Champions School of Real Estate Marketing SAE 117 Questions with Verified Answers,100% CORRECT

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Champions School of Real Estate Marketing SAE 117 Questions with Verified Answers Price - CORRECT ANSWER The most common reason a property fails to sell is __________. Marketing - CORRECT ANSW ... ER Matching human needs with goods or services to meet those needs is the process of ____ agent - CORRECT ANSWER Problem solving is a key personality trait of a successful ___ D in AIDA stand for - CORRECT ANSWER Desire Four P's of Marketing - CORRECT ANSWER Product, Price, Place, Promotion A-I-D-A - CORRECT ANSWER The four psychological steps of a sale, attention, interest, desire, and action To be an effective problem solver, it is beneficial to understand basic ----------human needs and the involved in a sale. - CORRECT ANSWER psychological steps Emotional Phases of a Purchase - CORRECT ANSWER The emotional phases are: 1. Attention - the buyer's attention is caught by an item, advertisement, sign or whatever. Interest can be aroused once you have the buyers' attention. 2. Interest - a more advanced stage of attention, interest, is developed by giving facts and details about a property or demonstrating is suitability to the buyer. When a significant amount of interest can be generated, enthusiasm or desire takes hold. 3. Desire - the buyer begins to picture himself in the home - enjoying the amenities it has to offer. They begin to appreciate your perception in tying them to this particular property. 4. Act - the buyer is ready to buy, or act on his desires. Amenities - CORRECT ANSWER This can be defined as expected benefits to be received as a result of ownership SWOT analysis - CORRECT ANSWER Analyzing strengths, weaknesses, opportunities, and threats is referred to as ... CMA - CORRECT ANSWER A report prepared by an agent to help a seller realistically price their property is a Market Research - CORRECT ANSWER Gathering data, analyzing it and drawing conclusions based on it describes Market research can be conducted for a variety of reasons: - CORRECT ANSWER • To monitor current marketing performance • To evaluate potential marketing activities • To improve marketing as a process • To create or test ideas and approaches • To identify market opportunities and threats • To identify the agent's (or team's, or office's) strengths and weaknesses • To determine the direction of the market Which of the following could potentially be a weakness? - CORRECT ANSWER ++a. An agent uses a flip phone for business calls and has not set up a voicemail box b. An agent regularly contacts people in her sphere of influence to touch base. c. An agent joins the local board of REALTORS d. All of these are potentially considered weaknesses Why might a real estate professional perform market research? - CORRECT ANSWER a. To determine the direction of the market b. To monitor current marketing performance c. To identify new market opportunities ++ d. All of these are reasons to perform market research The __________ Analysis is an excellent source for marketing research. - CORRECT ANSWER SWOT For sale by owner - CORRECT ANSWER The acronym FSBO stands for cold calling - CORRECT ANSWER Another name for telemarketing is called Geographic Farming - CORRECT ANSWER Working a market based on location is called In term of marketing what is a farm? - CORRECT ANSWER A farm is a part of the area that is serviced by your firm Which is a common technique used in prospecting listings? - CORRECT ANSWER cold call mail door to door Multiple Choice - Read the scenario and answer the questions that follow. Janie has been spending thousands of dollars on marketing materials without realizing much of a return on her efforts. She has become disheartened because she feels as though there is too much competition in her metro market and that her shotgun marketing approach is not reaching the right people at the right time. Janie meets with her mentor, Jonathan, who has been a top earner in their brokerage for the last 5 years and counting. He credits his success with learning to master his marketing, making it as effective as possible. He even spends less on marketing materials per quarter than Janie does! Jonathan listens to Janie lament about losing money and time. Before she can finish her sob story, he tells her that he knows exactly what she is doing wrong, and he gives her some sound advice. - CORRECT ANSWER look at questions 1. Based on Janie's failed marketing attempts so far, what might Jonathan's advice have been? - CORRECT ANSWER a. Janie should ditch her metro marketing efforts and think bigger to macro marketing. ++b. Janie should think "smaller" and narrow her focus to a particular segment of the market. c. Janie should hire his website designer to build her a sleek site with colorful graphics and music. You have to spend money in order to make money. d. Janie should switch to a larger brokerage with more exposure to the metro market By specializing in a segment of the market, what type of marketing would Janie be practicing? - CORRECT