Texas Real Estate Marketing Practice Exam Study Materials

Texas Real Estate Marketing Practice Exam Study Materials Flashcards What is the term to describe tailoring your marketing towards prospects based on age?generational selling Which of the following is true about the timing of social media posts The best time to post will vary from one platform to another.According to a recent survey by the National Association of REALTORS what is the most frequent reason given for selling a home?To move closer to friends and family Off the below, which is NOT an example of price fixing?Two brokers discuss desired cooperation fees for a transaction.What is the number one source of wealth for middle and lower-income Americans, Home ownership Which of these statements is TRUE about the principles of supply and demand?Demand tells us how many consumers are willing and able to afford property.

Agent agit routinely asks himself the following questions:Do

I attend classes to improve my service to my clients or customers? How often?Ajit is trying to make sure that he is demonstrating what trait?Competency Online research, onsite observation, CMA creation, and

market plan development are all components of:

A marketing plan What is the purpose of social listening tools? To discover what customers are saying about you Difference between TREC and TRELATRELA is law passed by the Texas Legislature to govern Texas real estate. TREC is a government agency created by the Texas Legislature to enforce TRELA.What is the name for a report that compares the prices of recently sold homes ("comparables") in order to estimate the market value of a similar property (the "subject property") located in the same area?Comparative market analysis (CMA) When a client fires an agent, we refer to this as agency

termination by:

Revocation

Commission is:Paid to the broker directly

Which of a sellers agent four level of minimum service is

missing from this list:Put the sellers interest first.Answer all

of the sellers questions, and present all offers and counteroffers to or from the seller.Treat all parties honestly and fairly.Inform the seller with material information about a property What could cause buyers to perceive a defect in a property that isn't really there?Staying too long on the market The Ramirezes are a newlywed couple for whom everything is a "first" including their first foray into real estate. You're their buyer's agent. What is your role likely to

be?You will need to guide them extensively through the process of figuring out what they can afford, where to get financing, and what the market looks like.

As an agent, what is your role when it comes to pricing a property?To advise, support, and counsel the seller, who will ultimately make the final decision YourTown was just selected as the site for the building of a major manufacturing complex for Banana Computers. The will result in the addition of a half million jobs to the community. Demand for employee housing is expected surge.What impact will this have on home prices?The price of homes will rise.A loan that is fully amortized will:be paid off in full with the last scheduled monthly payment What is the term for targeting a particular demographic within a given geographical area?Demographic farming What is the term for a measure that can be tied to an activity that impacts a real business decision or result.actionable metric

Agent Ana receives three offers: one for $200,00, one for

$210,000, and one for $220,000. Which ones should she present to her seller-client?all of them Which of the "SMART" goal objectives has to do with setting specific, realistic timeframes, including start dates, end dates, and milestones to mobilize and achieve goals?Time-bound What is a confirming loan?A loan that follows the guidelines set out by Fannie Mae and Freddie Mac The four broad categories that buyers fall into include first-time buyers, buyers changing homes in an area (aka

moving-up buyers), investor buyers, and:

Relocator If you're getting lots of viewings and busy open houses but no offers on a client's property, what's a good next step?Ask agent of buyers who viewed the property for feedback.Number of followers, likes, comments, views, open rates,

and click-through rates are all examples of:

Social metrics You're an agent. Your buyer is about to make an offer.Then he says to you, "I feel like things are moving too fast.I'd rather wait to make an offer and think about it a little more."What emotion or trait is your buyer likely motivated by when he says this?Fear Why would a sales agent create a CMA on a property they've never seen?It allows them to show off their initiative, diligence and skill to a prospective client.What is a wet signature?An ink signature on a physical document Which of the following is true regarding the role of logic and emotion in the homebuyers decision-making process?The decision is primarily an emotional one that is justified with logic and factual information.Under the DPTA, what is the common practice when it comes to consumer treatment?Caveat venditor Broker Randall has a number of sponsored sales agents with experience in commercial sales. If he wants to take advantage of that and put policies in place for the handling of commercial sales, where should those policies appear?in writing in the brokerage policy manual What is Biometric Verification?The use of uniquely bodily characteristics for identity verification

Agent Adam is putting together some paperwork. The paperwork includes the Texas IABS form, the sellers disclosure notice, information about his brokerage and the value he provides, and much more. What is Adam getting ready for?A listing presentation Which of the following represent a buyer's emotional phase in the purchase process?The status that comes with living in a wealthy neighborhood is very desirable to Neil.According to TRELA, what is NOT an allowable contract form for a real estate licensee to use?A form which the real estate licensee has drafted themselves On what kind of website would prospects find information about all of the sales agents that work for a real estate firm?A brokerage website Who is responsible for the actions of a sales agent?The sponsoring broker

The Texas Real Estate License Act is an example of:Laws

Why might a single property website make sense as part of a marketing plan?If the MLS limits the number of photos allowed, they could be featured here.What the term for showing a property in its best possible light?Staging Agent Elena creates a monthly neighborhood newsletter that shares information about how homes are selling in the area. She artist publicizes upcoming neighborhood activities that she is sponsoring.What type of market activity would this be considered?micro market What is the sellers responsibility with respect to the Sellers Disclosure Notice?To disclose everything they know about the property condition Mariella is the buyer's agent in a transaction. The seller is not represented by an agent. What duties does Mariella owe to the seller?Honestly and fairness only What is NOT an example of a government-backed loan?A conventional loan What is a TMS?A system to manage digital forms online, covering the entire transaction process The SWOT analysis is a qualitative framework tool.What does SWOT stand for?Strengths, weakness, opportunities, and threats The three most common types of misrepresentation are:Innocent, negligent, fraudulent What is the objective of TREC's "Broker Responsibility" mandate regarding written policies and procedures?To ensure that sponsored sales agent understand their scope of authority and act competently You're a salesperson. Who can you receive compensation from?Your broker only Which of the following are examples of institutional advertising?Balloons with brokerage logo handed out at a county fair The concept of learning styles has been recently replaced

by a learning model known as:

Theory of multiple intelligences During a dispute resolution process, the person in charge awards a certain amount of money to one of the parties.

This disputes resolution process is an example of a(n):

Arbitration