Real Estate 101 Quiz_sr
Real Estate Landscape - learn about the Real Estate business, market trends and our customer, the Realtor.
- 1.
All real estate agents are REALTORS®. True or False
- A.
True
- B.
False
Correct Answer
B. False -
- 2.
Who is legally responsible for the real estate transaction?
- A.
Agent
- B.
Broker
- C.
MLS
Correct Answer
B. Broker -
- 3.
How many hours a week do most REALTORS® work?
- A.
30
- B.
40
- C.
50
- D.
60
Correct Answer
B. 40 -
- 4.
________% of buyers search for their home on the internet according to the 2013 NAR Survey of Home Buyers and Sellers. (Enter number only)
Correct Answer
92, 90Explanation
Slide 38_Slide39.SR: 2013 NAR Survey of Home Buyers and SellersRate this question:
- 5.
What are the two most common business models for real estate brokerages?
- A.
Desk Fee
- B.
Flat Fee
- C.
Commission Split
- D.
Discount
Correct Answer(s)
A. Desk Fee
C. Commission Split -
- 6.
__________ % of buyers would use real estate agents again or recommend to others? (Enter number only)
Correct Answer(s)
88Explanation
Slide 62_Slide 55.SR 2013 NAR Survey of Home Buyers and SellersRate this question:
- 7.
Why do brokers and agents advertise properties?
- A.
Attract leads from interested buyers and sellers
- B.
Sell listings faster and at a better price by reaching the widest audience possible.
- C.
Convert prospects into loyal customers
- D.
Show current and prospective sellers tangible efforts toward marketing a property
- E.
Build brand recognition, referrals and repeat business
- F.
All of the above
Correct Answer
F. All of the above -
- 8.
What percentage of respondents said they had the highest conversion rates from realtor.com® leads?
- A.
11
- B.
21
- C.
31
Correct Answer
B. 21 -
- 9.
What online real estate website was reported #1 according to the 2013 California Association of REALTORS®?
- A.
Zillow
- B.
Realtor.com
- C.
Redfin
- D.
Trulia
Correct Answer
B. Realtor.com -
- 10.
Consumers selling their homes can post their For Sale property on realtor.com®. True or False.
- A.
True
- B.
False
Correct Answer
B. False -
- 11.
Realtor.com® is the Official Website of the.....
- A.
Multiple Listing Service
- B.
Area Association of REALTORS®
- C.
National Association of REALTORS®
- D.
NRA
Correct Answer
C. National Association of REALTORS® -
- 12.
Realtor.com®'s Spokesperson is...
Correct Answer
Elizabeth Banks - 13.
A Seller's Market is described as high inventory, the median sales prices are declining and the "For Sale" yard signs are staying up longer.
- A.
True
- B.
False
Correct Answer
B. False -
- 14.
More than 4 Million Foreclosures occurred in 2007 and thankfully the worst of the foreclosures is past us. Several homeowners during that time either Foreclosed and/or had to Short Sale their home. Lately, there is a lot of buzz and press about the former short sale and foreclosed buyers coming back into the market to buy again. What are these buyers called?
- A.
Frisbee Buyers
- B.
Move Up Buyers
- C.
Second Chance Buyers
- D.
Boomerang Buyers
Correct Answer
D. Boomerang Buyers -
- 15.
_______% of buyers who used a real estate agent while searching for a home viewed them as a useful information source
Correct Answer
98 - 16.
The Buyer pays the commission for both the Listing Agent and the Buyer's Agent.
- A.
True
- B.
False
Correct Answer
B. False -
- 17.
The Seller is represented by
- A.
The National Association of REALTORS®
- B.
A Licensed Assistant to the Broker
- C.
The Multiple Listing Service
- D.
The Listing Agent
Correct Answer
D. The Listing Agent -
- 18.
An agent who represents a person in their home purchase is known as a...
- A.
Transaction Coordinator
- B.
Buyer's Agent
- C.
Seller
- D.
Account Executive
Correct Answer
B. Buyer's Agent -
- 19.
Realtor.com® Launched New Branding and a New Spokesperson. What date was it launched publicly and the first commercial aired?
- A.
May 9, 2015
- B.
May 18, 2014
- C.
May 1, 2015
- D.
May 18, 2015
Correct Answer
D. May 18, 2015 -
- 20.
Real Estate Agents are trained to reinvest 10% of their gross commission back into their business in order to grow to stay in business.
- A.
True
- B.
False
Correct Answer
A. True -
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Current Version
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Mar 22, 2022Quiz Edited by
ProProfs Editorial Team -
Oct 02, 2015Quiz Created by
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