ANSWER a. Modified metro marketing b. Macro marketing ++c. Micro marketing d. Branding Why would an agent employ micro marketing strategies? - CORRECT ANSWER a. Because most brokerages today require agents to specialize in a niche market b. Because agents do not like cold calling ++c. Because it can save agents time and money by custom tailoring their marketing campaigns for a specific group of buyers/sellers d. Because it is just easier to do due to social media What is ai? - CORRECT ANSWER Artificial intelligence is quite simply the next frontier in technology that truly will change the way that people do business. Many people use artificial intelligence (AI) every day and might not even realize it. Copyright © 2018 Champions School of Real Estate® 64 Chapter 5 Technology and Online Marketing Have you ever asked Apple's Siri to find a restaurant in the area that serves Chinese food? Have you ever used the Windows 10 solution to AI, Cortana to find an answer to a question for you? Maybe you bought or received an Echo Dot or similar AI device for your home recently. All of these are examples of AI designed to do the "heavy lifting" to add value to your life. Real estate agents are now _______ more than ever? - CORRECT ANSWER ++a. Mobile b. Officebound c. Dependent on office space d. None of these are correct The word blog is a combination of which two words? - CORRECT ANSWER a. Binary and log ++b. Web and log c. Web and byte d. Byte and log Largest Social Media Site in US? - CORRECT ANSWER ++FB Twitter has __________ who read there posts? - CORRECT ANSWER followers Users of pintrest _________ items to their own personal boards. - CORRECT ANSWER PIN A report generated by comparing a seller's property to current listings and recent sales is a --------- - CORRECT ANSWER CMA The purpose of compiling a market analysis for a seller is to assist the seller in __________ there property competitively. - CORRECT ANSWER pricing Preparing a home for showing can be done professionally or by the sellers. It is often called - CORRECT ANSWER home staging What could you say to convince a seller who is determined to price their property well above market value that they should rethink their decision? - CORRECT ANSWER ++a. "A higher price will most likely not be supported by an appraisal, so many buyers will not be able to get financing." b. "Go ahead and price it as you see fit. Maybe you'll get lucky." c. "You're right, this home has tremendous sentimental value and buyers are likely to see that right away." d. "Market value is whatever you deem your property to be worth." More available affordable housing creates what is known as a _________ market. - CORRECT ANSWER a. Bull b. Seller's ++c. Buyer's d. Buyer Beware Which is the best definition of home staging? - CORRECT ANSWER ++a. Repurposing furniture and accessories to add visual impact to a home b. Set design c. A mock-up of a house that decorators use to practice design schemes d. A furnished apartment model or model home open for viewing according to the text the numbers __ and 7 have psychological effects on buyers. - CORRECT ANSWER 4 Properties an agent shows a buyer similar price are ? - CORRECT ANSWER Comparables Who determines commission fees and splits? - CORRECT ANSWER a. The agent of record b. The state licensing agency ++c. The Broker of Record d. The local real estate board Which of the following statements is INCORRECT - CORRECT ANSWER a. Brokers may offer discounted commission rates to clients. b. Brokers may charge clients a flat fee for services. ++c. Flat fee charging is illegal in most states. d. Real estate commissions are always negotiable IRS guidelines state that sales agents that are independent contractors: - CORRECT ANSWER ++a. Are required to pay their own business expenses. b. Can be made to attend training seminars if the broker requires it. c. May be covered by the broker's insurance and retirement programs. d. Must be provided with a W-2 at the end of every year. CRM - CORRECT ANSWER Customer Relationship Management database Which of the following statements regarding commissions is TRUE? - CORRECT ANSWER a. Agents are allowed to split their commissions with unlicensed individuals. ++b. Agents are not allowed to split their commissions with unlicensed individuals. c. Agents can pay licensed individuals a finder's fee of up to $10,000. d. Brokers may split agents' commissions between the agent and the client. Which of the following is sound financial advice for agents and brokers? - CORRECT ANSWER a. Keep your business and personal accounts together to make it easier at tax time. b. Keep your business and personal accounts separate to make it easier at tax time. c. Pay for all expenses both personal and business on one credit card. d. Take your vacation before you pay your fixed and variable expenses. The indirect approach to marketing is considered ____________. - CORRECT ANSWER a. The best approach b. Personal ++c. Impersonal d. Out-dated How many letters should an agent start sending out introing himself? - CORRECT ANSWER 15-30 . Kathy is a top-producing