“Millennials Are Changing Real Estate: Are You Ready?” Class Chapter 1 quiz question with no answers.
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1. Which generation had “helicopter parents”?

A.    The GI or Greatest Generation

B.     Baby Boomers

C.     Generation X

D.    Millennials

2. Which generation has the youngest members?

A.    The GI or Greatest Generation

B.     Baby Boomers

C.     Millennial Generation

D.    Generation X

3. Which generation represents the largest group alive in the US today?

A.    The GI or Greatest Generation

B.     Baby Boomers

C.     Generation X

D.    Millennials

4. What have researchers claimed about the dominant personality traits in Millennials?

A.    They are civic minded

B.     They are narcissistic (they invented the selfie)

C.     They are technologically savvy

D.    All of the above

5. Which of the following events helped to shape the personalities of Millennials?

A.    Tragedies like the Columbine High School and Virginia Tech shootings

B.     The Vietnam war

C.     Parachutte Pants

D.    All of the above

6. What percentage of Millennials would prefer to choose when and where they work, rather than being placed in a 9-5 position?

A.    14%

B.     89%

C.     27%

D.    50%

7. Which personality type did authors Strauss and Howe claim Millennials fall into?

A.    The Civic Minded type

B.     The Idealistic Type

C.     The Adaptive Type

D.    The Reactive Type

8. What did Pew Research Center find about the Millennial Generation’s view of the country’s future?

A.    98% believe that the country has a fair to poor future

B.     49% believe that the country’s best years are yet to come

C.     12% were optimistic about the future of the country

D.    Less than 1% believe the country’s economy will improve

9. What percentage of Millennials identify themselves as racial minorities?

A.    2%

B.     44.2%

C.     89%

D.    12%

10. What is the largest source of debt for the average Millennial?

A.    Student loans

B.     Mortgages

C.     Credit cards

D.    Auto loans

11. According to a recent poll, 65% of Millennials say that losing this item would be worse than losing their car:

A.    Phone

B.     House

C.     Dog

D.    Significant other

12. Approximately how many Millennials are alive today in the US?

A.    12 million

B.     423 million

C.     83.1 million

D.    3.9 million

13. What percent of Millennials are currently married?

A.    26%

B.     85%

C.     2%

D.    93%

14. For the average Millennial, which is larger – debt or income?

A.    Debt ($45,000) is larger than average income ($33,883)

B.     Debt and income are about the same

C.     Debt ($5,400) is less than income ($52,000)

D.    Most Millennials have little to no debt

15. What are Millennials known for?

A.    Exposure to the Internet

B.     More Education

C.     Racial Diversity

D.    All of the above

16.Which generation is most likely to take and post a “selfie” online?

A.    The GI or Greatest Generation

B.     Baby Boomers

C.     Generation X

D.    Millennials

17. How many millennials between the ages 26 to 33, have earned at least a four-year college degree?

A.    One-third

B.     One-quarter

C.     Half

D.    Three-tenths

.

18.  Which of the following is NOT a widely recognized name for the Millennial Generation?

A.    Generation Y

B.     Echo Boomers

C.     Net Generation

D.    The Next Generation

19. Which generation represents the largest group alive in the US today?

A.    The GI or Greatest Generation

B.     Baby Boomers

C.     Generation X

D.    Millennials

20. What are Millennials known for?

A.    Exposure to the Internet

B.     More Education

C.     Racial Diversity

D.    All of the above

21. What did Pew Research Center find about the Millennial Generation’s view of the country’s future?

A.    98% believe that the country has a fair to poor future

B.     49% believe that the country’s best years are yet to come

C.     12% were optimistic about the future of the country

D.    Less than 1% believe the country’s economy will improve

22. Approximately how many Millennials are alive today in the US?

A.    12 million

B.     423 million

C.     83.1 million

D.    3.9 million

23. According to a recent poll, 65% of Millennials say that losing what item would be worse than losing their car?

A.    Phone

B.     House

C.     Dog

D.    Significant other

24. Which generation challenged traditional roles, such as women starting careers and high rates of divorce?

A.    The GI or Greatest Generation

B.     Baby Boomers

C.     Generation X

D.    Millennials

25. About how much does the average Millennial owes in debt?

A.    $45,000

B.     $33,883

C.     $0

D.    $5,366

26. Which generation has the youngest members?

A.    The GI or Greatest Generation

B.     Baby Boomers

C.     Millennial Generation

D.    Generation X

27. Members of which generation created Google, YouTube, and Amazon?

A.    The GI or Greatest Generation

B.     Baby Boomers

C.     Generation X

D.    Millennials

28. Which generation had “Helicopter Parents”?

A.    The GI or Greatest Generation

B.     Baby Boomers

C.     Generation X

D.    Millennials

29. What is the average age of real estate licensees in the US?

A.    57

B.     68

C.     18

D.    25

“Millennials Are Changing Real Estate: Are You Ready?” Class Chapter 2 quiz question with no answers.
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1. What does FACT stand for?

