“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. 10% or less
B. 5% or less
C. 15% or less, it was 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. 10% or less
B. 5% or less
C. 15% or less, it was 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
Tip: to find a certain word or key term, press at the same time, the buttons:
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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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(Command and F ) on Mac computer
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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
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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
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30. On average, visitors to Zillow.com, Trulia.com, Realtor.com, and Yahoo.homes.com number about _____ per month.
A. 500,000
B. 2 million
C. 10 million
D. 50 million
31. The acronym FICO® stands for _____ .
A. Free Information on Credit Operations
B. Fair Isaac Corporation
C. Financial Information Credit Office
D. Federal Income Consumer Organization
32. The single biggest concern that prevents Millennials from purchasing property is _____ .
A. Growing families with changing needs
B. Overwhelming debt
C. Fear of maintenance
D. Unstable jobs
33. The total amount of student debt held by the country’s Millennials totals _____ .
A. $500,000
B. $2 million
C. $12 million
D. $1 trillion
34. Researchers have found that the dominant personality traits of Millennials do not include:
A. Technologically savvy
B. Narcissistic (they invented the “selfie”)
C. Civic-minded
D. Luddite
35. A typical Millennial could best help a company grow by:
A. Handing out flyers in the mall
B. Creating direct mail pieces
C. Making phone calls
D. Creating online advertising – blogs, social media, etc.
36. _____ of home buyers use the Internet to search for a home, based on findings by the NAR.
A. 50%
B. 10%
C. 75%
D. 92%
37. One buyer is pre-qualified, and one buyer is pre-approved. What is the difference?
A. Banks pre-qualify a buyer, and mortgage brokers pre-approve a buyer.
B. A buyer can pre-qualify himself/herself, but only a lender can pre-approve a buyer for a loan.
C. There is no difference; the terms mean the same thing.
D. Being pre-approved is the first step in becoming pre-qualified for a loan.
38. _____ has the largest market share for Millennial job seekers.
A. Instagram
B. Twitter
C. LinkedIn
D. Facebook
39. All of the following are included in a credit report EXCEPT:
A. Credit inquiries
B. Potentially negative items
C. Annual income
D. Accounts in good standing
40. _____ are not legally permitted to initiate a credit inquiry on an individual.
A. Potential landlords
B. Credit card companies
C. Concerned neighbors
D. Potential employers
41. The best description of Millennials as a group is _____ .
A. Hard-working young adults who are debt-free
B. Young adults burdened with debt, but who have high aspirations
C. Non-materialistic young adults not interested in buying real property
D. Young adults with high income and no debt
42. For the average Millennial, which statement is true?
A. Debt and income are about the same.
B. Debt ($5,400) is less than income ($52,000).
C. Most Millennials have little to no debt.
D. Debt ($45,000) is larger than average income ($33,883).
43. Martin Millennial wants outdoor recreation spaces close to his home. What facilities is he talking about?
A. Golf Frisbee courses and basketball courts
B. Football fields and hockey rinks
C. Walking and bike paths
D. Paintball and shooting ranges
44. The recommended way to address first-time homebuyers’ unrealistic expectations is to:
A. Give buyers actual market facts, like ratio of list price to closed price on recent sales
B. Ask their parents to advise them on offer price and conditions
C. Keep showing them homes until they find their dream home
D. Let them make a few bad offers
45. Which of these people would be considered a Millennial?
A. Baby AnnaBelle, born in 2015
B. Retired nurse Esther, age 67
C. Working mother Patty, born in 1972
D. College graduate Kaitlyn, born in 1992
46. How likely are typical Millennials to start their own business?
A. Not likely; it’s not popular and less than 10% wish to do so
B. Almost all (98%) plan on starting their own business
C. More than half would like to start one, or have started one
D. Most would avoid it at all costs – the recession is what they know
47. The average amount of student loan debt for a Millennial is _____ .
A. $92,000
B. $37,500 , it was $27,000
C. $2,500
D. $750
48. What factor has the most weight when calculating a FICO® credit score?
A. Payment history
B. Types of credit used
C. Number of new credit applications submitted
D. Items purchased
49. What factor has the most weight when calculating a FICO credit score?
A. Payment history
B. Types of credit used
C. Number of new credit applications submitted
D. Items purchased
50. The acronym PITI stands for (as in PITI payment):
A. Property, Investment, Taxes, and Insurance
B. Principle, Interest, Taxes, and Insurance
C. Property Insurance and Title Insurance
D. Property Investment Taxation Incentive
51. The compensation package is most important to Millennials when selecting a job. What factors do Millennials not typically value in an employment opportunity?
