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Power House Training > Exam Study > Flashcards

Exam Study Flashcards

1
Q

What do agents use the MLS for in marketing?
Pg 14

A

How long homes sit on the market. Reviewed listing prices versus selling prices. What amenities are people looking

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2
Q

Loan payments- front ratio- (PITI) pg 79

A

Lenders will not allow buyers to spend more than 28%of their monthly income on PITI
front ratio

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3
Q

Loan payments - back ratio (PITI)
Page 79

A

Back ratio is 36% and also includes payments such as car notes, liens, alimony, and child support.

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4
Q

Safety tips for agents
Pg 114, 115

A
  1. Stay near the front door
  2. Don’t allow the client to come between you and the exit
  3. Call someone
  4. Call office and use distress code
  5. Step out to grab some paperwork
  6. Dial 911
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5
Q

Items credited to the BUYER at closing
Pg 229

A
  1. Earnest money
  2. Existing mortgage assumption
  3. Unearned rents
  4. Tenants security deposit
  5. Accrued items like taxes
  6. Items paid outside of closing
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6
Q

Items credited to the SELLER at closing
Pg 229

A
  1. Sales price of the property
  2. Prepaid items like insurance, HOA dues
  3. Escrow account overages such as prepaid insurance, taxes
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7
Q

Careers, reputation, and social media
Pg. 265-267

A

Basically don’t be an asshole and use manners on social media

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8
Q

What is a Marketing plan?
Pg 18

A

A plan used to gain name recognition

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9
Q

What are some TREC disciplinary actions?
(There are 6)
Pg 177/ 188

A
  1. A reprimand
  2. A fine
  3. Probation
  4. Suspension of membership
  5. Revocation of membership
  6. Any combo of the above
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10
Q

What are some factors affecting listing agreement/Termination?
Pg 25, 85

A

Attention to detail, terrible photos, Disclosure of all material facts

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11
Q

Cold calling guidelines
( there are 7)
Pg 28

A
  1. Listen as much as you talk
  2. Think like a customer. What’s in it for them?
  3. Ask questions to clarify without confronting
  4. Don’t interrupt Dash concentrate
  5. Take notes and listen for ideas
  6. Allow them to finish sentences
  7. Keep your tone positive
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12
Q

When is the best time to make cold calls?
(There are 5)
Pg 28

A
  1. When there is a listing in the area
  2. When there has been a sale in the area
  3. When you have a gift to deliver
  4. When you have a new and exciting information for the residents
  5. In the afternoon or early evening
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13
Q

What are the IABS rules/ purpose?
Pg 84, 86

A

This is the form that explains the different roles an agent can play based on representation and the situation. the state of Texas requires that I give you this form for you to review. 
They should be given at the first substantiative discussion

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14
Q

Guidelines for professional conduct
(3 main topics)
Pg 188/189

A

Respect for the public, respect for property, respect for Peers.
(There are over 40 of them).

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15
Q

Designations in real estate:
CHMS
ALHS
MRP
SRS
pg 275/ 276

A

CHMS - certified home marketing specialist
ALHS - Accredited luxury home specialist
MRP - military relocation professional
SRS - Seller representative specialist

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16
Q

TRID rules and timing
Pg 232

A

The TILA-RESPA Integrated Disclosures, or TRID rules, require that the consumer received the closing disclosure no later than three business days before consummation. 

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17
Q

Closing

A
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18
Q

Designations - ABR
Pg 275

A

Accredited buyers representative

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19
Q

What are Global announcements and how can you use them to market your services?
Pg 13

A

Birth announcements, weddings, engagements, job promotions, FSBO’s, etc.
use these to find new leads.

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20
Q

Lawsuits based on listing types:
Open listing
Pg 130

A
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21
Q

Lawsuits based on listing types:
Exclusive right to sell
Pg 131

A
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22
Q

What should be displayed in a readily noticeable location in the brokers office?
Pg 174

A

Consumer protection notice

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23
Q

What is the first step for financial planning?
Pg 55/ 56

A

Build a budget by calculating your living expenses. Use SMART goal format 

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24
Q

Use of the internet in marketing

A

I have no idea what they are going for here. fB, tiktok, Instagram, the MLS. Use all that shit to market yourself and your listings.

