Deck 4: The Seller Representative

Question 1

Many listing agents have ___ to announce community events and articles of local interest related to real estate. This can be emailed to the seller to help maintain the relationship.

Answer 1

blogs

Question 2

Direct mail campaigns are a type of ___ prospecting.

Answer 2

active

Question 3

A ___ involves sending prospective sellers a brochure with a cover letter.

Answer 3

direct mail campaign

Question 4

The first stage of the seller representative cycle is ___, i.e., the methods used to identify and contact potential clients.

Question 5

What are the four categories of selling services that a listing agent provides?

A) place services
B) product services
C) promotion services
D) price services
E) legal services

Question 6

What are some product decisions a seller and seller agent must make?

A) special photography
B) staging
C) profile sheets
D) fix-ups
E) open houses

Question 7

Which of the following are some aspects of marketing that a seller representative may discuss with a prospective seller during the pitch?

A) staging and open house events
B) price
C) closing costs
D) presentation to buyer agents
E) negotiation strategies

Question 8

What are some methods used to establish the asking price of a property?

A) the cost approach
B) the income approach
C) comparative market analysis
D) the community approach
E) resale analysis

Question 9

Which of the following are methods of passive prospecting?

A) obituaries
B) online postings
C) referrals
D) expired listings
E) seller seminars

Question 10

Which of the following is a basic promotion service provided by all real estate seller representatives?

A) development of a profile sheet
B) installing lock boxes to allow showings
C) 'for sale' signs
D) all of the above
E) none of the above

Question 11

___ refers to door-to-door solicitations.

Question 12

___ listings are listings in the Multiple Listing Service that have expired after a specified time.

Question 13

On the day of closing, the listing agent gives a nice gift to the seller as a sign of appreciation for doing business with the seller called a ___.

Question 14

___ involves changing the look of the house to neutralize it-to change the personal identity of the place from its past owner to a look more suited to the average prospective buyer.

Question 15

A ___ is an information sheet that provides details regarding the 'specs' of the property.

Question 16

___ refers to an arrangement in which the broker of the seller representative agrees to pay the seller a set amount from any sale.

Question 17

An ___ listing allows anyone to sell the property, and only the broker of the agent that ends up selling the property gets the sales commission.

Question 18

___ in the U.S. typically include: the broker's fee, title insurance, warranty deed, filing fees per release, escrow fees, termite inspection, appraisal, loan discount fee, and a survey fee.

Question 19

___ are firms that specialize in helping company executives and their families move to another location-generally the location of a job transfer.

Question 20

___ refers to the availability of a real estate agent when he or she is in charge of the office.

Question 21

___ is a method in which a real estate agent establishes expertise in real estate related to specific neighborhoods.

Question 22

Which of the following is a price-related service offered by a seller agent?

A) staging
B) office caravans
C) fix-ups
D) listing with Multiple Listing Service
E) negotiating with prospective buyers

Question 23

In what circumstances is a one-time listing most commonly used?

A) in cases where the seller has a set amount they wish to receive and does not care about the details of the transaction
B) in cases where the seller agent is worried the sellers will quickly undercut her and sell their property themselves with too much advertising
C) in circumstances when the listing agent has a buyer in mind and does not want to avail the listing to multiple offers
D) when the buyer agent is a member of the same brokerage firm as the seller agent
E) in circumstances where the seller agent believes there will be multiple competitive offers for a property

Question 24

What is the difference between an exclusive-right-to-sell listing and an exclusive agency listing?

A) an exclusive right-to-sell listing ensures that if the sale is made through a broker, the brokerage firm will receive the commission
B) an exclusive agency listing gives the seller the right to sell their property alone
C) an exclusive right-to-sell listing requires all brokers to work through the brokerage firm with the listing agreement
D) an exclusive agency listing allows anyone to sell the property
E) an exclusive right-to-sell listing is more advantageous for the seller

Question 25

An open listing is most advantageous to the seller and least advantageous to the seller representative.

Question 26

The income method of market valuation works by determining what a buyer will be able to pay based on the income prospects in an area.

Question 27

The cost method of market valuation is mostly used in residential sales.

Question 28

Community involvement is one of the best methods for building a reputation of service in the community.

Question 29

Many experts of real estate marketing say that the first step in successfully managing a real estate business is to realize the global nature of this business.

Question 30

Ninety-one percent of people look at houses on the Internet before contacting a real estate agent or seller.

Question 31

Most builders have the skills to sell their buildings once completed, so they are unlikely to be disposed to doing business with a listing agent.

Question 32

Non-occupant owners may be highly disposed to selling their homes if and when prompted by a good agent.

Question 33

For Sale by Owner (FSBO) are prospective sellers trying to sell their property without the assistance of a professional real estate agent.

Question 34

The exclusive-right-to-sell listing is most advantageous to the seller representative.

Question 35

Open houses and office caravans are promotional decisions.

Question 36

What is the purpose of including personal results in the pitch to prospective sellers?

A) to convince the prospect the agent has the experience and expertise needed to sell their property
B) to demonstrate that the seller's brokerage firm has a long history of successful transactions
C) it is required by the Deceptive Trade Practices Act to prevent agents from overinflating the prospect's expectations
D) to justify the selling price set by the seller representative
E) to help prospective sellers understand the agent's limitations

Question 37

Which of the following should a potential seller representative present to a client in order to win an agency contract?

A) personal results
B) selling price
C) specific marketing related to the property
D) all of the above
E) none of the above

Question 38

How is the income method used to derive the market value of a property?

A) an appraiser adds up the value of all the component parts
B) an appraiser divides the net operating income generated by a rental property by the interest rate
C) an appraiser estimates what a buyer will be able to pay based on the median income in an area
D) an appraiser compares the property to properties with similar features in the same area
E) none of the above

Question 39

What is the principal advantage of cultivating a relationship with third-party relocation companies?

A) clients satisfied with their relocation will refer others to use the agent's services
B) it is likely to result in an agent receiving work in a community based on reputation alone
C) once a relationship is established, the company is likely to contact the seller representative to help in the future
D) most people look online before anything else and the relationship with the company ensures an online presence
E) clients may contact the seller after being impressed by their expertise

Question 40

Which of the following best describes the farming strategy for real estate prospecting?

A) a real estate agent contacts local builders to query their interest in obtaining a listing agent to sell their new construction
B) a real estate agent posts information about their skills and services online to entice potential clients
C) a real estate agent farms the obituaries for clients whose living arrangements are likely to change
D) a real estate agent establishes their expertise in a community so they will receive business based on reputation
E) a real estate agent follows up on expired listings in the Multiple Listing Service

Question 41

What is the first stage of the personal selling cycle?

A) prospecting
B) servicing
C) determining market value
D) making a sales pitch
E) negotiating services

Question 42

Social events hosted by listing agents help foster the relationship between agent and client, which may lead to future referrals.

Question 43

Advertising can be done on online platforms such as Craiglist, Trulia, and eBay.

Question 44

A typical seller-seller agent contract ties the seller to the listing agent for about six months, after which the contract has to be renewed.

Question 45

Active prospecting methods to identify prospective clients require the seller representatives to wait for clients to contact them.