A.    Financial Analysis of Credit Transgressions Act

B.     Fair and Accurate Credit Transactions Act

C.     Feasibility of Action for Credit Transactions Act

D.    None of the above

2. Timely payment information on open accounts is usually printed on a credit report for the following length of time:

A.    The last 12 months

B.     The last 24 months

C.     The last 36 months

D.    The last 10 years

3. What are Finance Company Accounts?

A.    Retail credit cards

B.     High interest loans that are generally offered to high-risk borrowers

C.     Loans that are potentially tax deductible, like mortgages and students loans

D.    Major credit cards, such as Master Card and Visa

4. Who can initiate a credit inquiry on an individual?

A.    Credit card companies

B.     Potential landlords

C.     Potential employers

D.    All of the above

5. Which of the following is NOT included in a credit report?

A.    Annual income

B.     Potentially negative items

C.     Accounts in good standing

D.    Credit inquiries

6. Which information is NOT used to calculate a FICO credit score?

A.    Payment History

B.     Amounts Owed

C.     Employment History

D.    Length of Credit History

7. Which factor has the most weight when calculating a FICO credit score?

A.    Types of credit used

B.     Payment history

C.     Amounts owed

D.    New credit

8. Which of the following is a potential benefit of a favorable credit score?

A.    Lower interest rates on mortgages

B.     Lower down payment requirements

C.     Ability to borrow more money

D.    All of the above

9.  In order to maximize a credit score, the consumer should have __________.

A.    No credit

B.     Diverse types of credit

C.     7 – 8 credit accounts

D.    As many credit accounts as they want, as long as the accounts have zero balances

10. What does FICO stand for?

A.    Free Information on Credit Operations

B.     Fair Isaac Corporation

C.     Federal Income Consumer Organization

D.    Financial Information Calculations Office

11. How many different kinds of FICO credit scores are available?

A.    Only one

B.     4

C.     One for each type of credit (revolving, installment, mortgage, finance company accounts)

D.    49

12. What is the range of the basic FICO score?

A.    1-10

B.     1-100

C.     300-850

D.    250-750

13. What was the average FICO score in 2014?

A.    692

B.     720

C.     500

D.    927

14. Which of the following is often seen as a negative item on a credit report?

A.    Credit-builder loan

B.     Installment Loans

C.     Finance Company Accounts

D.    Mortgage Loans

15. How much has student loan debt increased per student in the last decade?

A.    10%

B.     74%

C.     0%

D.    It has gone down by 12%

16. Which of the following is NOT one of the major credit reporting bureaus?

A.    Equifax

B.     Experian

C.     FICO

D.    Trans Union

17. Which of the following is a factor that may reduce a credit score?

A.    Being female

B.     Being under the age of 25

C.     Having a student loan

D.    Transferring credit card balances to new cards with low introductory interest rates

18. What percent of the population fall into the credit score range of Good?

A.    50% or less

B.     40% or less

C.     30% or less

D.    More than 50%

19. What is a Credit Ratio?

A.    Credit Balance ÷ Credit Limit

B.     % of credit account with a positive balance

C.     Number of open accounts ÷ Number of credit offers

D.    Number of open accounts ÷ Number of credit inquiries

20. What percent of the population fall into the credit score range of Good?

A.    50% or less

B.     40% or less

C.     30% or less

D.    More than 50%

21. How many credit reports per year are available to people in the US with a social security number or tax ID?

A.    None

B.     Four (the consumer may choose the credit reporting bureaus)

C.     Two (one from each reporting bureau)

D.    Three (one from each reporting bureau)

22. Which of the following is a potential benefit of a favorable credit score?

A.    Lower interest rates on mortgages

B.     Lower down payment requirements

C.     Ability to borrow more money

D.    All of the above

23. What is something an individual can do to increase their credit score?

A.    Transfer all debt to one credit account

B.     Close all credit accounts (even if they still have positive balances)

C.     When a loan is needed, apply for many loans in order to find the best interest rate

D.    Limit open accounts to 3-5

“Millennials Are Changing Real Estate: Are You Ready?” Class Chapter 3 quiz question with no answers.
Answers will be revealed with proper subscription in “ANSWER” pages

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1. Which of the following amenities would appeal most to the average Millennial homebuyer?

