Power House Training 64 Questions with Verified Answers,100%CORRECT

Power House Training 64 Questions with Verified Answers 12 Month Marketing Plan - CORRECT ANSWER Devising a 12 month marketing plan in advance is a key habit of successful, professional agents. Planning in advance not ...

Power House Training 64 Questions with Verified Answers 12 Month Marketing Plan - CORRECT ANSWER Devising a 12 month marketing plan in advance is a key habit of successful, professional agents. Planning in advance not only allows you to properly budget, it also ensures that you do not over commit to any one buyer or seller. Zero Cost Approach - CORRECT ANSWER Arrive Early & Stay Late to Take Call-ins How do you select your farm? - CORRECT ANSWER A farm is a part of the area, which is serviced by your firm. It may be a geographic farm, including several neighborhoods or subdivisions. It may be an economic farm, including all the properties in a particular price range, in the area your firm services. Cold Calling - CORRECT ANSWER Cold calling for the new agent might consist of contacting people from those dead files you collected from other agents, following up with previous contacts, and perhaps even soliciting expired listings Generational Selling - CORRECT ANSWER *Specializing in a specific segment of population and becoming an expert in that particular market is the wave of the millennium real estate industry. * The primary market of buyers today is in the 25-49 year old range. Generation Y/ Millennial- 1981-1997 - CORRECT ANSWER In addition to being first-time home buyers, people will need agents when looking for a larger home, relocating for a new job, or other reasons. Time Management- Goal Setting - CORRECT ANSWER Long-term goals: 5 to 10 years Intermediate-goals- 3 to 5 years Short-term goals- several months to a year Career Goal Setting (How To) - CORRECT ANSWER * Be Flexible - Continually review priorities *Do it Once Financial Goals - CORRECT ANSWER * Just to pay my bills each year, I must earn... Developing Business Plan - CORRECT ANSWER *Mission Statement- Main thing I want to achieve *Values Statement- Define how the work will be accomplished * Goals should align with mission statement. Self- awareness - CORRECT ANSWER *Identifying strengths and weaknesses is essential to continued success. *Taking an honest look at my best qualities and weaknesses. Production Analysis - CORRECT ANSWER * Key to increasing client base and aggressively growing business. Address Sales price Source (Buyer or seller) Weaknesses (I will learn from) Strengths (I will use again) Begin Your Day- Begin Your Plan- End with Success - CORRECT ANSWER Get up early Qualifying the Buyer - CORRECT ANSWER *Financial Qualification *Emotional Qualifications Pg 78 PITI - CORRECT ANSWER Principal, Interest, Taxes, Insurance Pg 79 FHA - CORRECT ANSWER Federal Housing Administration- - loans which are insured by the Federal Housing Administration. These loans require a small down payment and are obtained through approved lenders Pg 80 Conventional Loan - CORRECT ANSWER a loan that is neither federally insured nor guaranteed Pg 80 Buyer Representation Agreement - CORRECT ANSWER This agreement, in effect, "lists" the buyer as your client. It also obligates you to act as an agent for the buyer. As buyers' agency becomes more popular across the nation, more and more buyers are asking for this level of service. If your buyers seem unsure about their choice you may want to point out some of the advantages of buyer's agency to them. Pg 82. Closing Lines - CORRECT ANSWER • "Let's go into the office and see if we can work this out." • "The owners have indicated that you could take occupancy on March 1. Is that good for you or would April 1, be better?" • "If both properties were the same price, which would you prefer?" • "I feel that you both like this house, and it seems that you are ready to make an offer. Let's talk about that now." • "It'll be terrific when you are all moved in and living here. I know you will love it. I sure do." • "Won't it be wonderful to have this decision out of the way?" Exclusive Agency - CORRECT ANSWER The seller agrees to list the property with only one broker during the listing term, with the provision that the seller can sell the property himself or herself, without payment of a commission. Exclusive Right to Sell - CORRECT ANSWER Real estate brokers recommend this listing which grants an exclusive right to sell the property during the listing term. A commission is paid even if the property is sold by the owner. Net Listing - CORRECT ANSWER The broker agrees to sell the property in order to achieve a net price to the owner, and anything which is received above the net price is the broker's commission. A net listing is illigal by the licensing law in many states. 