chapter 2 quiz questions only – answers will be revealed with subscriptions
1 of 10 – What does it mean to “qualify” a seller in real estate?
To see if you will enjoy working with that person
To find out if the seller is truly ready to sell
To avoid working with minority sellers
To see if the property is valuable enough to list
2 of 10 – You are scheduled for “floor time” tomorrow. What is “floor time”?
When an agent is assigned janitorial duties
When an agent has to clean a client’s house before a showing
When an agent is in the office to receive phone calls from prospective clients
When all the agents of a brokerage are required to be in the office at the same time
3 of 10 – You are creating a form to track your performance as a Real Estate agent. What activity should not be included on the form?
Contacting FSBOs. As a new agent, you do not have enough experience or confidence to contact them yet.
Contacting friends and family. They know you are in real estate. If they need anything, they will call you.
Floor time. Because it is scheduled by your office, and you can use the time for other things; it does not need to be tracked.
Contacting buyers from open houses. Everyone who came through the house got your business card and a flyer with your name and number on it. If anyone is interested in the house, they will contact you.
4 of 10 – When you are developing your Target Market Summary, you should?
Select the area where there are a lot of homes already on the market, because that means it is an active area.
Select the area with the most expensive homes, because the commissions will be higher.
Select an area where homes have not been listed or sold in a year or two; some of those people must be getting ready to move soon!
Select an area with which you are familiar and in which you are comfortable.
5 of 10 – You have been an agent for six months. You are reviewing your activities and their results. You find that you are getting one listing appointment for every 20 expired listings you call. You also find that you are getting one for every ten FSBOs you call. You should?
Increase calls to Expireds and learn how to get their business.
Spend less time on Expireds and more on FSBOs, since that is where you are getting the best results.
Spend less time on FSBOs, since you get listing appointments easily with them, and focus more on something else, like pursuing buyers. Diversify your time.
Stop qualifying buyers.
6 of 10 – One of your least favorite things to do is write your monthly newsletter. But it has to be out by the end of the week, and you have scheduled yourself time to work on it today. Where should it be on your “to-do” list?
First on the list so you can get it over with and move on to things you enjoy.
Scheduled between two things you enjoy doing.
The very bottom, so you can put it off as long as possible.
Re-scheduled for tomorrow, since it does not have to be out until the end of the week anyway.
7 of 10 – According to the course, people should have
Three months’ salary in savings.
$5,000 cash stashed within your home.
90% of their investment portfolio as stocks.
A $1,000,000 life insurance policy.
8 of 10 – A possible client walks into your office and says he wants to buy a house. He has not talked to a mortgage agent yet, but he says he can pay 25% down and already knows how much of a monthly payment he can afford. He wants to move in the next 90 days. What should your next step be?
Advise him to speak with a mortgage agent and get, at minimum, pre-qualified, but preferably pre-approved for a loan.
Get the details about the kind of house he wants so you can start the search.
Set appointments to show him some homes you think he would really like.
Have him sign an Exclusive Buyer’s Agent Agreement.
9 of 10 – Which of the following is a benefit of developing a Business and Marketing Plan?
It will impress your sellers at listing appointments.
It will help you set clear goals and stay focused.
It guarantees you will be a millionaire.
It will give you something to do until you find clients to work with.
10 of 10 – In a licensee’s personal business budget, a trade association fee would qualify as what type of expense?