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Cal RealEstate Practice > Unit 1: Yoir Real Estate Career > Flashcards

Unit 1: Yoir Real Estate Career Flashcards

1
Q

What does the term “Brokerage” mean:

A

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

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2
Q

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

What are they?

A

Residential
Commercial
Industrial brokerage
Mortgage loan agent or leasing agent

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3
Q

Residential brokerage

A

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

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4
Q

Licensees who choose residential brokerage need to have knowledge of

A

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

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5
Q

Mortgage loan agent

A

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

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6
Q

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

A

True

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7
Q

Commercial Brokerage

A

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

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8
Q

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

A

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

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9
Q

What is the main goal of Property management?

A

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

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10
Q

Who do property management work for?

A

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

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11
Q

Leasing agents

A

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

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12
Q

Real estate appraiser

A

Determines the value of properties

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13
Q

Knowledge of the product consist of

A

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

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14
Q

What is prospecting

A

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

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15
Q

What is a listing agreement?

A

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

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16
Q

Counteroffer

A

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

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17
Q

What is purchase offer?

A

A written offer for the purchase of a property

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18
Q

What is escrow ?

A

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

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19
Q

What is a MLS (Multi Listing System)

A

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.

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20
Q

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

what is independent contractor

A

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

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21
Q

What is workers compensation insurance?

A

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

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22
Q

What does an Escrow coordinator do?

A

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

23
Q

What is a mentor

A

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

24
Q

What is a property management?

A

The operation and maintenance of rental properties

25
Q

What is an appraiser?

A

A person who estimates property value.

26
Q

What is prospecting?

A

The act of seeking out potential clients

27
Q

What is listing agreements?

A

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

28
Q

Offer to purchase

A

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

29
Q

What is Counter Offer ?

A

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

30
Q

What is MLS (Multiple Listing services)

A

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

31
Q

What is a Independent Contractor?

A

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

32
Q

What is Commission?

A

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

33
Q

Explain Transactions sides?

A

Buyers and Sellers sides to a transaction

34
Q

Real Estate Professional Assistant

A

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

35
Q

Explain a Broker-Owner?

A

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

36
Q

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

A

Independent Contractor

37
Q

The customer is an agency relationship

A

Third Party

38
Q

a brokerage who manages all required paperwork for listings

A

Listing coordinator

39
Q

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

A

Escrow coordinator

40
Q

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

A

prospecting coordinator

41
Q

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

A

advertising coordinator

42
Q

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

A

Transaction coordinator

43
Q

Why do people go into real estate sales?

A

High earnings, Flexible schedule, and independence

44
Q

Real estate sales people are paid when?

A

one of there transactions close

45
Q

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

A

Commissions

46
Q

Who determines the amount of commissions a broker receives?

A

The broker and the seller

47
Q

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

A

an employee

48
Q

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

A

Brokerage

49
Q

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

A

broker

50
Q

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

A

Salesperson

51
Q

Preparing CMAs and arranging office previews might be performed by the

A

Listing coordinator

52
Q

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

A

Escrow

53
Q

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

A
  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

Cal RealEstate Practice (1 decks)

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