A. Previous employment of other family members
B. Benefits and perks
C. Advancement opportunities
D. Professional development
52. Which of the following statements is true regarding Millennials?
A. Baby Boomers are retiring and selling their large homes and Millennials do not want large homes.
B. Neither Baby Boomers nor Millennials want to own homes (they want to rent), so there is a surplus of homes for sale.
C. Millennials have to buy large homes because they are getting married and having large families.
D. Baby Boomers are holding on to their large homes, and since Millennials also want large homes, there is a housing shortage.
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1) What are Millennials prone to do if they do not like the quality of customer service from a business?
a. Picket the business
b. Post a critical review online
c. Tell their friends of their experience
d. Continue to shop at the business until the service improves
2) Calculating as of 2019, Millennials are approximately how old now?
a. Near retirement (around 65)
b. Teenage to mid-30’s
c. Middle aged
d. Over 80 years old
3) On average, are Millennials more or less educated than their predecessors?
a. Millennials tend to be more educated than the generations that came before them
b. Millennials are more educated than the preceding generations, except for Baby Boomers
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
4) Which of the following people would be considered a Millennial?
a. A retired nurse, age 67
b. A baby born in 2015
c. A recent college graduate born in 1992
d. None of the above
5) When adding up the total amount of student debt held by Millennials, how much do they owe?
a. $1 trillion
b. $12 million
c. $500,000
d. $2 million
6) Up until recently (about 2009), which generation was the largest in population in the US?
a. The GI or Greatest Generation
b. Baby Boomers
c. Generation X
d. Millennials
7) When was the term Millennial Generation first used?
a. At the beginning of the 1900’s
b. Around 1987
c. About 2004
d. January 1, 2000
8) Which generation has the oldest members?
a. Millennial Generation
b. Baby Boomers
c. Generation X
d. The GI or Greatest Generation
9) Which personality type do 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
10) Which of the following people would be considered a Millennial?
a. A retired nurse, age 67
b. A baby born in 2015
c. A recent college graduate, age 22
d. None of the above
11) The Millennial Generation is defined as people born (approximately) between which years?
a. 1946 – 1964
b. 1982 – 2004
c. 1965 – 1981
d. 1901 – 1926
12) Millennials make up about what percent of the population?
a. 50%
b. 25%
c. 10%
d. 2%
13) What is included in the “Potentially Negative Items” section of a credit report?
a. Liens
b. Court Judgments
c. Late payment items
d. All of the above
14) Which types of accounts are considered “revolving credit”?
a. Retail credit cards
b. Student loans
c. Auto loans
d. Mortgage loans
15) Which of the following is NOT contained in a Credit Report?
a. Credit balances
b. Credit cards
c. Credit scores
d. Open accounts
16) 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
17) 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
18) What is the range of the basic FICO® score?
a. 1-10
b. 1-100
c. 300-850
d. 250-750
19) What is considered to be an “Excellent” credit score?
a. A score of 720 or higher
b. A score below 50
c. A score between 80 and 100
20) Only perfect 1000 scores qualify to be called “Excellent”
21) What was the average FICO® score in 2019?
a. 706
b. 780
c. 500
d. 927
22) 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
23) When did foreclosure rates peak in the United States?
a. 2010
b. 2006
c. 2015
d. 1994
24) If two individuals are applying for a joint mortgage loan, which credit score will be the one used to calculate the interest rate?
