Unit #1 - Getting Started in RE - Vocab Flashcards
Buyers Market
In a buyer’s market there are many sellers and few buyers so sellers must compete for the available buyers, which usually means the lowering of prices.
California Association of REALTORS
The state organization of NAR. Membership in a local board of REALTORS automatically includes membership in both CAR and NAR.
Caravans
Similar to an open house except it usually features a series of homes versus a single property and is for real estate agents only.
Completed Staff Work
The idea that you should never present your broker with a problem unless you also present your broker with the possible courses of action to take–your recommendations as to a specific action and why
Daily Planning
The foundation of goal-setting. Your planning for each day should included steps leading to your short-term, immediate-term and long-term goals.
e-PRO certification
This is the NAR training program to certify real estate professionals as internet professionals. The educational requirements for certification will prepare you for more effective online communications.
Employee
A person working for another for compensation.
Goal Setting
A tool for making intelligent decisions.
- Make specific goals
- Must be measurable
- short term, intermediate, long-term
- Put goals in writing
Independent Contractor
The real estate broker is almost always an independent contractor. One who in rendering services, exercises an independent employment or occupation and is responsible to the employer only as to the results of their work. The contractor is only responsible for the results not how it is carried out.
Inventory
Make sure you review your companies inventory/listings
Mentor Program
Where new hires assist a successful salesperson for several months. This approach can be very good if the mentor is knowledgeable.
Multiple Listing Service
Or MLS expands the inventory of comparables to provide the broker with information on a much broader scale. This can help real estate brokers analyze buyer needs and resources to match buyers with properties and guide them to a sale.
Must-buy buyer
Generally look for properties that meet their specific needs. While they like a bargain they are more likely to pay a reasonable price.
Must-Buy-Seller
This is when a seller is highly motivated or desperate. The price asked could be less than the sale prices of similarly desirable properties. Especially when avoiding foreclosure.
National Association of REALTORS
The largest broker organization. Membership in a local board of REALTORS also includes membership in the NAR
Office Procedures Manual
aka a procedures manual, study it. As soon as possible, learn what is expected of you. Know your office meeting and training schedules. Find out what the procedure for depositing customer trust money and what to do when you take a listing or an offer to purchase.
100% Commission Office
In these offices the salesperson pays a flat desk fee or a desk fee plus a transaction fee to the broker and then keeps all the commission earned.
Personal Assistant
Some new licensees will work as salaried personal assistants to successful sales agents to gain the experience and confidence necessary for success in sales.
Realtist
In 1947 a group of African American brokers founded the National Association of Real Estate Brokers (NAREB) and adopted the word Realtist to designate their members.
Working for REALTOR or a Realtist will give you the advantage of a broad educational program, as well as access to publications. Training is a career-long activity and is an integral part of a real estate career.
Seller’s Market
in a seller’s market, buyers must compete among themselves for properties. In a seller’s market, there may be multiple offers for a property. Prices will increase in a seller’s market.
Social Media
This refers to websites and applications allowing users to interact through social networking. It is sharing of information and experiences. Some 84% of real estate professionals use social media.
Stratified Marketplace
The real estate marketplace is also a stratified marketplace–stratified based on price range. For example, there might be a seller’s market in homes priced under $250,000 with many more buyers than sellers. At the same time, there might be a glut of homes priced between $1 million and $2 million with few buyers.
Team Concepts
When real estate salespeople form partnerships within a firm.
Will-Buy Buyer
buyers who don’t really have to buy. Investors and speculators are included in this group. Generally, look for motivated must-sell sellers basically looking for a bargain.
Will-Sell Seller
Unmotivated sellers, are those who don’t need to sell but who will sell if the price is right. Frequently place a property on the market at above-market prices.
Workers’ Compensation Insurance
Brokers must carry Workers’ Compensation Insurance for salespeople who are considered for this purpose to be employees. Brokers need not carry unemployment insurance coverage because commissioned salespeople are not eligible for unemployment insurance benefits.