agent who is very direct in her approach with clients and fellow agents. She is often in a hurry, and keeps her conversations short and to the point. Given this description, it is safe to say that Kathy is probably a __________. a. Feeler b. Analyst c. Driver d. Theorist - CORRECT ANSWER a. Feeler b. Analyst ++c. Driver d. Theorist Which marketing strategy works best for Millennials? - CORRECT ANSWER ++a. Use social media b. Emphasize tax benefits c. Print up coupons for services d. Use direct mail Which behavioral style values ideas and innovation over facts or actions? - CORRECT ANSWER a. Driver ++b. Theorist c. Feeler d. Analyst According to the text, in order to effectively work with Al and Brenda to get their house sold, Janeane must possess the basic qualities of _________ and ego drive. - CORRECT ANSWER a. Sympathy b. Empathy c. Impeccable hygiene d. The spirit of a conquistador According to the text, a successful sales agent needs to possess which of the following? - CORRECT ANSWER a. Ego and sympathy b. Ego and id ++c. Empathy and ego drive d. Sympathy and a keen sense of smell Empathy is: - CORRECT ANSWER a. The ability to smell blood and go in for the kill. b. The ability to ignore people's feelings about a situation. c. The ability to feel sorry for someone. ++d. The ability to put yourself in someone else's shoes. Agents should take the time to assemble a ___________ that will ensure that they have all of the necessary materials during their listing presentation. - CORRECT ANSWER ++a. Listing presentation kit b. Lesson plan c. Scripted presentation d. Lengthy biography complete with headshots The two types of qualifying that are going on in the process of getting to know buyers are financial and __________ qualifying. - CORRECT ANSWER ++a. Emotional b. Physical c. Physiological d. Empathetic Which of the following questions is not generally considered during the process of qualifying a client for a loan? - CORRECT ANSWER a. What is your current monthly combined income? ++b. Where do you see yourself in 10 years? c. What amount do you have for a down payment? d. What is your current monthly debt, other than mortgage payments? Most lenders will not allow borrowers to spend more than ______% of their monthly income on PITI. - CORRECT ANSWER a. 10 b. 18 ++c. 28 d. 15 Which of the following is an INCORRECT statement? - CORRECT ANSWER ++a. Seller's agents MUST disclose to a potential buyer whether or not a person has died of AIDS or HIV-related illness in a home. b. In Texas, sellers are responsible for filling out a Seller's Disclosure of Property Condition for the buyer. c. In Texas, sellers of residential property most disclose all material facts relating to the condition of the property. d. All of these statements are incorrect Which of the following is a defining word for a brokerage according to TREC advertising regulations? - CORRECT ANSWER ++a. Realty b. Properties c. Ventures d. These are all defining words for brokerage according to TREC Which of the following laws restricts the use of the facsimile machine to deliver unsolicited advertisements? - CORRECT ANSWER a. The Anti-Trust Act b. The Do-Not-Call Implementation Act of 2003 ++c. The Telephone Consumer Protection Act d. The EBR Act Which of the following factors influences a real estate professional's business conduct? - CORRECT ANSWER a. The ethical standards required by the state licensing authority b. The agent's sense of morality c. Federal, state and local laws ++d. All of these factors influence business conduct Active real estate brokers and real estate inspectors in the state of Texas must display ___________ in a prominent location in the place of business. - CORRECT ANSWER a. Their biographical information ++b. Consumer Protection Notice CN 1-2 c. Their university diploma d. Their real estate certificate of achievement TREC investigates complaints against license holders who have violated the ____________. - CORRECT ANSWER ++a. Texas Real Estate License Act b. Texas Appraiser License Act c. Interstate Real Estate Pact d. All of these are correc Trends with agents and agencies - - CORRECT ANSWER Mobility continues to be the trend with both real estate agents and agencies. As real estate agencies race to reduce office space, agents are spending less time in offices and more time working from home or from a completely mobile office. Types of personalities and best for sales - - CORRECT ANSWER feelers Reasons a house will not sell - CORRECT ANSWER price , location, condition, marketing plan Photo editing aps for smart phones - - CORRECT ANSWER Videolicious Montaj is a video app for the iPhone Splice The Magisto ReelDirector iOS Camera+ Zoom fx is for Android cameras Over - iOS Phonto is for Android cam Meme Generators SWOT - CORRECT ANSWER Strength, Weakness, Opportunities, Threats Reservations based concept for workstations - CORRECT ANSWER Hoteling Twitter - CORRECT ANSWER a website that enables users to send and receive "tweets," messages up to 140 characters long- To use Twitter successfully for real estate, brainstorm a list of the influencers in a community or sphere that are of interest Buyer/seller motivations - CORRECT ANSWER 1. Security - A feeling of security comes with owning a home - and the knowledge that your home is a safeguard against inflation. Generally as prices go up, so does the value of your property. 