Chapter 2 Vocab

Question 1

Comparative market analysis

Answer 1

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

Question 2

Staging ( furniture placement )

Answer 2

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

Question 3

Open house

Answer 3

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

Question 4

Statement of identification

Answer 4

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

Question 5

Geographical farm

Answer 5

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

Question 6

FSBOs for sale by owners

Answer 6

When an owner decides and try’s to sell his own property

Question 7

Classified ads

Answer 7

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

Question 8

AIDA-Attention, interest, Desire, and Action

Answer 8

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

Question 9

Consumer Finance Protection Bureau

Answer 9

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

Question 10

Guaranteed sales plan

Answer 10

An agreement by the company to purchase the property at a given price after the holding period of the property

Question 11

Direct mail

Answer 11

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

Question 12

Public relations

Answer 12

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

Question 13

Referrals

Answer 13

Potential clients received through the agents good will and treatment of current clients

Question 14

Door hangers

Answer 14

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

Question 15

Newspaper (Print and online)

Answer 15

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