A.    Being able to get away from the city

B.     Access to safe outdoor recreation spaces

C.     Renovated kitchens

D.    Formal dining rooms

2. An ideal home would be located close to which amenity?

A.    Bike paths

B.     Restaurants

C.     Friends

D.    All of the above

3. Which adjective best describes the most desired home for a Millennial?

A.    McMansion

B.     Cookie Cutter

C.     Essential

D.    Luxury

4. What types of places would Millennials like to live near, according to this chapter?

A.    Lakes and wilderness areas

B.     Beaches and ice cream stands

C.     Restaurants, shops, and transit systems

D.    They prefer solitude and do not wish to live near anything that attracts other people

5. How many young adults hope to own a home eventually?

A.    2%

B.     12%

C.     None of them

D.    Virtually all of them

6. Which healthy lifestyle attributes do Millennials desire, according to the Urban Land Institute?

A.    Bike paths

B.     Walkable communities

C.     Access to healthy food options

D.    All of the above

Researchers found that Millennials feel that their housing must promote a healthy lifestyle. Of particular concern was access to safe outdoor recreation (bike lanes in particular), healthy food options, and walkable communities.

7. According to research presented by the Urban Land Institute and Better Homes and Gardens, which of the following types of housing would the typical Millennial like best?

A.    Large, ornate homes in the suburbs

B.     A small, flexible home in an urban center

C.     Whatever type of housing their parents had

D.    Turn-key homes that need no work

Today’s young buyers want spaces that are efficient, in terms of use and energy. They are not interested in large, ornate homes in the suburbs, but would rather be in something small, flexible, personalized, and close to restaurants, shops, and recreational space.

8. According to data presented in this chapter, where would most young adults prefer to live in this country?

A.    Urban centers

B.     Suburban neighborhoods

C.     Rural areas

D.    Near industrial sites

9. How do young adults generally feel about home improvements?

A.    They would prefer to purchase homes that do not need improvement

B.     They don’t mind homes that need a little work, but would hire qualified contractors to perform the work

C.     They may prefer to save money and buy a fixer-upper and do much of the work themselves

D.    They would buy a fixer-upper, but expect their parents to do all the work

10. Which adjective would a Millennial use to describe an ideal home?

A.    Standard

B.     Unique

C.     Rural

D.    Sprawling

11. According to Pew Research Center, what percentage of Millennials would call themselves environmentalists?

A.    2%

B.     32%

C.     92%

D.    100%

12. How would the young adults surveyed prefer to handle home improvement projects?

A.    All of those surveyed said they would call a family friend.

B.     Very few millennials have any desire to own a home.

C.     Many would prefer to handle home improvement projects on their own.

D.    None of the above

13. Millennials are less likely than Generation Xers, Baby Boomers, and Silent Generation members to call themselves environmentalists because:

A.    They don’t care about the environment

B.     They do not like to be labeled

C.     They have more important things to worry about

D.    They don’t like to recycle

14. Which of the following would an average Millennial call “essential” to a home they would consider purchasing?

A.    “Green” features

B.     Ornate details

C.     Large yards

D.    Technological systems

15. What percent of young adults surveyed thought that technological systems like smart thermostats and home theater systems were “essential”?

A.    10%

B.     2%

C.     84%

D.    18%

16. Which of the following attributes would appeal most to Millennials?

A.    A home with a formal dining room

B.     A newly remodeled kitchen

C.     A turn-key home

D.    A home with technological systems like home security, smart thermostats, and home theater systems.

17. Which of the following is a housing inventory issue facing the market today?

A.    Baby boomers are retiring and selling their large homes, and young adults do not want large homes

B.     Baby boomers are holding on to their large homes, and young adults also want large homes, resulting in a shortage

C.     Neither Baby Boomers or Millennials want to own homes, so there is a surplus of all property for sale

D.    Millennials have to buy large homes because they are getting married and having children in record numbers.

18. Which of the following are technological systems that would appeal to the Millennial buyer (according to Better Homes and Gardens)?