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25
Q

Methods of building brand recognition

A
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26
Q

Generational preferences

A
27
Q

Short term goals

A
28
Q

Types of farms

A

Geographic – location economic – price range

29
Q

Generation categories

A

Boomers, Gen X, Gen Y , Gen Z, silent

30
Q

Characteristics of the cost approach of marketing (22, 23)

A

Zero cost approach is networking, for sale by owner, expired listings, making yourself visible, arriving early and staying late at the office

Minimum cost approach - neighborhood publications, promotional marketing items like calendars, magnets, etc

31
Q

What is Cold calling

A

Contacting expired and previous clients

32
Q

Gen X Buying trends

A

High-tech features in the home, home offices, product value, budget conscious because they’re paying off student loans

33
Q

Agent employment contracts

A

Listing agreement

34
Q

What is the Basis for many real estate license laws

A

Code of ethics

35
Q

Prospecting, Goal setting, production analysis

A

Key to increasing your client base and aggressively growing your business

36
Q

Motivations to get up early

A

Waking up 20 minutes earlier will help you avoid stress, tardiness, and unnecessary feelings of anxiety

37
Q

Cost approaches for marketing

A
38
Q

Tactics for presenting counter offer to sellers (pg 166)

A
  1. Think big picture - many times the value of concessions tends to be less costly than more days on the market
  2. If the price is reasonable, prevent the seller from continuing to negotiate just for the sake of negotiating. The counter offer is an entirely new offer that makes the first offer nonbinding. They could lose the buyers
39
Q

Red flags for potential clients

A

Too demanding, always looking for a good deal, refused to be prequalified by a lender, won’t sign an exclusive buyers agency agreement, they aren’t honest

40
Q

Self awareness definition

A
41
Q

Career goal strategies

A
42
Q

Seller expenses at closing

A
43
Q

Pathway to professionalism

A

Show courtesy, trust, and respect to other real estate professionals. Avoid the inappropriate use of endearments or other denigrating language. Do not prospect at other REALTORS®’ open houses or similar events. Return keys promptly. Carefully replace keys in the lockbox after showings.

44
Q

Role of an agent regarding the seller disclosure

A

Agents have a duty to disclose material facts they know about the property, but they are not required to do additional research for the purpose of making disclosures on properties they represent. Furthermore, agents should not help sellers fill out the seller’s disclosure notice, because doing so can increase their liability and the liability of their broker.

45
Q

Article 9 - code of Ethics
(Pg 196)

A

All agreements in a transaction shall be specific and concise. Provide a copy of each agreement to all parties. Always explain what each agreement means. 

46
Q

Types of listings
(Pg 130)

A
  1. Open listing - can list with other brokerages
  2. Exclusive - only one broker BUT the seller can also find a buyer themselves and pay no fee
  3. Exclusive right to sell - list with one brokerage and must pay the fees even if they sell themselves
  4. Net listing - usually outlawed. Seller says how much they want to net and anything above that is the agents fee.
47
Q

Closing lines to
Use with buyers

A
48
Q

Strategies to enhance specific career goals

A

SMART?

49
Q

What is a Deed of Trust? (227)

A

A deed of trust is an agreement between a home buyer and a lender at the closing of a property. It states that the home buyer will repay the loan and that the mortgage lender will hold the legal title to the property until the loan is fully paid

50
Q

Qualifying process

A
51
Q

Buyer Rep Agreement

A
52
Q

Types of loans

A
53
Q

What is a values statement?

A
54
Q

Documents at closing

A
55
Q

What is dynamizing, neutralizing, decluttering and repairing?

A
56
Q

Conventional vs non-conventional loans

A
57
Q

The impact of SB 489 on consumers

A
58
Q

Responses to seller price objections

A
59
Q

Disciplinary actions for REALTORS

A
60
Q

What are Morals?

A
61
Q

TREC/ TRELA - violations/ actions

A
62
Q

Features of listings

A
63
Q

TREC Consumer Protection Notice CN1-3

A

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