a. The higher score
b. The lower score
c. An average of the two scores
d. Neither score, as mortgage rates are the same for all borrowers
25) How can a consumer obtain a free copy of their credit report(s)?
a. Get the report online
b. Call
c. Mail a copy of the required form
d. All of the above
26) How is debt to income ratio calculated?
a. Minimum Monthly Payments on Debt ÷ Monthly Gross Income
b. Minimum Monthly Payments on Debt X Monthly Gross Income
c. Current Credit Balances ÷ Credit Limit
d. Current Credit Balances X Credit Limit
27) How many different kinds of FICO® scores are available?
a. One
b. Four
c. Thirteen
d. 49
28) According to the data presented in this chapter, which home would a Millennial most likely prefer?
a. A turn-key property located just 20 minutes outside of the city
b. A chic, urban loft, steps from coffee shops and restaurants
c. A large home in a suburban setting that needs major rehab
d. Their parent’s home
29) Which of the following terms best describes Millennials as a group?
a. Non-materialistic and uninterested in buying real property
b. Hard-working and debt-free
c. Young adults burdened with debt, but who have high aspirations
d. Young adults with no debt and high income
30) How do Millennials compare themselves to their parents in terms of being handy?
a. 92% believe they have no skills whatsoever
b. They believe they are much less handy
c. They believe they are just as handy
d. 72% believe they are handier than their parents
31) How many young adults (age 18-35) rent homes?
a. About half
b. Nearly 90%
c. Almost none (2%)
d. About 12%
32) How do young adults feel about walking in their communities?
a. Millennials do not walk, they almost always prefer to drive
b. 75% stated that walkability is a key component to their ideal housing
c. Walking ranks low on young adults wish list
d. Walking ranks so low on a Millennials wish list that parking must be within 10 yards of a home or the home is considered undesirable
33) Which of the following would an average Millennial call an “essential” feature in a home they would consider purchasing?
a. “Green” appliances
b. Ornate details
c. Large yards
d. Technological systems
34) According to an article published in Realty Times, which of the following is preferred?
a. A TV in the kitchen
b. A stereo in the garage
c. A second oven
d. A hot tub on the deck
35) Which search engine received the most traffic in 2020 study?
a. Yahoo
b. Microsoft (Bing)
c. Google
d. Ask
36) 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%
37) Which of the following is true about estimating water and sewer costs?
a. If there is municipal water and sewer, the property owner only needs to worry about the fees charged by the municipality
b. Even with municipal water and sewer, the property owner is responsible for repairs within the building and underground out to the street
c. Inspections are not generally available for water and sewer systems, so there is no way to anticipate repairs
d. None of the above
38) What is the best way to budget for a new real estate purchase?
a. Hope that cutting down on restaurant meals and entertainment expenses will account for any additional costs of property ownership
b. Assume that a mortgage lender would not make a loan unless it is comfortable for the borrower to pay off
c. Track current spending patterns, estimate realistic closing costs and ownership costs, and live within the new budget for a time before purchasing the property
d. Don’t worry about budgeting, it’s not like the lender could take back the property in the case of default
39) According to the National Association of REALTORS®, Among all generations of home buyers, the first step taken in the home search process was ______________.
a. looking on TV
b. looking online for properties.
c. Looking through the Yellow Pages
d. Looking in the local newspaper
40) Once the agent shows the facts and give your advice, who makes the ultimate decision about which house to purchase?
a. The agent
b. The lender
c. The real estate commission
d. The buyers
41) Is it possible to have more than one account on a social media site?
a. No, only one account per person is generally allowed
b. Yes, individuals may have a personal account and a business account
c. Yes, as many as 10 accounts per email address are allowed
d. No, only one account per IP address is allowed
42) Why should a buyer get pre-approved for a mortgage before they begin to search for property?
a. They will have a better idea of their ideal price range
b. Sellers will take their offers more seriously
c. There will be less pressure to assemble documentation quickly in order to make a transaction move smoothly
d. All of the above
43) Approximately how many visitors do sites such as Zillow.com, Trulia.com, and Realtor.com receive each month?
