Mortgage 3

Question 1

Multiple Listing Service (MLS)

Answer 1

A comprehensive database of real estate listings and information that is used by real estate professionals to facilitate the buying and selling of properties. MLS systems are typically operated by local or regional real estate associations or boards and serve as a centralized platform for listing and sharing real estate information.

Question 2

Mortgage

Answer 2

A loan that is used to purchase a property. A lender provides the money for the purchase and the borrower agrees to repay the loan over time, with interest. The borrower also agrees to provide collateral for the loan, which is usually the property itself.

Question 3

Offer

Answer 3

A written document the buyer submits to the seller, stating the price they are willing to pay for the property. The offer also includes other terms and conditions of the sale.

Question 4

Prospecting

Answer 4

A lead generation method which involves identifying and reaching out to potential leads who have shown some level of interest with a product or service. Its primary purpose is to initiate and develop individual relationships with potential clients.

Question 5

Seller

Answer 5

An individual or entity who is interested in selling a real property through a real estate transaction.

Question 6

Sellers market

Answer 6

Generally represents less than five months of inventory available. A real estate market in which demand for homes is greater than the supply of homes available. In other words, there are more interested buyers than there are homes for sale.

Question 7

Sphere of Influence (SOI)

Answer 7

People in whom the agent has established relationships either personal on relationships eg and who are likely to support or engage with their business or endeavors.

Question 8

Title

Answer 8

A Legal document that proves ownership of property

Question 9

The Telephone Consumer Protection Act (TCPA)

Answer 9

The Telephone Consumer Protection Act is the primary federal law governing the regulation of telephone solicitations.

Question 10

Touch Campaign

Answer 10

Systematic engagement with leads and contacts throughout each year.

Question 11

Transaction

Answer 11

The process of buying, selling, or transferring property ownership.

Question 12

Value Proposition

Answer 12

The value an agent offers that is unique, innovative, and fulfills a need for their market.