A.    Home theater systems

B.     Smart thermostats

C.     Home security systems

D.    All of the above

19. About half of all young adults are renting their homes. Why?

A.    They are burdened with a lot of debt

B.     They all want to travel and don’t want to be tied down

C.     They do not believe in the concept of ownership

D.    Most young adults own their homes

20. According to research presented by the Urban Land Institute and Better Homes and Gardens, which of the following types of housing would the typical Millennial like best?

A.    Large, ornate homes in the suburbs

B.     A small, flexible home in an urban center

C.     The same type of housing their parents had

D.    Turn-key homes that need no work

21. Millennials state that outdoor recreation areas are important to them. What particular characteristics are they seeking?

A.    Bike lanes

B.     Areas safe from traffic and crime

C.     Being able to walk from home to work, shopping, dining, and friends

D.    All of the above

22. What percentage of young adults surveyed would tackle a home improvement project themselves?

A.    2%

B.     4%

C.     74%

D.    99%

23. Given their financial constraints, where do most young adults currently live in the US?

A.    Urban centers

B.     Urban neighborhoods to suburbs

C.     Rural areas

D.    Near industrial sites

24. When Millennials talk about desired outdoor recreation spaces close to their homes, what are the items that top the list?

A.    Paintball and shooting ranges

B.     Walking and bike paths

C.     Football fields and hockey rinks

D.    Golf Frisbee courses and basketball courts

“Millennials Are Changing Real Estate: Are You Ready?” Class Chapter 4 quiz question with no answers.
Answers will be revealed with proper subscription in “ANSWER” pages

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1. Which two social media platforms are mentioned as a way of obtaining clients from referrals?

A.    Facebook & MySpace

B.     Twitter & Google Plus

C.     Google Plus & MySpace

D.    Facebook & Twitter

2. Approximately how many visitors do sites such as Zillow.com, Trulia.com, Realtor.com, and Yahoo.homes.com receive each month?

A.    100,000

B.     1 million

C.     10 million

D.    100 million

3. According to the National Association of REALTORS®, 39% of sellers find their agent as a result of ________.

A.    An advertisement

B.     A friend’s referral

C.     Looking through the Yellow Pages

D.    An online search

4. What can be advertised on Targeted Websites, such as Zillow.com, Trulia.com, Realtor.com, and Yahoo.homes.com?

A.    A real estate licensee

B.     A real estate listing

C.     Real estate licensees AND real estate listings

D.    Brokerage firms only

5. Where do search engine ads, such as Google Adwords, appear?

A.    At the top of Internet search results

B.     Along the right side of Internet search results

C.     On sites such as YouTube.com and NYTimes.com

D.    All of the above

6. If setting up Google Adwords is too complicated, what are the alternatives?

A.    Google’s Adwords Express

B.     Calling a Targeted Website and letting a customer service rep assist with the ad

C.     Social Media

D.    All of the above

7. How much a person pays for Google Adwords does NOT depend on what factor?

A.    Seniority of the ad compared to others

B.     Their maximum bid

C.     Daily Budget

D.    The runner up’s maximum bid

8. Which form of advertising is recommended in this chapter?

A.    Search Engine Advertising

B.     Targeted Websites

C.     Social Media

D.    All of the above

9. What is the best way to help estimate the cost of necessary future repairs on a property?

A.    Have a home or building inspection conducted by a trained professional

B.     Have an inspection conducted, followed by estimates from contractors in the field

C.     Assume that the sellers have improved the property to like new condition, so there will be no necessary repairs in the near future

D.    Purchase a property with new construction – there will be no need to have an inspection or repair estimates

10. Online financial tracking services have many benefits, which include expense tracking, calculating net worth, and:

A.    Allowing users to set budgets

B.     membership to the beer of the month club.

C.     Financial tracking is an unnecessary task

D.    Financial trackers are worthless

11. What is the best way to track spending?

A.    Use the financial tracking tools offered by banks

B.     Keeping good notes

C.     Individuals should create their own spreadsheets

D.    Whatever method works best for the consumer

12.  What is the best way to estimate closing costs before purchasing a property?

A.    Look at state averages on sites like www.bankrate.com or www.zillow.com

B.     Obtain the required Loan Estimate form, which will itemize the closing costs

C.     Ask a real estate licensee to estimate the closing costs

D.    Closing costs are not usually a significant amount, there is no need to estimate them

13.  ____________ is a social marketing site on which real estate agents and their clients can share “boards.”

