Unit 1: Yoir Real Estate Career

Question 1

What does the term “Brokerage” mean:

Answer 1

an activity involving the sale of something through an in-ter-me-di-ar-y who negotiates the transaction for payments

Question 2

Many different real estate opportunities are available to a licensed real estate salesperson

What are they?

Answer 2

Residential
Commercial
Industrial brokerage
Mortgage loan agent or leasing agent

Question 3

Residential brokerage

Answer 3

The business of helping homeowners sell and home buyers purchase homes.

Question 4

Licensees who choose residential brokerage need to have knowledge of

Answer 4

Local economic trends
Disclosure requirements
Real estate and fair housing laws
And available financing

Question 5

Mortgage loan agent

Answer 5

Is in the business of helping borrowers qualify for and get loans to purchase homes

Question 6

Loan agents must have a California real estate license and mortgage loan originator endorsement if they work for a loan brokerage licensed by the California Bureau of Real Estate

True or False

Answer 6

True

Question 7

Commercial Brokerage

Answer 7

Licensees interested in income- producing properties such as an apartments, office buildings, retail stores, shopping centers, industrial parks, and ware house.

Question 8

Why is it important for a commercial broker to know about any economics trends

Answer 8

Because clients will expect their broker to know why a particular property would be a good investment

Question 9

What is the main goal of Property management?

Answer 9

There main goal is to protect the owners investment in order to produce the highest financial return over the longest period of time.

Question 10

Who do property management work for?

Answer 10

Large real estate firms who manages homes,condos, duplex and apartments

Question 11

Leasing agents

Answer 11

Usually work for large apartment complexes, showing apartment to prospective renters

Question 12

Real estate appraiser

Answer 12

Determines the value of properties

Question 13

Knowledge of the product consist of

Answer 13

Knowing the architectural styles
Housing features and current inventory of homes that are for sale in the community product knowledge is learned by viewing as many new listings as possible

Question 14

What is prospecting

Answer 14

The process of developing business, through any number of activities.

Question 15

What is a listing agreement?

Answer 15

Is a bilateral contract between the property owner and the broker to place properties for sale with the broker.

Question 16

Counteroffer

Answer 16

Is the rejection of an original purchase offer and the submission of a new different offer

Question 17

What is purchase offer?

Answer 17

A written offer for the purchase of a property

Question 18

What is escrow ?

Answer 18

The period of time when all parties are held accountable for the terms of the agreement

such as disclosure, financing, property inspection, title search, ect

Question 19

What is a MLS (Multi Listing System)

Answer 19

is a cooperative listing service conducted by a group of brokers, usually members of a real estate association

listings are submitted to a computerized system for all MLS members to see.

Question 20

Real estate sales people are self- employed and work under independent contractor

what is independent contractor

Answer 20

Is a person who chooses the method to use in in completing the work under contract, and is accountable for the results.

Question 21

What is workers compensation insurance?

Answer 21

Injury compensation insurance that employers are required to provide to the employees of the company

Question 22

What does an Escrow coordinator do?

Answer 22

Manages all earnest money deposits, inspection, disclosure , financing, title, and escrow issues

Question 23

What is a mentor

Answer 23

A person who guides a trainee through the 1st few months or transactions as a salesperson

Question 24

What is a property management?

Answer 24

The operation and maintenance of rental properties

Question 25

What is an appraiser?

Answer 25

A person who estimates property value.

Question 26

What is prospecting?

Answer 26

The act of seeking out potential clients

Question 27

What is listing agreements?

Answer 27

a contract between the property owner and the broker to place properties for the sale with brokerage

Question 28

Offer to purchase

Answer 28

The proposal made by a potential buyers to an owner of proproperty to purchase the property under started terms

Question 29

What is Counter Offer ?

Answer 29

The rejection of an original purchase and the submission of a new and different offer.

Question 30

What is MLS (Multiple Listing services)

Answer 30

A cooperative listing services conducted by a group of brokers usually memebers of a real estate association

Question 31

What is a Independent Contractor?

Answer 31

A person who choose the method to use in completing the work under contract, and is accountable for the results.

Question 32

What is Commission?

Answer 32

The main source of earnings for real Estate sales people and brokers based on a certain percentage of the property sales price

Question 33

Explain Transactions sides?

Answer 33

Buyers and Sellers sides to a transaction

Question 34

Real Estate Professional Assistant

Answer 34

A comprehensive two-day certificate course that introduces the real estate business and the specific ways support staff can become valuable assets to their employers

Question 35

Explain a Broker-Owner?

Answer 35

A broker who creates a firm and sets all the policies of the firm.

Question 36

A national real estate company that generally offer the greatest opportunity for training

Answer 36

Independent Contractor

Question 37

The customer is an agency relationship

Answer 37

Third Party

Question 38

a brokerage who manages all required paperwork for listings

Answer 38

Listing coordinator

Question 39

a brokerage worker who guides the transaction through to closing and manages all earnest money deposits, inspections, disclosures, financing, titles, and escrow issues

Answer 39

Escrow coordinator

Question 40

A brokerage worker who seeks new business to generate leads and set up appointments for the lead listing salesperson

Answer 40

prospecting coordinator

Question 41

a brokerage worker who makes sure every listing gets its share of ad time as well as making up flyers and brochures for team listings

Answer 41

advertising coordinator

Question 42

Brokerage worker to whom salespeople give the paperwork for transaction just after a buyer and seller sign the offer to purchase

Answer 42

Transaction coordinator

Question 43

Why do people go into real estate sales?

Answer 43

High earnings, Flexible schedule, and independence

Question 44

Real estate sales people are paid when?

Answer 44

one of there transactions close

Question 45

The main source of earnings for real estate sales people and brokers are?

Answer 45

Commissions

Question 46

Who determines the amount of commissions a broker receives?

Answer 46

The broker and the seller

Question 47

Someone who is under the control and direction of an employer is

Answer 47

an employee

Question 48

an activity involving the sale of something through an intermediary who negotiates the transaction for payment is a

Answer 48

Brokerage

Question 49

A listing agreement is an employment contract between a seller and a

Answer 49

broker

Question 50

Prospecting for listing and selling properties are the main activities of a

Answer 50

Salesperson

Question 51

Preparing CMAs and arranging office previews might be performed by the

Answer 51

Listing coordinator

Question 52

The_______ coordinator is responsible for paperwork regarding property inspection while the transaction is in Escrow

Answer 52

Escrow

Question 53

Sales people focus on the following activities in order to produce and maintain consistent flow of business:

Answer 53

1. Training 2. Improving product knowledge 3. Previewing Properties 4. Prospecting 5. Obtaining listings 6. Marketing properties 7. Working with buyers 8. Handling Paperwork 9. Closing Sales 10. Attending sales meetings 11. Keeping current with Market trends