Chapter 2: Prospecting | Marketing & Advertising For Buyers & Sellers

Question 1

A time-tested, step-by-step method used in writing ads; this formula gets the job done.

Answer 1

AIDA (Attention, Interest, Desire, and Action)

Question 2

This type of newspaper advertisement is designed to advertise a specific property and enjoys high readership among those looking for low and medium priced housing.

Answer 2

Classified Ads

Question 3

Data analysis that gives the sellers a price range for their home by comparing it to similar homes that have recently sold.

Answer 3

Comparative Market Analysis (CMA)

Question 4

Advertising of real estate credit terms is under this federal organization’s jurisdiction.

Answer 4

Consumer Finance Protection Bureau (CFPB)

Question 5

Type of advertising that is sent using the U.S. postal service.

Answer 5

Direct mail

Question 6

This type of business promotion fits on front door handles or can be attached by a rubber band.

Answer 6

Door hangers

Question 7

When an owner decides and tries to sell his own property.

Answer 7

For Sale By Owner (FSBOs)

Question 8

A neighborhood in which a real estate agent “cultivates” new clients by contacting its residents up to 12 times a year in order to update them on real estate activities and values.

Answer 8

Geographical farm

Question 9

Often considered the most effective way to advertise homes and your brokerage to the public on a daily or weekly basis.

Answer 9

Newspapers (Online/Printed)

Question 10

A planned set of hours during which a property for sale is held open for public viewing.

Answer 10

Open house

Question 11

Taking advantage of free press coverage to promote your firm, especially when someone in your organization has made some admirable social contribution that benefits the community, such as organizing or attending a philanthropic event.

Answer 11

Public relations

Question 12

Potential clients received through the agent’s good will and treatment of current clients.

Answer 12

Referrals

Question 13

Maximizing first impressions and preparing your home for showing and open houses by moving furniture and dressing up the home.

Answer 13

Staging (furniture placement)

Question 14

A form used by title companies that is filled out by buyers and sellers to verify their identities.

Answer 14

Statement of identification

Question 15

An informative analytical tool that logs in daily calls that specifically gives you a daily and historical review of how effectively your brokerage is advertising and includes important caller data.

Answer 15

Traffic Sheet

Question 16

A comparison of one property’s value to similar recently sold properties is called a:

a) cheat sheet.
b) log book.
c) comparative market analysis.
d) none of the above.

Answer 16

c) comparative market analysis.

Question 17

Open houses are good for:

a) finding buyers.
b) finding sellers.
c) neither a or b.
d) both a and b.

Answer 17

d) both a and b.

Question 18

Why are holding open houses beneficial to you as an agent?

a) They expose your listing to the buying public and other agents who may not have previously seen your listing.
b) They demonstrate to your sellers how hard you are working for them to obtain the best price for their home.
c) You get to meet potential buyers, as well as prospects, who may need to sell prior to purchasing.
d) All of the above.

Answer 18

d) All of the above.

Question 19

Which groups should be included in your “sphere of influence”?

a) Personnel managers
b) Postal workers
c) Union officials
d) All of the above

Answer 19

d) All of the above

Question 20

“FSBO” is an abbreviation of:

a) for sale by operator.
b) for sale buyer’s option.
c) forced sale by owner.
d) for sale by owner.

Answer 20

d) for sale by owner.

Question 21

Which of the following is a means of locating buyers looking for homes?

a) Open Houses
b) Emails
c) Internet search engines
d) All of the above

Answer 21

d) All of the above

Question 22

In general, the most effective media to use in the advertising of homes is:

a) billboards.
b) magazines or shopping guides.
c) newspapers or internet.
d) none of the above.

Answer 22

c) newspapers or internet.

Question 23

CMA stands for:

a) comparative market analysis.
b) computer matching analysis.
c) competitive member association.
d) none of the above.

Answer 23

a) comparative market analysis.

Question 24

The time-tested model used in writing ads is the AIDA formula, which stands for:

a) always include disclaimers accurately.
b) actual interest disclosed annually.
c) artistic, illustrated, desirable, anticipation.
d) attention, interest, desire, action.

Answer 24

d) attention, interest, desire, action.

Question 25

When evaluating the effectiveness of the advertising campaign, the broker/manager should:

a) ignore ad responses.
b) check the phone call log book/traffic sheet.
c) rely only on traditional forms of advertising.
d) none of the above.

Answer 25

b) check the phone call log book/traffic sheet.