a. 100,000
b. 1 million
c. 10 million
d. 100 million
44) “I hear it’s a buyers’ market, so make an offer 40% below list price!” Is this an effective strategy?
a. Buyers should be informed about market conditions, including average sale price to list price ratio before making a purchase offer on a property
b. This is the best strategy to get the best possible price
c. Buyer clients should not be advised on how to structure an offer
d. This strategy is only a good idea if the buyers are making offers on multiple properties
45) Is it important to track spending before making a significant investment, such as a real estate purchase?
a. No, lenders will only authorize loans to those who can afford to make payments with their current spending habits
b. No, most potential buyers have excellent budgeting abilities
c. Yes, knowing where money is spent and how to budget is a critical step before purchasing a large investment like real estate
d. Yes, buyers must track their spending for at least 3 months in order to qualify for a mortgage
46) Which website is important for recruiting Millennial workers?
a. Facebook
b. Twitter
c. LinkedIn
d. All of the above
47) What is recommended for brokerages in terms of presenting an online presence that appeals to Millennials?
a. Stick to the basic webpage; it is the only mode that has been shown to be successful
b. A basic webpage may not be enough; adding business pages on Facebook, Twitter, Instagram, and LinkedIn are important
c. An online presence should be avoided as a rule
d. The only appropriate online sites for real estate brokerages are the related sites, such as REALTOR.com, Trulia, and Zillow
48) How important are mobile-friendly websites to Millennials?
a. Not important; Millennials rarely use smartphones or tablets to surf the web
b. Not important; there are very few places where smartphones or tablets have public Internet
c. Very important; 80% of Millennials have smart phones, and they use them extensively
d. Somewhat import; most Millennials still use desktops when viewing the Internet
49) How social are Millennials?
a. Rarely social; they prefer solitude
b. Somewhat social; they have been told to avoid strangers and that makes them shy
c. Very social; this generation is particularly social and likes to work in cooperative settings
d. Never social; this group is competitive and does not get along with others
50) Which of the following would appeal most to a Millennial job seeker?
a. Friendly, cooperative company culture
b. Clear work description with specific set hours
c. A clean, bright, and quiet workspace
d. A job with a great deal of travel opportunities
51) Which generation came right before the Millennial generation?
a. Baby Boomers
b. Generation X
c. Generation Y
d. The GI or Greatest Generation
52) Which of the following items does the course indicate is most frequently missed when first time homebuyers estimate their living expenses in budgeting for a home purchase?
a. Curtain costs
b. Electric bills
c. Mortgage payments
d. Grocery bills
53) What sort of service might help one to calculate their net worth while also allowing a user to set budgets?
a. Fiscal depletion agent service
b. Numerary appraisal service
c. Accountancy aggregation service
d. Financial tracking service
54) Which of the following would be considered an “Excellent” FICO credit score?
a. 90
b. 200
c. 350
d. 750
55) According to the Office of Housing and Urban Development, how many homes does the average buyer views before deciding on a home to purchase?
a. 2
b. 72
c. 15
d. They generally only see 1 if enough research has been done ahead of time
56) When did the housing market peak in the US?
a. 1997
b. 2006
c. 2012
d. 2015
57) Which word best describes a Millennial’s outlook on the future?
a. Optimistic
b. Pessimistic
c. Cautious
d. Disheartened
58) Explain the proper way to estimate closing costs before the purchase of a property?
a. Look at state averages on sites like www.bankrate.com or www.zillow.com
b. Obtain a Closing Disclosure of closing costs from a mortgage lender
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
59) Which of the following is unlikely to be affected by a buyer’s credit score?
a. Mortgage rate
b. Mortgage approval amount
c. Mortgage down payment
d. Mortgage laws
60) As a rule of thumb, how much do average closing costs on a home amount to?
a. $10,000
b. 5% of the purchase price
c. 12% of the loan amount
d. They are usually waived for first time home buyers
61) About 39% of Americans would call themselves environmentalists. How do Millennials compare to this?