A.    Twitter

B.     Facebook

C.     Pinterest

D.    YouTube

14. How can a potential buyer best estimate the cost to heat or cool a building prior to purchasing it?

A.    Obtain permission from the seller then call the fuel supplier to obtain the history of fuel usage

B.     Rely on the property disclosure

C.     Look up average heating and cooling costs for the region in which the property is located

D.    Ask neighbors of the property for their fuel usage

15. What do financial experts recommend property owners keep as an emergency fund?

A.    A list of relatives with healthy savings accounts

B.     $1,000 plus 3-6 months worth of expenses

C.     8 months of income

D.    Both B and C

16. What are some benefits of financial tracking services, such as www.mint.com?

A.    Tracks spending

B.     Calculates net worth

C.     Allows users to set budgets

D.    All of the above

17. According to the National Association of REALTORS, what percentage of home buyers use the Internet to search for a home?

A.    8%

B.     50%

C.     63%

D.    92%

18. Which of the following is the recommended way to address a first-time homebuyer’s unrealistic expectations?

A.    Let them make a few very bad offers

B.     Showing them hundreds of homes until they find their dream home

C.     Ask their parents to advise them on offer price and conditions

D.    Give buyers actual market facts, like ratio of list price to closing price on recent sales

19. If the parents of a first-time homebuyer want to know the details about the properties you have recently shown their child, you should:

A.    Politely ask the parents to speak directly with their child; you have a fiduciary duty to keep client information confidential

B.     Tell the parents everything

C.     Tell the parents the basics – which properties were seen

D.    Ask the parents to pitch in some money so their child can buyer a bigger home

20. What is the difference between a buyer being pre-qualified and a buyer being pre-approved for a mortgage?

A.    There is no difference, these terms mean the same thing

B.     A buyer can pre-qualify themselves, but only a lender can pre-approve a buyer for a loan

C.     Being pre-approved is the first step in becoming pre-qualified for a loan

D.    Banks pre-qualify buyers, and mortgage brokers pre-approve buyers

21. What can be advertised on Targeted Websites, such as Zillow.com, Trulia.com, and Realtor.com?

A.    A real estate licensee

B.     A real estate listing

C.     Real estate licensees AND real estate listings

D.    Brokerage firms only

22. What does PITI stand for (as in PITI payment)?

A.    It isn’t an acronym, it is a statement on how we should feel about people who are faced with these payments

B.     Principal, Interest, Taxes, and Insurance

C.     Property Insurance and Title Insurance

D.    Property Investment Taxation Incentives

23. Which of the following would be appropriate to post on a business-related social media account?

A.    Pictures of the account holder’s children and dog

B.     Light, useful articles about once a week

C.     Strong political statements

D.    Multiple posts per day explaining the virtues of the account holder

24. What is the best way to help estimate the cost of necessary future repairs on a property?

A.    Have a home or building inspection conducted by a friend

B.     Have an inspection conducted, followed by estimates from contractors in the field

C.     Assume that the sellers have improved the property for the sale, so there will be no necessary repairs in the near future

D.    Purchase only new construction so there will be no need for an inspection

“Millennials Are Changing Real Estate: Are You Ready?” Class Chapter 5 quiz question with no answers.
Answers will be revealed with proper subscription in “ANSWER” pages

Tip: to find a certain word or key term,  press at the same time, the buttons:

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1. How do Millennials feel about starting their own business?

A.    Most would avoid it at all costs – the recession is what they know

B.     More than half would like to start one, or have started one

C.     Almost all (98%) plan on starting their own business

D.    Starting a business is unpopular, less than 10% wish to do so

2. Approximately what percent of Millennials own a smartphone?

A.    2%

B.     12%

C.     80%

D.    100%

3. According to the infographic presented in this chapter, how important is social media in job searches for young adults?

