven sales scripts and deliver them with sincerity? A) Baby boomers B) Auditory learners C) Kinesthetic learners D) Stereognostic learners
b
bA victim of housing discrimination A) may not file separate federal and state law claims for the same unlawful conduct. B) may file separate federal and state law claims for the same unlawful conduct. C) must first file with HUD and then file separate federal and state law claims. D) must first file a complaint with HUD.
b
Staying in touch with past customers involves
building a referral base.
A newly licensed real estate agent determined that one way to start working in the industry is to do a market research study that exposes the largest segment of the total market and the need for multifamily housing within that segment. She takes the time to find and gather the data. Her next step is A) none of these. B) to depend more upon the secondary data collected than on the primary data collected. C) to group the information and develop some form of usable classifications. D) to immediately prepare a summary of findings.
c
After viewing properties for three hours, the agent starts to see a change in the prospect. The change suggests that the action needed by the prospect to solve the problem and ultimately close the sale is no longer likely. For some reason, the motivation to solve her problem was lost. The motivation to solve a problem is called A) noise. B) value added results. C) desire. D) interest.
c
Agents ______________to help them list the properties that meet the needs of their target market, the agent's personality, and the constraints of their economic environment. A) use a differentiated market B) consider motivational techniques C) draw conclusions from the data analysis D) define the problem
c
Agents learn about their target markets through research. They often list properties in geographically diverse areas for the largest segment of the market. Which of the following tools do agents use to confirm what they learned from their research? A) They develop incentives to create a preference for one action over another. B) They demonstrate how their services are different from those of their competition. C) They qualify the prospects during the initial interview. D) They consult with other agents in the office.
c
Agents might use floor plan software to help prospects visualize how their furniture will fit into the home they are considering. Agents can create 3D images of rooms with likenesses of the prospects furniture, make prints of the rooms and give them to the prospect to take home over night. This is a form of A) the final objection close. B) the sharp angle. C) the puppy dog close. D) none of these.
c
Agents that say they are Realtors (members of the National Association of Realtors) when they are not, A) are violating a little known clause in the Fair Housing Act of 1988. B) violate the guidelines of NAR by misrepresenting the actions of another agent or agency. C) are violating the Uniform Deceptive Trade Practices Act. D) are always independent contractors.
c
An agent experiences greater results by going to the county assessor's office and researching recent sales of properties in specific areas. By doing so, she learns who is buying, selling, and accumulating property. She also learns what size properties are selling the most and if there is any commonality with regard to where the buyers live. This is an example of A) property forecasting. B) none of these. C) secondary data collection. D) defining the problem before gathering the data.
c
An agent is making a presentation to a prospect when the prospect gets a quizzical look. She doesn't understand the look on the prospect's face. The agent immediately changes the presentation by asking questions of the prospect. This helps the prospect articulate what he knows and gives the agent an idea of the kind of information the prospect needs. What is the result of the agent's actions? A) This shows an adherence to the marketing idea. B) This shows the prospect is in no hurry to act. C) This is an example of personal selling. D) For the agent to act this way is a good form of public relations.
c
An agent is working with an analytical prospect that is concerned about energy costs. They also know the prospect wants to know how things work. The agent demonstrates a unique timer operated hot water system that changes the flow of hot water throughout the home at different times of day. Once he demonstrates how to make the changes he has the prospect repeat the complex process for a different set of days and times. This is a way for prospects to interact with the property and provides a way for the agent to A) close the sale. B) ask for action. C) create interest in the property or feature. D) gain the prospect's attention.
c
An independent contractor and a broker can agree upon which of the following? A) Number of hours the contractor would have to work B) Sales meetings the contractor would need to attend C) Compensation the contractor would receive D) Work schedule the contractor would have to follow
c
Another word used to describe the reason for doing something is A) safety. B) self-actualization. C) motivation. D) actualization.
c
Banks must balance their books at the end of each day. If they are out of balance, they must borrow money overnight to make sure their books balance. If they cannot borrow from another thrift, their last recourse is to borrow from the Fed. The name of the rate charged is A) the adjustable prime rate. B) the reserve rate. C) the discount rate. D) the fed funds rate.