a. They are more likely – 84% call themselves environmentalists
b. They are less likely – 32% would call themselves environmentalists
c. They are right at the average (39%)
d. No Millennials call themselves environmentalists
62) How likely is a Millennial to take on a home improvement project themselves?
a. Less than 10% would be willing to take on a project themselves
b. 74% would take on a home improvement project themselves
c. 50% of Millennials would take on a project, but only if their parents helped
d. 100% of Millennials are enthusiastic about tackling home improvement projects
63) Google ____________ is a dynamic and incredibly customizable advertising venue.
a. Google AdWords
b. Bing Ad Central
c. Ask AdWizard
d. AOL AdWorld
64) What do credit inquiries do to a credit score?
a. They improve scores by showing a person wants credit
b. They harm credit scores a little
c. Every credit inquiry reduces a credit score by at least 95%
d. They have no effect on a credit score
65) If an agent wants to appeal to Millennials in a home description, what word would be best?
a. Unique
b. Renovated
c. Standard
d. Spacious
66) Which generation is currently the largest pool of potential buyers in the US?
a. Baby Boomers
b. Millennials
c. Generation X
d. Homeland Generation
67) For access to outdoor recreation, what do Millennials most prefer?
a. Baseball fields
b. Skate parks
c. Walking and biking trails
d. Standup paddle boarding lakes
68) How do Millennials feel about green home attributes?
a. They are tired of hearing about them and would prefer energy guzzling homes
b. They are extremely passionate about becoming more environmentally conscious
c. Environmental conservation is ingrained in their everyday life, and while they participate in energy conservation and recycling, they are less likely to be environmental activists
d. Millennials would only consider environmental attributes if it saved them money
69) Which social media site is most popular among young adults?
a. Facebook
b. Instagram
c. Twitter
d. Pinterest
70) What is debt to income ratio?
a. Total debt divided by annual income after taxes
b. Minimum monthly debt payments divided by gross monthly income
c. Average debt payments multiplied by number of months they are paid on time
d. Total debt divided by number of open accounts
71) Which of these was not among the contributing factors that led to the mortgage crisis?
a. Predatory lending of subprime loans
b. Unclear loan terms
c. Buyers borrowing beyond their means
d. High pressure weather systems
72) Which of the following would be the best way to post a job ad to target a Millennial audience?
a. Take out an ad in the local newspaper
b. Cold call a list purchased from a local college
c. Post an ad on LinkedIn or Facebook
d. Hang a poster up in a coffee shop
73) ___________ means a lender’s underwriter has approved a loan.
a. Pre-qualification
b. Standard rate
c. Pre-approval
d. Real estate ready
74) Which of the following is a loan with regular payments, like a car loan or a student loan?
a. Revolving credit
b. Installment loan
c. Finance company accounts
d. Medical loans
75) Which step is recommended for first-time homebuyers?
a. Apply for 8 new credit sources
b. Shop well above your preferred price range
c. Consider a second or even third job
d. Track their spending
76) Which is most important to a Millennial in a potential job?
a. Opportunities for advancement
b. A stylish dress code
c. Casual Fridays
d. Being able to bring pets to work
77) What has happened to student loan debt rates per student in the last 10 years?
a. They have declined to less than $1,000 per student
b. They have stayed the same
c. They have increased by 76%
d. Student loans are no longer offered
78) Which setting most appeals to Millennials in terms of housing?
a. City centers
b. Suburban neighborhoods
c. Rural areas
d. There is no clear preference
79) How do Millennials generally feel about phone calls?
a. They LOVE them!
b. They feel that phone calls are intrusive
c. Phone calls are acceptable any time but dinner time
d. Phone calls are expected for first contact
80) Which best describes a Millennial’s job aspirations?
a. Start their own business
b. Work for a large corporation
c. Stay unemployed as long as they can
d. Work for a place that has structured rules
81) What are some strategies that could be recommended to a Millennial to help prepare them for purchasing their first home?