2. Investment - Payments on your mortgage mean you are acquiring a major possession; instead of rent, you own more and more. 3. Tax Advantage - Your real estate taxes and the interest on your mortgage or land contract are deductible from your income tax. 4. Financial Independence - More people have started on the road to their goals by home ownership than by any other way. Your principal and interest payments remain the same for the full term of your mortgage while rents usually go up. 5. Standing and Credit - Home ownership makes you a solid part of the community and gives you an established credit rating. Such a responsibility also develops self-reliance, business acumen and an appreciation of financial independence. 6. Environment - Your children grow up in the neighborhood of your choice. You establish roots. 7. Cash Equity - Better than a savings account, your home can appreciate to keep pace with inflation. Should your hobby be carpentry, decorating, etc., you have opportunities to enhance the value of your home. 8. Satisfaction - Home ownership offers special advantages that make life more enjoyable - backyard barbecues, a home workshop, a chance to enjoy your family's companionship in the privacy of your own home. Types of research for understanding human behavior - - CORRECT ANSWER Market research can be further broken down into qualitative and quantitative research. Qualitative research explores people's thoughts, feelings, and actions, in search of the reasons why people behave or think a certain way (qualitative = qualify [answers why]). To aid in developing a hypothesis as to why customers behave as they do, a real estate agent can best gather qualitative research by conducting interviews and small-scale focus groups. W Types of Buyers - CORRECT ANSWER 1. First-time buyers - lack experience and want a professional to help them through the process. They also worry that an experienced seller might take advantage of them. 2. Those changing homes in a particular area or "moving-up" to their dream home comprise the second type. These buyers have plenty of time and are often enjoying the shopping process. They work very hard to get a bargain. 3. Investors - Some buyers are investors. They want to buy low and sell high. They will only Copyright © 2018 Champions School of Real Estate® 23 Chapter 2 The Marketing Concept look at property that is a good income producer, or that has a desperate seller. If they are very knowledgeable, they will work on their own, but most use professionals to guide them to good opportunities. 4. Relocators - The last group of buyers are those relocating to the area. They are often on a tight budget for time and since they are unfamiliar with the area, will almost always work exclusively through real estate agents. They depend on us to fill them in on property values in the area, and to take care of the details required to get from contract to closing, while they return to their current home to settle matters there. Recommendations for pulling a hotsheet and # of potential clients to be contacted weekly - CORRECT ANSWER Pull a "hotsheet", a recent activity report, from the MLS at least once a week. Contact at least 25 potential clients; you can advertise solds in your farm even if you did not sell the property. However, be careful not to say that YOU sold it. Types of questions - CORRECT ANSWER why? Website for pinning - CORRECT ANSWER pintrest The two plans that work together for success - - CORRECT ANSWER business plan and marketing plan Names of the generations and ages - CORRECT ANSWER Millennials/ GenYers (buyers between the ages of 18 and 34) GenX tends to be in the prime part of their earning years, and many are looking to relocate or move to better neighborhoods. Older Baby Boomers are often approaching or already in retirement, and many are looking for active lifestyle communities that cater to their age group How does TREC decide if an ad is clear and conspicuous - CORRECT ANSWER This sign is not compliant with TREC's advertising rules. Nothing on the sign indicates to the consumer that the services being advertised are for real estate brokerage. The word "Real Estate" is not a word that serves to clearly identify the advertiser as a real estate broker (see TREC Rules 535.154(c) and (f)). TREC has opined over the years that the word "REALTOR®" or "Realty" are words that clearly identify the advertiser as a broker, but that the words "Real Estate" or "Properties" do not. Students might be confused thinking that the agent's name is the right size compared to the phone number contact information. Size is not the issue on this particular sign Independent contractor status - CORRECT ANSWER • The sales agent must hold a real estate license. • The sales agent must be paid on a commission basis. • The sales agent must have a written