A.    Not important – social media is solely used for posting selfies

B.     Very important – two-thirds of Millennials will use it in their job search process

C.     The MOST important – if a job is not posted on a social media site, it will not be found by a Millennial

D.    Somewhat important – less than 20% of young adults will use social media for this purpose

4. Which type of work environment would appeal to the typical Millennial?

A.    An upstart company

B.     A large corporation

C.     A structured office with set hours

D.    A position with clear boundaries

5. Which online site is important for recruiting Millennial workers?

A.    Facebook

B.     Twitter

C.     LinkedIn

D.    All of the above

6. By the year 2020, it is estimated that Millennials will make up what percentage of the workforce?

A.    2%

B.     12%

C.     50%

D.    92%

7. Which of the following terms best describes how Millennials feel about themselves in terms of their career mindsets?

A.    Entrepreneurship

B.     Minion

C.     Cog

D.    Middle management

8. Which outlet has the largest market share for job seekers?

A.    LinkedIn

B.     Facebook

C.     Twitter

D.    Instagram

9. Even seasoned agents may learn from Millennials in which of the following areas?

A.    Taking digital pictures and videos

B.     Creating online advertisements on social media

C.     Showing agents how to create LinkedIn accounts with reviews

D.    All of the above

10.  In which advertising outlet would Millennials most likely excel over other real estate agents?

A.    Taking digital pictures and videos

B.     Creating online advertisements on social media

C.     Blogging

D.    All of the above

11. Which of the following was found to be the most important factor for Millennials when accepting a job, according to LinkedIn?

A.    Professional development

B.     Dress code

C.     Compensation package

D.    Access to a fax machine

12. Which of the following is most important when interviewing a young adult for an employment position?

A.    Making sure all of their questions are answered

B.     Showing them the washroom facilities

C.     Having them meet every member of the office

D.    Ensuring snacks are available during the interview

13.  Other than a paycheck, what do Millennials value in a job?

A.    Professional development

B.     Opportunities for advancement

C.     Benefits and perks

D.    All of the above

14. What is the best tactic for following up with a Millennial after a job interview?

A.    Do not contact them, it will seem like an intrusion

B.     52% say that a post interview follow-up was an important factor to a successful interview

C.     89% of those surveyed would not accept a position without a post interview follow-up

D.    Post interview follow-ups should be done by Facebook messenger; other modes are considered offensive

15. How can a brokerage highlight their professional development services to potential Millennial agents?

A.    Offer regular marketing meetings and webinars

B.     Offer continuing education

C.     Offer mentoring

D.    All of the above

16. Millennials can be useful in many capacities of a brokerage. Licensed or unlicensed assistants can:

A.    Tweet

B.     Blog

C.     Create online advertisements

D.    All of the above

17. Which of the following would be an area where a typical Millennial could help a company grow?

A.    Online advertising – blogging, social media, and other online outlets

B.     Making phone calls

C.     Creating mailers

D.    Desk time

18. What are a few ways to appeal to Millennials when trying to recruit them in the workplace?

A.    Emphasize company culture by posting pictures of social gatherings and open, friendly office spaces

B.     Show firm boundaries by stating strict social media policies

C.     Hide client feedback – this group likes mystery

D.    All of the above

19.  How do Millennials feel about starting their own business?

A.    Most would avoid it at all costs – the recession is what they know

B.     More than half would like to start one, or have started one

C.     Almost all (98%) plan on starting their own business

D.    Starting a business is unpopular, less than 10% wish to do so

20. Other than a paycheck, what do Millennials value in a job?

A.    Professional development

B.     Opportunities for advancement

C.     Benefits and perks

D.    All of the above

21. According to the infographic presented in this chapter, how important is social media in job searches for young adults?

A.    Not important – social media is solely used for posting selfies

B.     Very important – two-thirds of Millennials will use it in their job search process

C.     Not important at all – Millennials find jobs by word of mouth

D.    Somewhat important – less than 20% of young adults will use social media for this purpose

22.  Why should a company have a mobile-optimized website for recruiting workers?

A.    89% of job seekers are likely to use a mobile device to find work in the next year

B.     Mobile-friendly sites tend to show up first in Google searches

C.     This statement is untrue; unemployed people cannot afford mobile devices

D.    Mobile-optimized sites have less glare and are more readable

23. Why do Millennials fit well into the real estate profession?

A.    They like entrepreneurial careers

B.     Most want to start their own business

C.     They have extensive knowledge of digital technology

D.    All of the above

24. Millennials can be useful in many capacities of a brokerage. Licensed or unlicensed assistants can:

A.    Tweet

B.     Blog

C.     Create online advertisements

D.    All of the above

25. Which of the following describes an ideal job for Millennials, according to surveys?

A.    9-5 job at a desk

B.     Jobs that are clearly defined without room for creativity

C.     Companies that ban social media

D.    Jobs that let workers be creative and set their own schedules

26. What percentage of Millennials report that they don’t always follow social media policies at work?

A.    1%

B.     23%

C.     71%

D.    99%

.

