Getting Started in Real Estate Flashcards
What is the dominant emphasis of the real estate profession?
(a) Earning high commissions.
(b) Improving the living conditions and lifestyles of all citizens.
(c) Identifying and fulfilling the needs of others.
(d) Helping prospective buyers and sellers avoid risk.
(c) Identifying and fulfilling the needs of others.
Which of the following industries benefit from a strong real estate market?
(a) Architecture and design
(b) Lumber
(c) Pest control
(d) All of the above
(d) All of the above
In a buyer’s market,
(a) there may be multiple offers for a property.
(b) prices will increase.
(c) there are many sellers and few buyers.
(d) buyers must compete among themselves for properties.
(c) there are many sellers and few buyers.
The real estate profession has been undergoing significant change in recent years. This change includes:
(a) Better-trained and technology-oriented salespeople.
(b) Greater use of the Internet by homebuyers as well as for marketing.
(c) Greater use of email and fax messages to transmit information and contracts.
(d) All of the above.
(d) All of the above.
Discount brokerage firms tend to be more successful in:
(a) a seller’s market, with few sellers and many buyers.
(b) in a buyer’s market, with many sellers and few buyers.
(c) in an economic downturn or recession.
(d) in a booming economy with rising home prices.
(a) a seller’s market, with few sellers and many buyers.
A unique system of cooperation among brokers that allows one broker to show and sell a listing of any other member broker is called:
(a) Cooperative Brokerage System (CBS)
(b) Multiple Listing Service (MLS)
(c) Homeowner’s Inventory Database (HID)
(d) Listing Pool Database (LPD)
(b) Multiple Listing Service (MLS)
Real estate licensees may also act as agents in:
(a) arranging loans.
(b) business opportunities.
(c) the sale of time-shares.
(d) the sale of office buildings, retail stores, or warehouses.
(d) the sale of office buildings, retail stores, or warehouses.
Many agents may specialize by type of property. For example, some agents handle only mini-malls, while others may specialize in office buildings, retail stores, or warehouses.
Although the working relationship of the salesperson is that of an independent contractor, salespersons are actually:
(a) temporary workers according to both the IRS and the real estate law.
(b) employees of the broker and not independent contractors.
(c) employees of their principal within the framework of a typical agency relationship.
(d) client assistants under the Labor Code.
(b) employees of the broker and not independent contractors.
Every real estate broker is required to have a written contract with his or her salespeople. Most contracts identify the working relationship of the salesperson as that of an independent contractor. Despite these agreements, salespersons are actually employees of the broker and not independent contractors.
Real estate salespeople often team up with another salesperson to form a selling team. An advantage of such an arrangement is:
(a) Partners receive more steady income flow because there is a greater likelihood of income being earned every month.
(b) The needs of clients are better served because of the greater availability of team members.
(c) Team members are motivated because they share in each other’s successes.
(d) All of the above.
(d) All of the above.
A training program in which the new hire assists a successful salesperson for several months is called a:
(a) co-op program.
(b) mentor program.
(c) supervision program.
(d) fast-start program.
(b) mentor program.
Which of the following is TRUE with regard to 100 percent commission offices and newly hired salespeople?
(a) This type of arrangement is favorable for new hires because it provides desperately needed cash flow in the first few critical months of employment.
(b) This type of arrangement is not a good choice for new licensees because they do not yet generate their own business.
(c) This type of arrangement is not good for new hires because it typically means fewer services are provided by the broker to the agent.
(d) Both (a) and (b) are correct.
(c) This type of arrangement is not good for new hires because it typically means fewer services are provided by the broker to the agent.
Which of the following is considered a positive and successful attitude?
(a) Instinctively wanting to expend extra effort to learn, to plan, and to practice for success.
(b) Being interested in people and truly wanting to help them in meeting their needs.
(c) Willingness to learn from successful co-workers.
(d) All of the above.
(d) All of the above.
Which of the following statements is FALSE about professional designations?
(a) Achieving these designations opens up many opportunities because they are regarded highly by others.
(b) Professional designations mean nothing to prospective buyers and sellers.
(c) Achieving designations will increase your confidence as well as your sense of self-worth.
(d) Some designations relate to general brokerage, while others are for specialized areas of activity.
(b) Professional designations mean nothing to prospective buyers and sellers.
Building a special relationship with a successful agent in the office can benefit a new licensee in which of the following ways?
(a) Developing his/her own mentor.
(b) Learning from someone who possesses knowledge and experience.
(c) Crucial support in an office where the broker or office manager has limited time to work with new hires.
(d) All of the above.
(d) All of the above.
It is essential to be able to take your ideas and effectively verbalize them to prospective buyers and sellers. New licensees can practice this skill by:
(a) scripting responses.
(b) role-playing.
(c) using email instead of speaking face-to-face.
(d) listening.
(b) role-playing.
