Unit 1 Flashcards - profession? Although we deal with a product-rea...

Unit 1 Flashcards

2: What is the dominant emphasis of the real estate

profession?Although we deal with a product-real estate, the human factor of identifying and fulfilling the needs of others is the dominant emphasis of the real estate profession."reasonable supervision."Brokers and salespersons contract as independent contractors as a result of the requirement of the Internal Revenue Service. (See Figure 1.2.) The IRS will treat the real estate salesperson as an independent contractor if the

following three criteria are met:

List prices are not sale prices and many listings expire XXX. Location also plays a significant role in determining value.unsold

real estate commissioner10: Real estate salespeople often team up with another

salesperson to form a selling team. An advantage of such

an arrangement is:

(a)utilize the office Web site.Ad Week (April 20, 2018) indicated that 69% of real estate agents use Facebook.You should consider e-PRO certification. This is the NAR training program to certify real estate professionals as Internet professionals. The educational requirements for certification will prepare you for more effective online communications.(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.Brokers compute desk cost as the total office overhead divided by the number of salespersons.Planning is the process of plotting your course of action to reach specified goals and objectives. It is a blueprint of what you intend to accomplish.Desired annual earnings / 1,952 working hours a year emotionIf we were unable to effectively market products, the entire process would slow, resulting in increased unemployment that would have been a recessionary effect on our entire economy.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.

9: Although the working relationship of the salesperson is

that of an independent contractor, salespersons are

actually:

4: In a buyer's market,In a buyer's market, there are many sellers and few buyers, so sellers must compete for the available buyers, which usually means the lowering of prices.A good time-management system rounds out your plan and helps you improve efficiency and income.

17: ________ is the process of plotting your course of

action to reach specified goals and objectives.

The majority of real estate agents are engaged in listing and selling single family residences.One of your first steps toward success in a new office is learning your inventory.Real estate (namely, the XXX and that which transfers with it) Land

13: 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.A number of factors led to the 2008 meltdown in real estate

values. Some of these include the following:

Broker's Compensation Discount brokers6: Discount brokerage firms tend to be more successful in: Some new licensees will work as salaried XXX to successful sales agents to gain the experience and confidence necessary for success in sales.personal assistants

14: Which of the following statements is FALSE about

professional designations?(b)Professional designations mean nothing to prospective buyers and sellers. Certain professional designations carry substantial weight out in the field. They convey knowledge and expertise to prospective buyers and sellers.(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.Partnership/Selling Team Some offices use a mentor program to train new agents where the new hire assists a successful salesperson for several months.

12: Which of the following is TRUE with regard to 100

percent commission offices and newly hired salespeople?Will-buy buyersare buyers who don't really have to buy. Investors and speculators are included in this group. Will-buy buyers generally look for motivated must-sell sellers; in other words, they're often bargain Terms-Because of the dollar value of the purchase, real estate sales tend to be very sensitive to XXX. Higher interest rates can depress the marketplace, because fewer buyers will qualify for loans interest rates Business and Professions Code Section 10032 Formerly the broker was required to review contracts prepared by salespersons within five days. This has been replaced by a policy of XXX Sellers who are motivated to sell will be more realistic in their pricing. When a seller is highly motivated or desperate, a XXX, the price asked could be less than the sale prices of similarly desirable properties.must-sell seller wrongful acts (torts)Errors and omissions insurance

16: 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:

By the use of role-playing, you can train yourself to handle telephone inquiries; make listing, showing, and selling

presentations; learn to effectively qualify buyers; and learn to overcome both buyer and seller objections.is the cornerstone of modern real estate brokerage.Cooperation includes sharing of commission.8: Real estate licensees may also act as agents in: Brokers can elect to work as salespeople for another broker. They are considered broker associates. They can work for themselves or for more than one broker.A broker must notify the XXX in writing when a broker enters employment as a salesperson or is terminated.Some successful agents hire assistants to take care of a great deal of their "B" Time and "C" Time activities. You can see why a productive salesperson would want to do this."B" Time-Time spent in prospecting for buyers and sellers and in preparing for showings"C" Time-Caravanning, studying inventory, and doing necessary tasks and paperwork in support of A Time and B Time activities they are treated as employees in connection with dealing with the public.The broker is responsible for XXX of his or her salespeople within the course and scope of employment.commission, minimum wage laws do not protect them.Broker associates typically would not cover pollution on the property, physical harm to others, or damage to property caused by the insured. Policies typically have deductibles, and the cost of the policy is related to business volume.Salespeople are paid solely by Do not forget the oft-repeated statement that 20 percent of your effort will produce 80 percent of your results.The teams are usually organized under written agreements, sometimes for a specified time period that provides for renewal by agreement. Team agreements cover adding or termination of team membership.Therefore, internet control of the team name would be hard for the broker to enforce. Assembly Bill 2018 (Bocanegra) allows a salesperson to We reach success in the real estate profession by first successfully meeting the needs of others. Real estate is, therefore, more a people than a property profession.For the buyer as well as the seller, home purchases are important in both XXX and dollars.Unmotivated sellers-that iswill-sell sellers Imperfect marketplaceReal estate professionals work in an imperfect and changing marketplace. The reasons for this imperfection include product differentiation, emotions, imperfect buyer and seller knowledge, buyer and seller motivation, and the differing terms of the sale. The real estate professional brings a degree of order to this marketplace.The growth of buyer XXX, where a sole agent represents a buyer, has reduced the likelihood of a buyer overpaying.brokerage Real estate is nothomogeneous.Goal settingis a tool for making intelligent decisions. Use the following

seven principles to help you set your goals effectively:

The Internet can be a great learning tool. One of the many Web sites you should consider visiting is www.relibrary.com.

19: Time spent making listing presentations and showing

properties is considered:

In a seller's market, with few sellers and many buyers, discount brokerage firms tend to be more successful since less marketing is necessary for find buyers.Listings aka agency agreements