c
By restating the advantages of the property or a feature in the property in the prospects' words, the agent can demonstrate how the property meets or exceeds their needs. This is one way to A) overcome negative objections. B) demand a lower price. C) overcome objections. D) do none of these.
c
Discrimination in residential real estate related transactions prohibits all the following EXCEPT A) using different qualification criteria based on membership in a protected class. B) using an appraisal that takes into consideration discriminatory factors in estimating value. C) using an appraisal that takes into consideration factors other than race, color, religion, sex, national origin, familial status, and disability. D) refusing to provide information to anyone concerning the availability of loans.
c
If a large vicious dog is in residence next to a property listed for sale and an agent acting as a subagent for the seller advises a buyer-customer about the presence of the dog, causing the deal to collapse, is the subagent liable to the seller? A) Yes, the dog is not a material defect to the property, meaning there was no reason to disclose it. B) The dog should have been ignored, allowing the potential buyer to discover it on his own. C) No, the subagent has a duty of honesty to the buyer.
c
If a large vicious dog is in residence next to a property listed for sale, should the sellers list the presence of the dog as a property defect? A) Yes, the dog is an obvious burden on the sale and should be disclosed. B) The dog need only be disclosed if a potential buyer has small children who could be endangered or if other family members have a special need to avoid dogs. C) No, the dog does not relate to the condition of the property. D) The dog only needs to be disclosed if it barks constantly and would hamper the ability of owners next door to have the full enjoyment of their property.
c
It's vital that the message be heard within a promotional strategy. The message is made available A) by differentiating it from others. B) only when sales promotions are included. C) through channels of distribution. D) upon the condition of an equitable price.
c
Many community colleges A) offer no prospecting benefits for real estate licensees. B) provide training that is more expensive than that provided by universities. C) are an unexpected source for marketing and salesmanship training. D) do none of these.
c
Market share A) is best developed through low turnover ratios. B) is difficult to determine my using the records at the multiple listing service. C) suffers when agents gain a reputation for taking overpriced listings. D) may suffer if agents continue selling more homes than their competitors in specific geographic areas.
c
One of the more common reasons prices rise is A) the rising supply of homes on the market. B) declining demand. C) the rising demand for homes in markets with declining inventories. D) there are not enough dollars in the marketplace.
c
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? A) Names generated by title companies of property owners within specific areas B) Rosters from community service organizations C) All of the these D) Names from voter registration
c
Sometimes people learn only by experience. They must touch, feel, and do something to gain understanding. Which of the following BEST describes these learners? A) Stereognostic learners B) Auditory learners C) Kinesthetic learners D) Drivers
c
The Civil Rights Act of 1866 prohibits discrimination on the basis of A) sex. B) national origin. C) race. D) religion.
c
The federal law that makes contracts originated, negotiated, and executed over a combination of computer and cell phone enforceable is A) Junk Fax Prevention Act. B) CAN-SPAM. C) UETA. D) COPPA.
c
The sale of a single-family house produced a total commission of $45,825. The sales associate who was responsible for bringing the buyer to the transaction has a 60/40 commission split arrangement with her employing broker, with the sales associate receiving the 60 percent. If the total commission was split between the listing and selling firms, what is the commission that the buyer's sales associate will receive? A) $9,165 B) $27,495 C) $13,747.50
c
The statement "You can't go wrong buying on this street. It's the best street in the neighborhood" is an example of A) negligence. B) fraud. C) none of these. D) misrepresentation.
c
What was the effect of the Supreme Court decision Jones v. Mayer? A) Denied the credibility of the Civil Rights Act of 1968 B) Acknowledged the importance of Shelley v. Kraemer C) Affirmed the Civil Rights Act of 1866 D) Prohibited the use of restrictive covenants based on race and religion
c
When following the four-step sales process, agents initially grab the prospects attention, they create desire for the property and demand action from the prospect. What's missing? A) Closing the transaction B) Solving the prospect's problem C) Creating interest D) Negotiating the price
c
When untrained salespeople are attracted to agencies that are well known for having the best training for new licensees, it's often the result of A) packaging. B) prior planning. C) positioning. D) a standardized output.
