CHAMPIONS REAL ESTATE MARKETING SAE Exam Questions and Answers 2024.pdf, Exams of Law

Download CHAMPIONS REAL ESTATE MARKETING SAE Exam Questions and Answers 2024.pdf and more Exams Law in PDF only on Docsity! 1 CHAMPIONS REAL ESTATE MARKETING SAE Exam Questions and Answers 2024 Most common reason a property fails to sell is - Answer- price Matching human needs with goods or services to meet those needs is the process of - Answer- marketing _____________________ is a key personality trait of a successful agent - Answer- problem solving 3 Ways Sales Agents Add Value to the Buying Process - Answer- Counseling, Negotiating, and Managing the transaction Four P's of marketing real estate - Answer- product, promotion, price and place How can you know your product? - Answer- Inspect company listings • Travel your geographic area • Practice writing offers • Do net sheet calculations on your own house AIDA - Answer- (The four psychological steps of a sale: attention, interest, desire and action). states that rational buyers will pay no more for a property than they would for an equally desirable, comparable property. - Answer- The principle of substitution in real estate valuation Marketing to a specific age group is sometimes called - Answer- generational selling An acronym for the psychological steps of a sale is - Answer- AIDA A willingness to change and grow your marketing plan demonstrates to concept of ____________. - Answer- adaptation To be an effective problem solver, it is beneficial to understand .... - Answer- basic human needs and the psychological steps involved in a sale 2 defined as expected benefits to be received as a result of ownership - Answer- amenities Objectives should be - Answer- measurable and achievable as well as timely. Goals should be - Answer- attainable, flexible, measurable, and time frame shot gun method - Answer- often the preferred choice for new agents until they realize that they can't possibly take on such a large-scale market 4 types of buyers - Answer- -first time buyers -relocators -upgraders -investors communication is - Answer- transcribing and receiving/ talking and listening Marketing budget goals should be set for a minimum of ___________, realistically more - Answer- 6 months _______ drive the market - Answer- consumers Agents should "listen" not only to what the client is saying, but also to ___________________. - Answer- body language To be an effective problem solver, a real estate agent should understand the __________ involved in a sale. - Answer- psychological In which emotional phase is the buyer ready to buy? - Answer- Act Gathering data, analyzing it and drawing conclusions based on it describes - Answer- marketing research Analyzing strengths, weaknesses, opportunities, and threats is referred to as a - Answer- SWOT analysis A report prepared by an agent to help a seller realistically price their property is a - Answer- CMA SWOT - Answer- strength, weakness, opportunities and threats - marketing research analysis CMA - Answer- comparative market analysis 5 c. Mailing a note or postcard d. All of these are techniques used in prospecting - Answer- d A broker can keep and protect client records by making use of - Answer- cloud storage A source of information about current and expired listings and sales can be found on the local __________, - Answer- MLS Two popular social networks are ___________ and _____________ - Answer- twitter fb With client permission, an agent could post a video of a listed property on ___________. - Answer- youtube Skyler 360 and Siri are examples of - Answer- artificial intelligence Why is search engine optimization (SEO) important? - Answer- Because without it, your website might end up buried on page 12 or 13 of a Google search, and everyone knows that the majority of web-surfers do not click past page 2 or 3 of the results. SEO employs strategies that promote your site up in the ranks of a search results page, making you more visible to prospective clients MLS stands for - Answer- Multiple Listings Services is an office concept that is catching on in some brokerages, limiting the amount of office space needed for agents - Answer- Hoteling The word blog is a combination of which two words? - Answer- web and log are the largest demographic of customers to sell to due to their sheer volume of numbers - Answer- Millennials The purpose of compiling a market analysis for a seller is to assist the seller in __________ their property competitively. - Answer- pricing Preparing a home for showing can be done professionally or by the sellers. It is often called ___________. - Answer- home staging THE 4CS OF SOCIAL MEDIA MARKETING - Answer- • Creating • Curating • Connecting • Culture 6 created when there is more money in the market and less goods for sale - Answer- Demand-pull inflation occurs when the costs of production and offering services increase, thereby causing manufacturers and tradespeople/vendors to raise their prices accordingly. The costs are then passed on to the consumer - Answer- cost-push inflation More available affordable housing creates what is known as a _________ market. - Answer- buyer's Rather than being employees of their broker, most license holders work as _____________. - Answer- independent contractors The commission is the most common form of ______________. - Answer- agent compensation An independent contractor will have earnings reported to the IRS on a form called a _________. - Answer- 1099-MISC The way a commission is divided between cooperating brokers is called the ____________. - Answer- commission split IRS guidelines state that sales agents that are independent contractors: - Answer- are required to pay their own business fees Which of the following statements is INCORRECT? 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 - Answer- c Who determines commission fees and splits? - Answer- The broker of record TREC requires any broker with an exclusive agency agreement to provide the client with _____________. - Answer- minimum levels of service Time in the office providing an agent the opportunity to work with any walk-in or call-in prospects is commonly called _________. - Answer- floor time In direct approach to marketing is considered - Answer- inpersonal personality type that gives back to community - Answer- whale 7 personality type that likes to have fun, they like to talk - Answer- dolphin interested in data, engineers - Answer- urchins personality type that is competitve, out for blood, big idea people, big picture people - Answer- shark values ideas, innovation, original and new concepts that have long-term implications; inquisitive and imaginative; challenged by problems and finding solutions. - Answer- theorist values actions ("actions speak louder than words"); results oriented; direct; frank about events, situations and people; down to earth and practical in working. - Answer- driver The best marketing tip for Sofia when dealing with GenX and Millennials would be: - Answer- Make your presentation short, direct and use technology 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 __________. - Answer- driver A summary of your personal qualifications, business information and a sample contract are some items that would be included in your ___________________. - Answer- listing presentation kit The mandatory disclosure notice that must be presented to both prospective buyers and sellers is the __________. - Answer- IABS A form prepared by the seller and provided to buyers is the ____________________. - Answer- seller's disclosure A Seller's Disclosure is prepared by the seller and the __________ is responsible for the accuracy of the information. - Answer- seller The underlying theory is that a good sales person must have at least two basic qualities: - Answer- empathy and ego drive empathy is - Answer- the ability to put yourself in someone else's shoes Loans guaranteed by a government agency are ____________. - Answer- VA loans