a. Pay down their debt as much as possible
b. Open as many credit cards as they can qualify for
c. Take out large loans to show the ability to pay large debt
d. Take out a variety of debt (credit cards, car loans, student loans) to build their credit history
82) What is the key factor that is preventing adult Millennials from purchasing homes?
a. Their debt
b. Unemployment
c. Waiting until they have children
d. Enjoying their parent’s home too much
83) What do financial advisors recommend that people have for emergency funds?
a. A credit card is acceptable for emergencies
b. $1,000, plus 3-6 months worth of expenses, or 8 months worth of income
c. 1 year worth of income
d. Money hidden throughout their house
84) What is a good way for a buyer to show the seller they are able to purchase their home?
a. A well-worded letter expressing that their finances are solid.
b. Telling the seller that they are a serious buyer.
c. Showing the seller your previous years’ tax returns.
d. Obtaining a pre-approval before selecting a home they wish to purchase.
85) The most crucial time period for open accounts on a person’s credit score, which is reflected on their credit report, are the previous __________.
a. 1 month
b. 12 months
c. 24 months
d. 10 years
86) Where do most adult Millennials currently live?
a. With their parents or extended family
b. They own their own home with a spouse
c. They rent
d. They move from place to place and do not have a permanent “home”
87) Approximately what percentage of the US population are considered Millennials?
a. 10%
b. 25%
c. 60%
d. 75%
88) What is the recommended maximum response time to a text message?
a. 5 minutes
b. 1 hour
c. 1 business day
d. 1 week
89) Which of the following is the single most important contributing factor to a credit score?
a. Payment history
b. Length of credit history
c. New credit
d. Types of credit used
90) Which home would appeal most to a Millennial?
a. Large, sprawling estate in the country
b. Small, efficient loft near the city center
c. Medium, upscale home in a suburb
d. Tiny home, off the grid
91) The authors, Strauss and Howe, coined the term “Millennials” in 1987. How did these authors describe Millennials?
a. Irrational
b. Lazy
c. Civic-minded
d. Conservative
92) Of the following, which is typically not a way in which Millennials might add value to a real estate brokerage?
a. They can help with online advertising
b. They know about new methods of communication, such as infographics
c. They can help blog and Tweet
d. Sandwich board advertising
93) Which search engine has the most market share?
a. Yahoo
b. AOL
c. Bing
d. Google
94) Millennials carry how much debt on average (not including a mortgage)?
a. Less than $1,000
b. $112,000
c. $45,000
d. $3,000
95) The correct way for a consumer to track their spending is whatever method works best for the __________.
a. auditor
b. bank
c. real estate brokerage
d. consumer
96) Which of the following is an example of a website that offers budgeting resources?
a. Pinterest
b. Myspace
c. Mint.com
d. Instagram
97) What is a Millennial?
a. A person born between 1999-2001
b. A person born between 1982-2004
c. A generation that began to retire around 2000
d. A person who had a child in the year 2000
98) Are Millennials open to taking financial advice?
a. No, they think they have all the answers
b. Yes, 84% say they are seeking advice about their finances
c. Maybe, Millennials can often be talked into speaking with a financial advisor if it is free
d. Only if it is required to get a mortgage
99) How old are Millennials right now?
a. Teens to 30’s
b. Mid-30’s to late 40’s
c. They are in their 50’s and 60’s
d. They are 65 and older
100) Which of the following types of debt is credit card debt?
a. Revolving credit
b. Installment loan
c. Finance company accounts
d. Sequential loans
101) What is a characteristic that Millennials have that has not been seen in the US before?
a. They are more racially diverse
b. They are more financially secure
c. They have low levels of education
d. They are fearful of technology
102) Which would appeal THE LEAST to the average Millennial?
a. Walking and biking paths
b. Being close to shops, restaurants, and offices
c. Technological systems in homes
d. Large, ornate homes
103) Which of the following would create a favorable impression of a job interview for a Millennial?
a. Snacks and coffee
b. A temperature setting a little higher than normal, and a vanilla scented candle
c. Getting all of their questions answered and a post-interview follow-up
d. Meeting as many people as possible, and being given some company swag
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