Unit #1 - Getting Started in RE - Vocab

Question 1

Buyers Market

Answer 1

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.

Question 2

California Association of REALTORS

Answer 2

The state organization of NAR. Membership in a local board of REALTORS automatically includes membership in both CAR and NAR.

Question 3

Caravans

Answer 3

Similar to an open house except it usually features a series of homes versus a single property and is for real estate agents only.

Question 4

Completed Staff Work

Answer 4

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

Question 5

Daily Planning

Answer 5

The foundation of goal-setting. Your planning for each day should included steps leading to your short-term, immediate-term and long-term goals.

Question 6

e-PRO certification

Answer 6

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.

Question 7

Employee

Answer 7

A person working for another for compensation.

Question 8

Goal Setting

Answer 8

A tool for making intelligent decisions.

• Make specific goals
• Must be measurable
• short term, intermediate, long-term
• Put goals in writing

Question 9

Independent Contractor

Answer 9

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.

Question 10

Inventory

Answer 10

Make sure you review your companies inventory/listings

Question 11

Mentor Program

Answer 11

Where new hires assist a successful salesperson for several months. This approach can be very good if the mentor is knowledgeable.

Question 12

Multiple Listing Service

Answer 12

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.

Question 13

Must-buy buyer

Answer 13

Generally look for properties that meet their specific needs. While they like a bargain they are more likely to pay a reasonable price.

Question 14

Must-Buy-Seller

Answer 14

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.

Question 15

National Association of REALTORS

Answer 15

The largest broker organization. Membership in a local board of REALTORS also includes membership in the NAR

Question 16

Office Procedures Manual

Answer 16

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.

Question 17

100% Commission Office

Answer 17

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.

Question 18

Personal Assistant

Answer 18

Some new licensees will work as salaried personal assistants to successful sales agents to gain the experience and confidence necessary for success in sales.

Question 19

Realtist

Answer 19

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.

Question 20

Seller’s Market

Answer 20

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.

Question 21

Social Media

Answer 21

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.

Question 22

Stratified Marketplace

Answer 22

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.

Question 23

Team Concepts

Answer 23

When real estate salespeople form partnerships within a firm.

Question 24

Will-Buy Buyer

Answer 24

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.

Question 25

Will-Sell Seller

Answer 25

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.

Question 26

Workers’ Compensation Insurance

Answer 26

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.