contract with the broker specifying the sales agent is not an employee Size of broker name in advertising - CORRECT ANSWER On signs or any other type of advertising, a broker's name, the brokerage name, or an assumed name has to be at least 50% of the largest item of contact information Offer and acceptance - - CORRECT ANSWER Acceptance of an offer means that the accepting party does so with no change to the contract whatsoever. Any change, no matter how trivial, turns the offer into a counteroffer. Fair Housing terms - CORRECT ANSWER The first federal fair housing law was the Civil Rights Act of 1866, which prohibits discrimination in housing based on race or color. It is a very broad law and is still in effect today. In 1968, in the case of Jones v. Alfred H. Mayer Company, the U.S. Supreme Court ruled that the 1866 law prohibits discrimination on the basis of race or color, without exception. While there are some exceptions to the application of subsequent fair housing laws (1968 law), the Act of 1866 provides for no exceptions whatsoever. Lawsuits under this act are filed directly in federal court. Antitrust rules - CORRECT ANSWER Commission rates and any other means by which brokers are compensated by sellers and buyers are always negotiable between the parties. Any attempt by a group of brokers to set the commission rates in their area or between a group of brokerage firms would be considered illegal price fixing. The federal laws that have the greatest impact in this area are the Sherman Anti-Trust Act and the Clayton Act. The Sherman Anti-Trust Act is very specific concerning this violation. All commissions are negotiable between the broker and his or her client and are not set by any Board of REALTORS® or between competitors, or by TREC. Any attempt to fix prices would be a violation of federal law. Any agreement to limit competition by assigning market areas would also be a violation. Likewise, boycotting of discount brokers is also a violation of federal law. Steps in the residential sales process - - CORRECT ANSWER Agent meets with Buyer Buyer is pre-qualifi ed or pre-approved by loan officer Buyer receives and acknowledges disclosures and agency information Buyer enters into an agency agreement with broker Agent shows properties to Buyer Agent writes off er for Buyer on Seller's property Buyer's agent delivers offer to listing agent Listing agent presents Buyer's off er to Seller Negotiations begin Contract negotiations are completed and agreed to by all parties Option fee is paid to Seller Employee vs. Independent Contractor - CORRECT ANSWER -Determining whether taxpayer is employee or independent contractor Primary question: who has control over how, when, where work is performed? -Tax differences Amount of FICA or SE taxes payable Deductibility of expenses For AGI From AGI Employer portion of self-employment taxes Competency - - CORRECT ANSWER Competency- It is the obligation of a real estate agent to be knowledgeable as a real estate brokerage practitioner. He or she should: • Be informed on market conditions affecting the real estate business and be pledged to continuing education in the intricacies involved in marketing real estate for others; • Be informed on national, state, and local issues and developments in the real estate industry; • Exercise judgment and skill in the performance of his or her work. INTEGRITY - CORRECT ANSWER A real estate broker or sales agent has a special obligation to exercise integrity in the discharge of his or her responsibilities, including employment of prudence and caution so as to avoid misrepresentation, in any way, by acts of commission or omission FIDELITY - CORRECT ANSWER A real estate broker or sales agent, while acting as an agent for another is a fiduciary. Special obligations are imposed when such fiduciary relationships are created. They demand: • That the primary duty of the real estate agent is to represent the interests of his or her client, and his or her position, in this respect, should be clear to all parties concerned in a real estate transaction, that however, the agent, in performing his or her duties to the client, shall treat other parties to a transaction fairly; • That the real estate agent be faithful and observant to trust placed in him or her, and be scrupulous and meticulous in performing his or her functions; • That the real estate agent place no personal interest above that of his or her client. Fair Housing Terms - CORRECT ANSWER The first federal fair housing law was the Civil Rights Act of 1866, which prohibits discrimination in housing based on race or color. It is a very broad law and is still in effect today. In 1968, in the case of Jones v. Alfred H. Mayer Company, the U.S. Supreme Court ruled that the 1866 law prohibits discrimination on the basis of race or color, without exception. While there are some exceptions to the application of subsequent fair housing laws (1968 law), the Act of 1866 provides for no exceptions whatsoever. Lawsuits under this act are filed directly in federal court. Where can a consumer complain about an agent - - CORRECT