c
Which law has a feature that commercial email messages must include a means by which the recipient can unsubscribe? A) TCPA B) COPPA C) CAN-SPAM Act D) FCC Act
c
Which of the following closes assumes the prospects are moving forward with you? A) The Ben Franklin close B) The secondary close C) The purchase agreement close D) The George Washington close
c
Which of the following describes amiable personalities? A) They focus on the details and are primarily concerned about doing things the right way. B) They love to be one of the gang. They are enthusiastic and have the ability to inspire others. C) They don't want to hurt your feelings by telling you they don't understand, so agents should make their points clearly. D) The specialty or pleasure enjoyed by them is control.
c
Which of the following don't depend on customers to find them? A) Order takers B) Personal salespeople C) Order getters D) Pioneers
c
Which of the following is NOT considered an example of indirect communication? A) Billboards B) Newspaper advertising C) Interaction between the buyer and the agent D) Radio presentations
c
Which of the following is absolute and cannot be violated? A) A legal law B) A moral law C) A fiduciary responsibility D) A civic duty
c
____________ are generally responsible for identifying the target markets in their area and developing the prospecting tools to locate them. After securing listings, they are responsible for attracting prospects to them by implementing a professional marketing strategy. A) Sales managers B) Owner/brokers C) Salespeople D) Office managers
c
The gatekeeper
controls how and if the information is distributed to the decision maker.
Which free marketing venue is so active that agents must update listings daily to stay at the top of the feed?
craigslist
'What would you do if there was no one around to watch you?' Which of the following helps answer this question? A) The legal law B) Legal advice C) Client care D) A personal code of ethics
d
A broker was accused of violating antitrust laws. Of the following, the broker was MOST likely accused of A) dealing in unlicensed exchange services. B) undisclosed dual agency. C) not having an equal housing opportunity sign in the office window. D) price-fixing.
d
A kinesthetic learner A) uses phrases like "I see what you mean." B) uses phrases like "hear me out." C) must see something to remember and understand it. D) must experience something to learn it.
d
A promotional campaign that helps mold the positive reasons people identify with a firm's listings or services is called A) overcoming noise. B) prospecting. C) packaging. D) branding.
d
Activities such as price-fixing, group boycotting, allocation of customers or markets, and tie-in agreements are violations of the A) Stassen Antitrust Act. B) Sheridan Antitrust Act. C) Schumacher Antitrust Act. D) Sherman Antitrust Act.
d
An agent is called to an appointment in an apartment unit. She is greeted by a husband and wife. The wife is carrying a baby and there are two children playing in a small living area near the kitchen. The agent discovers the prospects are living in a two-bedroom, one-bath, 800-square- foot apartment. They have clearly run out of room and are motivated to solve their immediate problem. They need more space. This is known as A) attention. B) a conflict of competing interests. C) a customer orientation. D) desire.
d
An agent presents information to a prospect by using charts and diagrams. However, they said they have a difficult time understanding charts and graphs. Which of the following best describes this individual? A) They are video learners. B) They are auditory learners. C) They are visual learners. D) They are not visual learners.
d
Country clubs, the multiple listing service (MLS), the Yellow Pages, open houses, media selections, and other real estate companies are all examples of A) advertising. B) personal selling. C) positioning. D) channels of distribution.
d
It was a bright Saturday afternoon. After an agent listed a property she told the seller she would have a sign company post a For Sale sign in the front lawn later in the afternoon. The sign didn't arrive for another week, which suggests A) lack of motivation. B) poor research. C) an unsuccessful prospecting plan. D) poor planning.
d
Most often, expressives have personality traits that show them to be A) extroverted, strong-willed, direct, practical, organized, forceful, and decisive. B) team players, cooperative, easy to get along with, trustful, sensitive, and good listeners. C) systematic, well-organized, and deliberate. D) idea generators, very outgoing and enthusiastic, with a high level of energy.
d
One closing technique only calls for the agent to ask questions of the prospect, the answer to which they fill out on the purchase agreement. This is called A) the puppy dog close. B) the final objection close. C) the secondary question close. D) the purchase agreement close.