27. Which type of work environment would appeal to the typical Millennial?

A.    An upstart company

B.     A large corporation

C.     A structured office with set hours

D.    A position with clear boundaries

28. Approximately what percent of Millennials own a smartphone?

A.    2%

B.     12%

C.     80%

D.    100%

29. Which of the following is most important to Millennials when selecting a job?

A.    Compensation package

B.     Professional development

C.     Distance from home

D.    Access to Starbucks

30. What technology was suggested to use for recruitment in the infographic presented in this chapter?

A.    Video – streaming media, video interviews, even video resumes!

B.     Faxing – it is more secure

C.     Microwaving – lunch is one of the three most important meals for productivity

D.    Texting – it is more comfortable for a Millennials to text their interview answers than to speak them out loud

31. Which of the following would be an area where a typical Millennial could help a company grow?

A.    Online advertising – blogging, social media, and other online outlets

B.     Making phone calls

C.     Creating mailers

D.    Desk time

32. Which of the following is the largest group alive in the US today?

A.    Homeland Generation (born 2005-present)

B.     Millennials (born 1980-2004)

C.     Generation X (born 1965-1980)

D.    Baby Boomers (born 1946-1964)

33. What is the best tactic for following up with a Millennial after a job interview?

A.    Do not contact them, it will seem like an intrusion

B.     52% say that a post interview follow-up was an important factor to a successful interview

C.     89% of those surveyed would not accept a position without a post interview follow-up

D.    Post interview follow-ups should be done by Facebook messenger; other modes are considered offensive

34. How can a brokerage highlight their professional development services to potential Millennial agents?

A.    Offer regular marketing meetings and webinars

B.     Offer continuing education

C.     Offer mentoring

D.    All of the above

“Millennials Are Changing Real Estate: Are You Ready?” Class example of FINAL EXAM questions with no answers.
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1. Michael the Millennial is searching for housing. He is most likely to look in:

A.    Suburban neighborhoods

B.     City centers

C.     Statistically, he has no clear preference

D.    Rural areas

2. All of the following will help a first-time homebuyer prepare to make his/her first housing purchase EXCEPT:

A.    Track his/her spending

B.     Budget for the expected change in his/her expenses

C.     Lower his/her credit score

D.    Boost his/her credit score

3. Molly Millennial has lost her job and bills are coming due. According to financial advisors, what should Molly have done to be prepared for this emergency situation?

A.    Set aside five years’ worth of income

B.     Update her list of well-off relatives and friends

C.     Set aside $1,000 cash, 8 months of income, plus 3-6 months’ worth of expenses

D.    Acquire a credit card

4. A Millennial is _____ .

A.    A person born between 1982 – 2004

B.     A person born between 1999-2001

C.     A generation that began to retire in 2000

D.    A person who had a child in the year 2000

5. Erica has researched her credit score and found it to be “Excellent” which means she has a credit score _____ .

A.    Of 720 or higher

B.     Between 100 and 300

C.     Of 1,000, a perfect score

D.    Below 50

6. All of the following are ways to appeal to Millennials when recruiting them for employment EXCEPT:

A.    Outline the company’s strict social media policies

B.     Emphasize the company culture

C.     Show them digital pictures of company social gatherings

D.    Give them an office tour showcasing open, friendly work spaces

7. Bobby Buyer gets pre-approved for a mortgage before he begins to search for a home. Which of these is unlikely to be a resulting benefit of this strategy?

A.    He will have a better idea of his ideal price range

B.     Sellers will take his offers more seriously

C.     His mortgage approval amount will be seriously reduced when it’s time to apply

D.    Assembling documentation will be easier and quicker and thus the transaction should move more smoothly

8. Which criterium is NOT used to calculate a FICO® credit score?

A.    Length of Credit History

B.     Employment History

C.     Amounts Owed

D.    Payment History

9. What percent of Millennials think that technological systems like a security system, smart thermostats, and home theater system are “essential” in a new home?

