Real Estate Landscape 2017
What are the important take-aways from the Real Estate Industry Presentation?
Questions and Answers
- 1.
All real estate agents are REALTORS®. True or False
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because not all real estate agents are REALTORS®. REALTORS® are real estate agents who are members of the National Association of REALTORS® and adhere to a specific code of ethics. While all REALTORS® are real estate agents, not all real estate agents are necessarily REALTORS®.Rate this question:
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- 2.
Who is legally responsible for the real estate transaction?
- A.
Agent
- B.
Broker
- C.
MLS
Correct Answer
B. BrokerExplanation
In a real estate transaction, the broker is legally responsible. A broker is a licensed professional who oversees and manages real estate transactions. They have the authority to represent buyers or sellers and are responsible for ensuring that all legal and ethical requirements are met during the transaction. The broker is accountable for the actions of their agents and must ensure that all parties involved in the transaction are protected and treated fairly.Rate this question:
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- 3.
________% of buyers search for their home on the internet according to the 2015 NAR Survey of Home Buyers and Sellers. (Enter number only)
Correct Answer
92Explanation
92% of buyers search for their home on the internet according to the 2015 NAR Survey of Home Buyers and Sellers. This indicates that a large majority of buyers rely on the internet as a primary tool for finding their dream homes. The internet provides a convenient and efficient platform for buyers to search for properties, view listings, and gather information about the real estate market. With the increasing accessibility and popularity of online resources, it is not surprising that such a high percentage of buyers turn to the internet during their home search process.Rate this question:
- 4.
________ % of buyers would use real estate agents again and ________ recommend to others? (Enter number only)
Correct Answer
88
64Explanation
88% of buyers would use real estate agents again and 64% would recommend them to others. This indicates a high level of satisfaction and trust in the services provided by real estate agents. The majority of buyers have had positive experiences and are likely to engage with agents again in the future, as well as refer them to friends and family.Rate this question:
- 5.
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 aboveExplanation
Brokers and agents advertise properties for multiple reasons. Firstly, advertising helps attract leads from interested buyers and sellers, expanding their potential client base. Secondly, it enables them to sell listings faster and at a better price by reaching a wider audience. Thirdly, advertising helps in converting prospects into loyal customers by showcasing their marketing efforts. Additionally, it allows them to demonstrate tangible efforts towards marketing a property to current and prospective sellers. Lastly, advertising helps in building brand recognition, generating referrals, and encouraging repeat business. Therefore, all of the above reasons contribute to why brokers and agents advertise properties.Rate this question:
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- 6.
True or False. Consumers (not represented by a real estate agent or REALTOR) selling their homes can post their For Sale property on realtor.com®.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Consumers who are not represented by a real estate agent or REALTOR cannot post their For Sale property on realtor.com®. This platform is specifically designed for real estate agents and REALTORS to list and market properties on behalf of their clients.Rate this question:
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- 7.
Realtor.com® is the Official Website of the (choose one).
- A.
Multiple Listing Service
- B.
Area Association of REALTORS®
- C.
National Association of REALTORS®
- D.
NRA
Correct Answer
C. National Association of REALTORS®Explanation
Realtor.com® is the official website of the National Association of REALTORS® (NAR). The NAR is a professional organization that represents real estate agents and brokers in the United States. They provide resources and support for real estate professionals and promote ethical standards in the industry. Realtor.com® is a platform where consumers can search for homes and connect with real estate agents who are members of the NAR.Rate this question:
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- 8.
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. FalseExplanation
A Seller's Market is actually described as low inventory, where there is high demand from buyers and limited supply of homes for sale. This leads to increased competition among buyers and often results in higher prices and quicker sales. The given statement is incorrect because it describes a Buyer's Market, where there is high inventory, declining prices, and properties staying on the market for longer periods of time.Rate this question:
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- 9.
The Seller is represented by (choose one).
- 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 AgentExplanation
The correct answer is the Listing Agent. The listing agent is the real estate agent who represents the seller in a real estate transaction. They are responsible for marketing the property, negotiating offers, and facilitating the sale process. They work directly with the seller to ensure their best interests are represented throughout the transaction.Rate this question:
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- 10.
An agent who represents a person in their home purchase is known as a (choose one).
- A.
Transaction Coordinator
- B.
Buyer's Agent
- C.
Seller
- D.
Account Executive
Correct Answer
B. Buyer's AgentExplanation
A buyer's agent is an agent who represents a person in their home purchase. They work on behalf of the buyer and assist them in finding and purchasing a suitable property. They provide guidance, negotiate on behalf of the buyer, and ensure their best interests are protected throughout the home buying process.Rate this question:
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- 11.
Agents working in brokerages following a ________ ________ business model receive 100% of their commission. For example, agents who are with Realty Executives should expect this type of business model.
Correct Answer
desk
feeExplanation
Agents working in brokerages following a "desk fee" business model receive 100% of their commission. This means that instead of splitting their commission with the brokerage, agents pay a set fee (desk fee) to the brokerage in exchange for keeping all of their commission. This model is different from the traditional commission split model where agents share a percentage of their commission with the brokerage. Realty Executives is an example of a brokerage that operates under the desk fee business model.Rate this question:
- 12.
Agents in brokerages following a ________ ________ business model share their commission with their broker at a negotiated percentage.
Correct Answer
commission, split, traditional
split, commission, modelExplanation
In a traditional split commission model, agents in brokerages share their commission with their broker at a negotiated percentage. This means that a portion of the commission earned by the agent is given to the broker as compensation for their services. This is a common practice in the real estate industry, where agents work under a brokerage and receive a split of the commission from each transaction they complete.Rate this question:
- 13.
In order for an Agent to build a sustainable business, typically agents should plan to reinvest what percentage of their commission back into building their real estate business?
- A.
3%
- B.
5%
- C.
10%
- D.
25%
Correct Answer
C. 10%Explanation
Agents should plan to reinvest 10% of their commission back into building their real estate business. This reinvestment is essential for agents to sustain and grow their business in the long run. By allocating a portion of their earnings towards marketing, advertising, professional development, and expanding their network, agents can attract more clients, improve their skills, and increase their overall success in the real estate industry.Rate this question:
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- 14.
Realtor.com®'s Spokesperson is ________.
Correct Answer
Elizabeth BanksExplanation
Elizabeth Banks is the spokesperson for Realtor.com.Rate this question:
- 15.
Brokers and Team Leaders both have the same 3 Goals, known as the 3 Rs, to building their business. Check All That Apply.
- A.
Recruit
- B.
Reinvest
- C.
Retain
- D.
Revenue
Correct Answer(s)
A. Recruit
C. Retain
D. RevenueExplanation
Brokers and Team Leaders have three common goals, known as the 3 Rs, to build their business: recruit new members, retain existing members, and generate revenue. These goals are crucial for the growth and success of their business. By recruiting new members, they can expand their team and increase their reach. Retaining existing members ensures stability and continuity within the team. Generating revenue is essential for financial sustainability and growth. These three goals work together to create a strong and thriving business.Rate this question:
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Current Version
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Mar 21, 2023Quiz Edited by
ProProfs Editorial Team -
May 07, 2017Quiz Created by
SallyMove
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