ANSWER TREC Agency in TX - - CORRECT ANSWER IABS ? Fair housing penalties - CORRECT ANSWER Penalties for violation of the act are up to $75,000 for the first violation, and up to $150,000 for subsequent violations. Dates for Fair housing laws - CORRECT ANSWER The first federal fair housing law was the Civil Rights Act of 1866, which prohibits discrimination in housing based on race or color. It is a very broad law and is still in effect today. In 1968, in the case of Jones v. Alfred H. Mayer Company, the U.S. Supreme Court ruled that the 1866 law prohibits discrimination on the basis of race or color, without exception. While there are some exceptions to the application of subsequent fair housing laws (1968 law), the Act of 1866 provides for no exceptions whatsoever. Lawsuits under this act are filed directly in federal court. The next major legislation affecting housing is the Federal Fair Housing Law, officially called Title VIII of the Civil Rights Act of 1968. It prohibits discrimination on the basis of race, religion and national origin. Gender was added as a protected class in 1974, followed by physical handicap and familial status in 1988. Discrimination is prohibited in the sale or rental of housing and vacant land offered for residential construction or use. Age is not a protected category under this law. How % of Fair Market Value pricing impacts consumer interest in the property - CORRECT ANSWER Types of loans - CORRECT ANSWER FHA VA Conventional ,Adjustable mortgage rate, graduated mortgage rate,Amortized loan Puffing or puffery - - CORRECT ANSWER Puffing (puffery) is not misrepresentation. Puffing is marketing. Puffing uses adjectives and opinions rather than details or facts (The most beautiful landscaping). Exaggerated puffing can lead to misrepresentation. (Best water in the world). License holders should take care to not overstate the positive features of a property that could lead to a claim of misrepresentation What does knowingly mean in reference to DTPA - - CORRECT ANSWER The Deceptive Trade Practices Act (DTPA) is a Texas law that was passed in 1973. It allows an aggrieved consumer to sue a seller of goods for damages. The act by the seller of the goods has to be deceptive or unfair for the consumer to successfully sue for monetary damages. TREC's definition of advertisement - CORRECT ANSWER §535.155 Advertisements. (a) Each advertisement must include the following in a readily noticeable location in the advertisement: (1) the name of the license holder or team placing the advertisement; and (2) the broker's name in at least half the size of the largest contact information for any sales agent, associated broker, or team name contained in the advertisement. (b) For the purposes of this section: (1) "Advertisement" is any form of communication by or on behalf of a license holder designed to attract the public to use real estate brokerage services and includes, but is not limited to, all publications, brochures, radio or television broadcasts, all electronic media including email, text messages, social media, the Internet, business stationery, business cards, displays, signs and billboards. Advertisement does not include a communication from a license holder to the license holder's current client. (2) Associated broker has the meaning assigned by §535.154. (3) "Broker's name" means: (A) the broker's name as shown on a license issued by the Commission; How agents are paid - CORRECT ANSWER Brokers leverage their agents' knowledge and time to provide services to clients. Brokers decide on the fees that they charge their clients by taking into account several factors: commissions how agents get paid What an agent does or uses to help determine market value of a property - CORRECT ANSWER CMA to determine a reasonable market value for the property Emotional phases of buying - - CORRECT ANSWER AIDA What mean, median and mode relate to - - CORRECT ANSWER use Descriptive Data Analysis to calculate Negative factors in the external environment - CORRECT ANSWER Threats How an agent adds value to the buying process - CORRECT ANSWER 3 Ways Sales Agents Add Value to the Buying Process 1. Counseling. Assist the buyers in acquiring and interpreting information about the property and its condition. 2. Negotiating. Help the buyers arrive at a realistic offer for the property and assist them in planning a negotiating strategy. Advise them about financing options. 