Final Exam Flashcards
Some real estate brokers prefer hiring well-trained individuals because
of the high cost of training.
Which of the following is a description of place utility?
Describes the unavailability of goods or services at convenient locations.
Which of the following is not one of the steps used to identify a target market?
Estimate the style of property of demanded by the sub-group.
Country clubs, the MLS, the yellow pages, open houses, media sections, and other real estate compaines are all examples of
channels of distribution.
Suppose a computer user needs a new hard drive. They had a 5,200 rpm hard drive and want to replace it. When they buy a new 5,200 rpm hard drive, they have an expectation that it will operate at 5,200 rpm. Which of the following theories BEST describes this situation?
Standardized output.
Agents that promote or advertise in any way that they charge the same commission rate as everyone else may be accused of
price fixing.
To avoid rewrites or to develop more effective ads, agents should
identify and advertise elements in your listings that meet the needs of the target market.
When agents provide their prospects with a free receiving station for incoming faxes, free rental or lease agreements, free property evaluations for their attorney or accountant, and free comparable sales, they are,
personalizing their business.
Which of the following can prove to be very expensive for the real estate marketer?
Creating promotional items that attempt to appeal to all individuals within the total market.
Suppose you show a property to a prospect and they seem to show an interest in it. After several hours of negotation in a local resturant, you prepare an offer but return to the office to only find that this office listing sold two weeks earlier. This situation addresses problems in
system oreintation.
Which of the following is not an example of indirect communication?
Interactions between the buyer and the agent.
Which of the following is not a function of real estate promotion?
Advertise.
Which of the following describes time utility?
Getting what you want, when you want it.
Staying in touch with past customers involves
building a referral base.
Which of the following best describes the process of the agent spending time finding out what their prospects thing and what their reasons are for making purchases?
Qualifying
The statement, “The property didn’t sell because of my agent,” is probably due to a faulty
marketing mix.
Which of the following techniques is useful in overcoming the no help objection?
Explaining PAB (property,advantage, and benefit) to the prospects.
Which of the following is not included in demographic segmentation?
Population locations.
How can agents impress sellers in order to gain the listings?
Demonstrate their uniqueness.
Which of the following is not a form of demographic or social-economic segmentation?
Lifestyle.
Customer orienatation
first identifies the needs of groups of buyers, sellers, or other agents, which may consist of rational or non-rational needs.
If the ________ soulution is not present, action to solve the problem is unlikely.
desire for the
Why do most four-bedroom homes in a community hold a higher price than their three-bedroom counterparts?
The supply of four-bedroom homes is often small in relation to demand.
Using the print media as a channel of distribution
is a good way to deliver the message when the agents intend for the message to last more than a few seonds.
When you are able to obtain and sustain a high price for your services, this indicates that
your confidence and the marketing plan behind your service is sound and well conceived.
The primary reason agents should negotiate a higher commission is
because additional channels of distribution open up.
Prospects’ needs are discovered when there is a state of discomfort so they must think that taking certain course of action will not only satisy the need but also be
the reason for taking the action.
Which of the following statements is true?
A reputation for performance is an enhanced service.
If a prospect doesn’t feel they can do business with a real estate agent, it is probably because of no
trust
One of the more common reasons prices rise is
the rising demand for homes in market with declining inventories.
_______ have more to do with how to make things better.
Ethics.
The last step in overcoming the no hurry objection is
to ask for the order
Which type of advertising promotes the firm?
Institutional advertising
The marketing mix
is the right property, at the right price, given the right promotion through the best channels of distrubution that produces a buyer who is ready, willing, and able to buy.
When agents review closed transactions and cross check every buyer’s former address to the geographic location of the properties purchased and discover that people from one geographic area tend to purchase in a similar price range or neighborhood, this is an example of
primary data collection.
Using a laptop computer and house designing software, agents can draw a room’s dimensions. Prospects can help agents measure their furniture and place those items into the room. Once the flat image is exactly as they like it, the software can pop the room into a 3-D view. This is a unique way for prospects to interact with the property and provides a way for the agent
to maintain the prospect’s interest while demonstrating their product or service.
Agents who make false statements that are not deceitful or conceal information from buyers may be guilty of
misrepresentation.
Research has shown that buyers
are often like the people already living in the neighborhood.
Using radio as a channel of distribution
allows the prospects to do something else at the same time they listen to the message.
What should agents do to save time and money on their promotional campaigns?
Take the time to define the target market before spending the broker’s limited funds on advertising
Which of the following statements regarding pricing services is true?
Without significant differentiation between agents and agencies, the sellers’ perception of the quality of agent services does not fluctuate much.
A channel of distribution is associated with
place.
Advertising, publicity, and personal selling describe
promotion.
Which of the following is not one of the four elements of the promotional mix?
Listening intently
Most agents ask questions with regard to the number of bedrooms prospects want, the type of neighborhood they are interested in, and the income they make. However,
to lock in that prospect, to get them to like and trust the agent, they should ask questions that require more profound thought.
Which of the following elements is addressed when agents take the time to explain a written offer or a listing agreement?
Safety and regulations
Which of the following can articulate their ideas clearly, are not necessarily motivated by the thinking of others, are respectful of the environment, and whose actions and words are designed to make sure others know who they are and what they want?
Internalists
Which of the following helps demonstrate an agent’s uniqueness?
All of these.
Fresh air, clean drinking water, clothing, and shelter describe
physiological needs.
Clarifying and intensifying a problem overcomes which of the following obstacles?