A.    84%

B.     18%

C.     10%

D.    2%

10. An online site that is important for recruiting Millennial employees is _____ .

A.    Duolingo

B.     LinkedIn

C.     Wikipedia

D.    AARP

11. Millennials make up about _____ of the population.

A.    25%

B.     50%

C.     10%

D.    2%

12. All of the following are contained in Millennial Sue’s Credit Report EXCEPT:

A.    Her credit balances

B.     Her open accounts

C.     Her credit limits

D.    Her credit scores

13. Potential benefits of a favorable credit score include all of the following EXCEPT:

A.    Lower down payment requirements

B.     Lower interest rates on mortgages

C.     Ability to open an infinite number of charge accounts

D.    Ability to borrow more money

14. Sara is an average Millennial homebuyer. Which amenities would most appeal to her as she searches for a home?

A.    Renovated kitchen

B.     Access to safe outdoor recreation areas

C.     Formal dining room

D.    Being able to get away from the city

15.  Joe has a business-related social media account. Which of the following is appropriate for him to post on that account?

A.    Strong political statements

B.     Light, useful articles about once a week

C.     Pictures of his children and pets

D.    Strong religious statements

16. First-time homebuyer Larry brings his parents to a home showing. Larry’s parents ask the real estate agent for details on the properties the real estate agent has seen recently. The real estate agent should:

A.    Ask the parents to pitch in some money so Larry can buy a bigger home

B.     Tell the parents everything

C.     Politely ask the parents to speak directly with Larry; the real estate agent has a fiduciary duty to keep Larry’s client information confidential

D.    Tell the parents the basics – which properties were seen

17. According to recent surveys, an ideal job for a Millennial would be:

A.    A 9-5 job at a desk

B.     A job that is clearly defined with no room for creativity

C.     At a company that bans social media

D.    A job that lets workers be creative and set their own schedules

18. A recent poll concludes that 65% of Millennials say that losing their _____ would be worse than losing their car.

A.    Dog or cat

B.     Internet

C.     Phone

D.    House

19. On average, how do Millennials feel about the environment?

A.    Almost 100% of them call themselves environmentalists

B.     Less than 2% of them call themselves environmentalists

C.     Millennials are less likely than Gen Xers, Baby Boomers, and Silent Generation members to call themselves environmentalists

D.    75% of Millennials identify themselves as environmentalists

20. How do the education levels of Millennials compare with their predecessors?

A.    Millennials are more educated than the preceding generations, except for Baby Boomers

B.     Millennials tend to be more educated than the generations that came before them

C.     Millennials have a higher dropout rate and are generally less educated than other generations

D.    All generations alive today have about the same level of education

21. The largest source of debt for the average Millennial is _____ .

A.    Student loans

B.     Auto loans

C.     Mortgages

D.    Credit cards

22. Which of the following is NOT a client benefit of financial tracking services?

A.    Set budgets

B.     Calculate net worth

C.     Track spending

D.    Increase bank savings

23. Which of the following is not a typical way in which people unknowingly hurt their credit scores?

A.    Opening up retail store credit to get introductory offers

B.     Mailing in “pre-approved” credit offers

C.     Shopping around for loans on homes or cars

D.    Financial tracking services

24. What kind of home is a typical Millennial most likely to prefer?

A.    A large home in a suburban setting that needs major remodeling

B.     A chic, urban loft, steps from coffee shops and restaurants

C.     His/her parents’ home

D.    A turn-key property located just 20 minutes outside the city

25. To Millennials, mobile-friendly websites are _____ .

A.    Not important; Millennials rarely use smartphones or tablets to surf the web

B.     Not important; there are very few places where smartphones and tablets can get connectivity

C.     Very important; full websites are obsolete

D.    Very important; 80% of Millennials have smartphones and they use them extensively

26. The best way to estimate closing costs before purchasing a property is to _____ .

A.    Ask a real estate licensee to estimate the closing costs

B.     Calculate 20% of the purchase price

C.     Look at state averages on sites like www.bankrate.com or www.zillow.com

D.    Obtain the required Truth in Lending Statement, which will itemize the closing costs

27. Millennials are least likely to excel over other real estate agents in which advertising arena?

A.    Sandwich board advertising

B.     Blogging

C.     Creating online advertisements on social media

D.    Taking digital pictures and videos

28. Approximately how many Millennials rent homes?

A.    About 50%

B.     Less than 2%

C.     About 12%

D.    Nearly 90%

29. The acronym FICO stands for _____ .

A.    Financial Information Credit Office

B.     Federal Income Consumer Organization

C.     Fair Isaac Corporation

D.    Free Information on Credit Operations