3. Managing the transaction. Guide the buyers through the intricate paperwork of a real estate transaction and help ensure the closing stays on schedule. Goals - CORRECT ANSWER • They should be attainable. They should not be too easy, but they should not be impossible to achieve. • They should be flexible, to permit for unexpected windfalls and dry spells. • They should be measurable. If your aim is to list 24 properties in the next 6 months, then that is a measurable goal. • They should have a time-frame. Goals should have a target date for completion, and they should build on one another. In other words, your short-term goals should lead to your intermediate goals, which should lead to your long-term goals Niche marketing - - CORRECT ANSWER Many agents therefore find it beneficial to specialize within a specific niche of their market. Focusing on a specific niche allows a sales agent to custom tailor marketing campaigns and employ marketing strategies that will speak to and motivate those niche customers. When cost causes manufacturers and vendors to raise prices, this is called - CORRECT ANSWER low supply high demand Learning styles - CORRECT ANSWER • Visual - Visual learners sort information primarily through pictures or are drawn to visual aspects more than written detail. They use visual terms when speaking such as, "See what I mean," or "Get the picture." Speak rapidly and in a higher tone of voice for these buyers. • Auditory - Auditory learners process information by sound clues. You may hear them say phrases such as, "How does that sound," or "Does that ring a bell?" Speak evenly and in a soothing tone. • Kinesthetic - Kinesthetic learners process information through feelings and their environment. Phrases would be: "This feels like," or "Get a grasp of." Speak slowly with many pauses, they are taking in a lot. Personality types - - CORRECT ANSWER Whales: Whales can also be classified by the color yellow. These personalities are humanitarians. They love to be involved with the community and often get involved with charity work and non-profit organizations. Professionally, whales may be teachers or work for non-profits. If you are working with a client who you determine may be a whale, you can draw them in by talking about the ways that you give back to the community that you service and Copyright © 2018 Champions School of Real Estate® 168 Chapter 10 Understanding Clients the charities that you are involved with. Ask them about the different causes that they are involved in. Don't be overly aggressive with this personality; it won't get you very far with them and might actually harm or hinder a client relationship with them. 2. Dolphins: Dolphins are can be identified by the color blue. A dolphin's personality is typically outgoing and they are easily amused. Most of all, dolphins like to have fun. When discussing potential properties with a dolphin, be sure to mention local entertainment like restaurants and bars where they can go out and meet people. Dolphins are very social and enjoy a good time. They are not detail-driven and tend to make decisions quickly. Dolphins might be in entertainment or even marketers themselves. When working with a dolphin, sit back and listen to them. Dolphins like to talk. Dolphins have a tendency to get bored easily, so don't be offended if they may be shopping around for agents. Work with them on their level to convince them that you are the right agent for them. 3. Urchins: The color green correlates with urchins. When you think of an urchin, think of the phrase, "Just the facts, ma'am." Urchins are interested in data, and like to analyze and synthesize copious amounts of data before making a decision. If you suspect your c Staging - CORRECT ANSWER Another name for Home Staging is "Repurposing". Repurposing simply means giving something a new purpose or use. It adds potential to a piece of furniture or an accessory and could add capabilities that had not been thought of for prior use % of seniors who own homes - CORRECT ANSWER Approximately 80% home ownership rate (Age 65+). Home ownership rate is 65% for the population under 65. ages groups - CORRECT ANSWER Generations Defined: The Greatest Generation or GI Generation - born before 1928: 3.7 million The Silent Generation - born between 1928 - 1945: 28 million The Baby Boomers - born between 1946 - 1964: 74.9 million Generation X - born between 1965 - 1980: 65.8 million Generation Z/Millennials - born between 1982 - 1997: 75.4 million Communication styles - - CORRECT ANSWER analyst, driver, theorist Best times to hold open houses - - CORRECT ANSWER house is from 9 am - 4 pm on Saturdays or 1 pm - 5 pm on Sundays. VA loan requirements - CORRECT ANSWER are loans which are guaranteed by the Veterans Administration. These loans are often available with no down payment. The guarantee is free to the Veteran. The Veteran must receive a Certificate of Eligibility from the VA prior to applying for the loan. The property must be appraised by the Veterans Administration. A veteran who is applying for a VA loan must sign a document stating that he or she will occupy the property. As with FHA loans, most loans are for thirty-year terms and the interest rates are set by the market conditions. The maximum loan amounts for FHA and VA are changed periodically to accommodate changing values of real estate over time. ADA - CORRECT ANSWER The ADA is an expansive law that affects almost all public accommodations, including retail stores, real estate offices, concert venues, government buildings, professional offices, restaurants, bars and hotels, just to name a few. Both a tenant in a commercial space and the landlord are potentially liable for violations of the ADA. [Show More]

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