No need
Identifying your intent, acting as the prospect expects you to act, and demonstrating what you have in common with the prospect are all examples of how to overcome no
trust.
Which of the following statement regarding finding and collecting date for a research project is true?
The data must be relevant to solving the problem.
Helping the prospect interact with the home and imagine different uses for it is an example of obtaining the prospect’s
interest.
Which of the following civil rights acts defined citizenship in the United States as belonging to anyone born in this country?
The Civil Rights Act of 1866
Prospects who are fearful of the consequences of their decisions may express the no __________ objection.
hurry.
Which of the following is a result of research?
Determines the most attractive and profitable price,Reduces the uncertainty in the market,Identifies opportunities overlooked by other agents.
What is the normal result of higher interest rates?
Sellers may have to reduce their prices to compete with the higher price of money.
The Hierarchy of Needs was developed by Abraham
Maslow.
Which of the following would not happen when an agent is making a presentation?
Making telephone solicitations in the early afternoon
When agents question and listen to prospects, it helps
prospects discover underlying problems and encourages them to express a solution that might have been hidden, even to them.
Which of the following is used to overcome the no need objection?
Discover the problem,Discover the cause of the problem, Question the prospects and listen intently.
When someone yells “Fire!” in a crowded theater, some people will jump up and run, others might look around first, and some, who smell no smoke, will remain seated and calm. Understanding what influences action or the thinking of the group and the individuals within the group are valuable components in real estate marketing. What form of segmentation is this?
Psychographic segmentation.
Which of the following statements is true?
Motivation is the reason for doing things.
Which of the following statements regarding referrals is usually true?
They often have similar interests as those who referred them,They often have similar income as those who referred them,They may frequent the same church, grocery stores, and schools as those who referred them..
Which of the following is the easiest to change?
Price
The amount charged for your services should reflect all of the following except
your commission when compared to other agencies.
Solving a prospect’s problem is directly related to finding the
cause of the problem.
People who conspire with others to restrain commerce with foreign nations are guilty of violating the
Sherman Antitrust Act of 1890.
Personal selling is most closely associated with
promotional strategies.
Prospects who avoid a purchase decision because they feel it might be more trouble than it’s worth are expressing which of the following objections?
No hurry.
Suppose 0.8 percent of the national population is K–6th-grade teachers. If you lived in a community of 235,000 people, then given local considerations, it might be assumed that approximately 1,880 people are K–6th-grade teachers in your community. The process of making this assumption is called
extrapolation.
Which of the following needs are affected by a home that appears cluttered or poorly organized?
Safety needs
The statement, “You can’t go wrong buying on this street. It’s the best street in the neighborhood,” is an example of
Not negligence,fraud, and misrepresentation.
Emotional reasons for a purchase usually
concern how the purchase affects the prospects.
If you give your prospects additional information about a property so they can discuss it with their spouse and you later find that the information was not passed along, you probably gave the information to the
gatekeeper.
When overcoming no need, part of the reason for questioning prospects and listening to their responses is to
allow the prospects to understand why they are motivated to purchase.
Utility companies, the almanac, consumer reports, title companies, voter registration, churches, colleges, libraries, and the MLS are all sources of
secondary data.
The agent says, “All you have to do is push these three buttons and the security alarm is set.” This is an example of a
advantage close.
Which of the following are primarily employed to maintain customers and their repetitive orders?
Order getters
Conspiring to make it difficult for an outside agency to show a local listing or conspire to put other agencies out of business is known as
group boycotting
To overcome the no help objection, agents should
only describe the PAB of features that mean something to the prospect, in addition to the disclosure of material facts.
Agents suggest ways for prospects to improve the presentation of the home to the public. They might have the prospects mow the lawn, clean some of the walls, shampoo the carpets, and so on. These are examples of
packaging.
Using television as a channel of distribution
is a good way to deliver the message when visual impact is important.
Which of the following explains why research is an integral part of any marketing plan?
There is nothing easier than selling people what they want.
Which of the following encouraged offended parties to go to the Secretary of Housing and Urban Development for assistance in specific forms of discrimination?
Civil Rights Act of 1968
When buyers consider making an offer, they usually negotiate
things of value.
The purpose of pricing in a capitalistic society is to
efficiently allocate goods and resources
When the property offers more than prospects expect, or when prospects feel they are getting more than the price represents, or when agents handle all the paperwork and transfer problems, prospects are experiencing
the total product.
Which of the following statement regarding sales promotions is true?
They can be used as an incentive for buyers, sellers, and agents.
Salespeople can retain a listing with a commission equal to or higher than their competitors, but to do so they must
provide enhanced services.
If the Federal Reserve sees prices rising for the components of a house, they may conclude that shortages will cause inflation if demand stays constant or increases. What can the Fed do to slow this eventuality?
Influence thrifts to increase their interest rates to slow spending.
A mail survey is an example of
a method used to gather data.
The ability of your customer to afford the purchase of the listings you show them is called
possession utility.
Which of the following best describes secondary data?
Originally collected by another party for their, and not the agents’, use
An agent says, “I can quickly pull together some properties out of the multiple listing service so we can start looking right now, or would you rather I locate three quality properties that meet your specific needs?” For someone who wants to save time, this statement best describes the
advantage.
Agents who offer enhanced services
offer services that appear inexpensive when compared to the services of others.
Before showing prospects any property, agents should take the time to
understand the cause of their problem.
Overcoming _________ is about the communication of your solution to the no need problem.
no help.
Real estate agents are very independent, which often makes it difficult for broker/owners to implement.
systems orientation.
Which of the following is considered a free form of advertising?
Publicity