d
One of the things agents discover when conducting a well-prepared and well-executed interview that contains questions requiring profound answer is that prospects A) learn what it takes to sell a home. B) develop an interest in alternative forms of financing. C) develop an understanding of how difficult it will be to process a short sale. D) will have described a property from the agents' existing inventory that they will buy.
d
Recovery under the DTPA for an act committed knowingly is limited to A) economic damages only. B) mental anguish damages only. C) triple economic and mental anguish damages. D) economic plus mental anguish damages.
d
Salespeople that are responsible for creating a new method of selling, promoting, or informing prospects about new properties, such as housing tracts are known as A) order getters. B) order takers. C) productive salespeople. D) pioneers.
d
Sex was added as a protected class by A) the 1968 Fair Housing Act. B) the Civil Rights Act of 1964. C) the 1988 Fair Housing Amendments Act. D) the 1974 Housing and Community Development Act.
d
Some real estate brokers prefer hiring well-trained individuals because A) experienced agents are more adept at reminding the public that the agency is still in business. B) it controls the in-fighting that is typical of many agencies. C) it is more efficient for the agency that wants to sell its own listings. D) of the high cost of training.
d
The DTPA does NOT apply to transactions that exceed $100,000 where there is a written contract and the consumer is represented by legal counsel, EXCEPT for which type of property? A) Agricultural B) Commercial C) Industrial D) Residential
d
The Deceptive Trade Practices Act (DTPA) does NOT apply to the actions of real estate agents when an agent A) pursues an unconscionable action or course of action that cannot be characterized as advice, judgment, or opinion. B) makes an express misrepresentation of a material fact that cannot be characterized as advice, judgment, or opinion. C) fails to disclose information concerning goods or services that was known at the time of the transaction if such failure to disclose was intended to induce the consumer into a transaction into which the consumer would not have entered had the information been disclosed. D) makes an exaggerated or unsubstantiated statement of value given as advice, judgment, or opinion when selling real estate.
d
The Do Not Call Improvement Act of 2007 states that real estate professionals may call consumers with whom they have an established business relationship for up to how many months after the consumer's last purchase, delivery, or payment? A) 12 months B) 24 months C) 6 months D) 18 months
d
The Fair Housing Act prohibits discrimination toward seven protected classes. Which class is NOT protected by the Act? A) Familial status B) Religion C) National origin D) Marital status
d
The owner of a five-story apartment building rents to families with children, so long as a ground level apartment is available. The owner believes that this is the best way to protect children from falling from the upper floors. This is an example of A) a legal practice permitted for safety reasons. B) an unethical practice, but legal. C) the illegal process called blockbusting. D) an illegal practice called steering.
d
The place strategy A) creates the comprehensive sales promotion strategy that enhances the image of the office operation. B) coordinates a time and a place for hiring and training new licensees. C) establishes the prices for listings. D) coordinates the activities of other professionals that contribute to the sale of a property.
d
There is an order to the way questions are asked. Which of the following is the right order? A) Start with questions about how the prospects feel about things, then drop into easy-to-answer questions before asking questions about what they think. B) Start with questions that are easy to answer, then ask questions about how the prospects feel about things, and then ask questions about what the prospects think. C) Start with questions about what the prospects feel, and then move to easy questions before asking what they think. D) Start with easy-to-answer questions, then ask questions about what the prospects think before moving into questions about what they feel.
d
What is the purpose of pricing in a capitalistic society? A) To cover the costs of ownership B) To ensure the owner gets a fair rate of return C) To cover the costs of a sale D) To efficiently allocate goods and resources
d
What is the result of listing an overpriced property? A) Increased sales B) An enhanced reputation C) A more efficient use of advertising dollars D) Any advertising on the listing yielding more overpriced listings
d
When agents describe the quality of a product or service that exceeds the customer's perceived expectations the customer is experiencing A) extrapolation. B) positioning. C) promotional branding. D) the total product.