4 Reasons why a house doesn't sell - CORRECT ANSWER Price, Location, Condition, Marketing Plan Subagency - CORRECT ANSWER When a license holder is not associated with the seller's broker but is representing the seller through a cooperative agreement with the seller's broker. TEST ANSWER # 43 - CORRECT ANSWER Answer- B * Prior to sinate Bill 489 (Active 1995) It was known that we rep. the seller. Dynamizing- Improving chances if selling quickly - CORRECT ANSWER The final touch is a bit of glamour, which makes your home stand out as one the buyer want to live in. Plants, attractive table settings in the dining room, fire in the fireplace, background music, plenty of light, pleasant aromas and a welcoming attitude are a sure way to win in the selling game. Pricing Objections - CORRECT ANSWER Real Estate agents do not control the market or dictate price, the market does. CounterOffers (Sellers) - CORRECT ANSWER If the price is reasonable, prevent the seller from continuing to negotiate just for the sake of negotiating. Remind them that a counteroffer is an entirely new offer that makes the first offer non-binding. They could lose the buyers if the buyers choose to walk away from the negotiation, especially if the sellers are perceived to be unreasonable. TRELA - CORRECT ANSWER The Texas Real Estate License Act- passed by legislation to protect the public TREC - CORRECT ANSWER The Texas Real Estate Commission- 6 broker members and 3 public members- created to administer the provisions of the license act- they promulgate contract forms for licensees Real Estate- Law, Ethics & Morals - CORRECT ANSWER All liscense holders are required to adhere to the provisions of the TRELA & TREC Scrupulously - CORRECT ANSWER Acting in strict regard for what is considered right or proper; punctiliously exact; painstaking Meticulously - CORRECT ANSWER marked by extreme or excessive care in the consideration or treatment of details; careful. Consumer Information - CORRECT ANSWER Each real estate inspector or active real estate broker licensed by the Texas Real Estate Commission shall display Consumer Protection Notice CN 1-2 in a prominent location in each place of business the broker maintains and on the first page of a broker's website. See the end of this section for a copy of the form. TREC COMPLAINTS - CORRECT ANSWER A person may file a complaint with TREC against a realtor if the person believes the realtor has violated the Texas Real Estate License Act (TRELA) or one of TREC's rules. After reviewing TREC will notify license holder if it intends to initiate disciplinary proceedings. If guilty TREC may impose a reprimand, suspension of license, revocation of the license, a fine, probation or any combination. Professional Codes of Ethics - CORRECT ANSWER The term REALTORS® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. The Code of Ethics is so highly regarded as a model for ethical conduct, that it became the basis for real estate license laws in many cases. Realtors - CORRECT ANSWER A registered trademark owned by the National Association of REALTORS for use by its members Grievance Panel - CORRECT ANSWER A local association that conducts an initial review to determine if the complaints alleges are a violation of the organizations code of ethics. Pathways to Professionalism by (NAR) - CORRECT ANSWER Never allow buyers to enter listed property unaccompanied. Article 9 - CORRECT ANSWER For the protection of all parties all agreements related to real estate transactions are to be in writing in clear and understandable language expressing the specific terms, conditions, obligations & commitments of the parties. A copy of each agreement shall be furnished to each party to such agreements upon their signing or initialing. Closing the transaction - CORRECT ANSWER The final consummation of a transaction is the closing, where the buyer pays for the property and the seller conveys title. When the seller closes, the seller will: - CORRECT ANSWER Sign a dead conveying the property to the buyer. When the buyer closes, she has a large number of documents to sign, including: - CORRECT ANSWER Deed of Trust securing repayment of the promissory note. Credit to the buyer - CORRECT ANSWER Earnest money being held in an escrow account Charge to the Seller - CORRECT ANSWER Existing Loan Payoff TRID Rule - CORRECT ANSWER Requires that the consumer receive the Closing Disclosure no later than three business days before consummation. If the closing disclosure is not delivered in person, it is presumed received 3 business days after it is placed in the mail, sent by email, or otherwise delivered. WIKIS - CORRECT ANSWER Compilations of information from different contributors. *Realtors can invite visitors to their site, or wikis, to comment on the local community, schools, and shopping recreational facilities in the area, parks and events. Posting Plan - CORRECT ANSWER Helps to build an online persona and will develop