d
Which act encouraged offended parties to go to the secretary of Housing and Urban Development for assistance in specific forms of discrimination? A) Civil Rights Act of 1866 B) Civil Rights Act of 1964 C) Fair Housing Amendments Act of 1988 D) Civil Rights Act of 1968
d
Which of the following acts requires that commercial and industrial structures must have public access for everyone, including the blind, deaf and those that have difficulty walking? A) Victims Have Rights Act of 2003 B) Hazard Reduction Act C) Uniform Construction Practices Act of 1993 D) Americans with Disabilities Act of 1992
d
Which of the following describes ethics? A) Ethics is the study and evaluation of human conduct in the light of moral principles. B) Ethics is a body of social obligations and duties. C) Ethics may be viewed as the individual's standards of conduct. D) All of these describe ethics.
d
Which of the following helps describe channels of distribution? A) Information about agents' listings only B) An advertisement C) Information about agents' services D) Newspapers, magazines, and television stations
d
Which of the following is NOT one of the four elements of the promotional mix? A) Public relations B) Personal selling C) Advertising D) Listening intently
d
Which of the following is TRUE? A) When the dollar increases in value it makes real estate more appealing to foreigners. B) Reserve requirements are used to purchase government securities. C) Inflation occurs when the supply of goods exceeds the current demand. D) Multifamily units tend to appreciate in value when interest rates are high.
d
Which of the following is a violation of deceptive trade practice laws? A) Progressive pricing strategies B) Puffing C) User utility rules for website development D) Negligence
d
Which of the following is one of the oldest methods for selling real estate? A) Advertising B) Sales promotions C) Publicity D) Personal selling
d
Which of the following personality types wants immediate results, which is why they are more focused on tasks instead of relationships? A) Analytical B) Amiable C) Expressive D) Driver
d
Which of the following would be considered in a place strategy? A) Arriving to an appointment place on time B) Listening to the anxiety felt by prospects C) Developing additional terms of sale D) Talking to previous customers
d
Who, what, why, and how are often associated with the benefits sought by the four personality types. What personality type MOST wants the benefit of "what" addressed? A) Analytical B) Expressive C) Amiable D) Driver
d
With which of the following should salespeople use proven sales scripts and deliver them with sincerity? A) Baby boomers B) Stereognostic learners C) Kinesthetic learners D) Auditory learners
d
You list a home on a corner lot that has a backyard garden, a filtered air system inside the home, and a 20-year roof certification. These features might correspond to the needs of some segments of the market. What type of needs are they? A) Social needs B) Self-esteem needs C) Safety needs D) Physiological needs
d
Segmentation by family life cycle is categorized as
demographic segmentation.
In the classified section of a newspaper on any given day, there are often real estate advertisements that differ little from one another. The ads seem to all say somewhat the same things. They have three bedrooms, two bathrooms, a triple car garage, a fence, etc. What these agents should have done when preparing their promotional strategies was to
differentiate their listings from others.
What was the theme of the Code of Ethics when it was adopted by the National Association of REALTORS®? A) The stringent following of the legal rule of law B) Client care C) The Golden Rule D) The moral compass
golden rule
When overcoming this objection the agent should present the real property solution to the buyer in a way that it matches up as closely as possible with the property needs stated in the interview. When a feature is described it should include the advantage of that feature and how it is useful to the prospect. And lastly, the agent should describe how the feature satisfies an emotional or product need. When agents successfully follow these steps they are on their way to overcoming no A) help. B) need. C) trust. D) hurry.
help
When money is tight,
interest rates have increased.
All the following statements regarding referrals are usually true EXCEPT
more often than not, the referrals are from out of the area.
A young and newly licensed agent has recently purchased his first home. The experience of being a first time home buyer helps him relate to other first time home buyers, so much so that he wants to specialize in that area. Even though first time home buyers represent a small group in his area, few if any of his competitors are working this group. This young agent is participating in
niche marketing.
When agents understand that groups of people often respond to the same stimuli in similar ways they have experienced a process known as
segmentation
The promotional strategies within the marketing mix
should promote the buying motives of the largest group(s).
When banks borrow from one another they are charged
the federal funds rate.
The purchase decision always involves
the reason for doing something.