the relationships desired. Instagram - CORRECT ANSWER Functions like a photo gallery Internet etiquette - CORRECT ANSWER The following are ideas that agents should consider when posting to any social media website as they are managing risk and keeping their careers and reputations on the highest professional level. Posting of Professional Contacts/Qualifications (e.g., LinkedIn) 1. Agent is responsible for assuring that any listing of qualifications, credentials or training contained on the site is current, accurate and not misleading. Any changes to the foregoing shall be promptly revised on the site. 2. Agent shall not falsely claim association with any person or group 3. Notwithstanding any provision herein, Agent remains responsible for complying with the license laws and regulations governing the conduct of licensees and all applicable local, state and federal laws. 4. Agent is responsible for assuring that the content conforms to the standards established in the Code of Ethics Email Etiquette - CORRECT ANSWER Email is as important as live phone conversations in today's companies and many employers are losing customers, leads and dollars due to poorly handled emails. One can have his/her character, performance and intelligence predetermined by the way he/she write, reply and use email communication. Let's start with the basics of email. There must be a subject line that demonstrates the core meaning of your email message. There should always be a greeting as with any mail correspondence; that is just good manners. There should be a closing so as to not make you sound terse or annoyed. Email Etiquette - CORRECT ANSWER Replying to "all" in an email should only be used as requested. GRI- (Graduate Realtor Institute) - CORRECT ANSWER Geared towards agents in their first to third year in business. ABR- (Accredited Buyer Representation) designation - CORRECT ANSWER Will position you for successful business practices and handling buyers, covers the issues of representation, ethics, legal practices. In the 56 Safety Tips for Realtors what is #46? - CORRECT ANSWER Beware of Phishers- Don't respond to emails requesting personal or private information such as passwords, credit card numbers or bank account numbers even if a message appears to be from your bank never request private information. Name Recognition - CORRECT ANSWER Building name recognition comes from developing a marketing plan that is outside the box, something that separates you from others. Minimum Cost Approach - CORRECT ANSWER Make a name for yourself in real estate through creative marketing such as neighborhood publications and regular mailers. Generation Y/ Millennial- 1981-1997 - CORRECT ANSWER There is a 90% graduation rate. Seller's Disclosure Statement - CORRECT ANSWER In accordance with Texas law, be sure to go over the Seller's Disclosure Statement with the buyers before they sign an Earnest Money Contract. How Buyers Process Information - CORRECT ANSWER Giving buyers information is only part of the process. Most important to the process is how you present the information so they can process it in their preferred style, allowing them the time to take in as much as they need. This requires patience, but understanding your buyer is the key to your relationship. Signs of Problem Client - CORRECT ANSWER • They tell you that they just want to "see what's out there" • They are always looking for a "good deal" • They have a less than favorable credit history • They refuse to be pre-qualified by a lender • They refuse to sign an exclusive buyer's agency agreement • They are hypercritical and/or over-demanding • They make a habit of missing appointments or showing up late • They simply are not being honest with you Understanding Needs - CORRECT ANSWER During the qualifying process, you should have determined quite a bit about your buyers. You have learned in what price range they have been financially qualified to purchase. You should also have determined their motivation, including their urgency to purchase, or at least their planned time frame. You will present yourself to buyers in much the same way that you present yourself to sellers. That is, you will introduce yourself and give the buyers information about you and your company. If you have earned the ABR®* designation through the NAR you will point this out to the buyers. You (as required by law) will give the buyers the Information about Brokerage Services and determine their choice as to representation. Listing Agreement - CORRECT ANSWER The listing agreement is an employment contract used by sellers to employ a real estate broker, or brokerage firm, to find a buyer for their property THE LISTING AGREEMENT - CORRECT ANSWER The parties to the listing agreement are the seller and the broker. A sponsored license holder of the broker may sign the agreement, but does so on behalf of the broker.