If you desire to make $100,000 before taxes & expenses annually, w/an avg commission of $1800..

You need to close 56 transactions/yr

One of the requirements to become a broker is:

Completion of 270 classroom hours of qualifying RE courses

One change in our aging population that is influencing real estate today is:

A desire to live closer to accessible facilities

A broker's responsibility for an agent's success does not include:

Directing and scheduling the agent's activities

As a broker, you will have to deal with all of the following issues, except:

Not asking for professional help when needed

Which of the following is false?

New contacts may take less time to cultivate thanyour sphere

As a rule of thumb, a seller's market exists when...

There is less than 6 months of inventory

Factors influencing individual work habits, like working from home, include all but:

Ample parking spaces in downtown areas

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GRI Brokerage Part 1: Business Development - Bank 1

30 termsStudBud Administration95 plays

Texas Association of Realtor GRI Brokerage I

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Questions 30

Answers

1
A sole proprietorship:
Means you're on your own
Offers limited liability
Includes a board of directors
Can own part of the business
2
The following information details the fingerprinting process:
Fingerprints must be taken at an authorized site
TREC will not accept any fingerprints submitted elsewhere
You must schedule an appt
All of these
3
If you desire to make $100,000 before taxes & expenses annually, w/an avg commission of $1800..
You need to close 100 transactions/yr
You need to close 180 transactions/yr
You need to close 56 transactions/yr
You need to close 40 transactions/yr
4
Healthy goal settings practices include all but which of the following:
Choose a specific time or year
Write out your goals
Never revisit the big picture
Discuss them with others
5
Samples of activities that should be included in prioritizing your day include:
Prospecting
All of the above
Paperwork
Face time
6
One of the requirements to become a broker is:
$1 Million in Property Sales
Sufficient resources to open a firm
Completion of 270 classroom hours of qualifying RE courses
8 years of experience as an agent
7
Under what circumstances does the broker have the ability to reassign or withhold commission?
When there are fees owed to the broker
Any
When the contract reveals errors that must be corrected
They need money
8
You'll want to set goals that:
All of These
Push you to achieve yet are realistic
Can be measured
Are flexible to accommodate changes
9
One change in our aging population that is influencing real estate today is:
They want to move away from hospitals
They no longer want to drive
A desire to live closer to accessible facilities
The prefer two-story homes
10
Marketing pieces should always include:
All of these
Your Web Address & Contact Information
A Call to Action
Provide Customers w/useful information
11
What is the most important factor in investment & development in cities?
Climate
Vicinity to professional team sports venues
Infrastructure systems
Employment potential
12
A business plan:
Serves as a roadmap
Ensures automatic success
Answers 1 & 2
Helps you pinpoint areas of focus
13
A broker's responsibility for an agent's success does not include:
Creating and managing expectations
Tracking and monitoring agents
Directing and scheduling the agent's activities
Handling disputes
14
A broker can ask an agent about any of the following topics in an interview except:
Preference of working with buyers or sellers
Age
Goals
Expectations
15
A broker's role may include which of the following
Manager
Coach
Peacemaker
All of these
16
When you're examining the market, where you want to work, & how to practice, consider:
Where your growth is occurring
Your familiarity with certain areas or locations
Trends in certain neighborhoods
All of the above
17
As a broker, you will have to deal with all of the following issues, except:
Professional standards complaints
Conflict between agents
Criticism from other brokers or agents
Not asking for professional help when needed
18
A business entity providing brokerage services must:
Be licensed as a broker
All of these
Ensure that designated agent is an active licensed broker
Provide proof of $1M+ in E&O insurance
19
Which of the following is false?
New contacts may take less time to cultivate thanyour sphere
Prospecting helps you meet consumers
Referrals from people within your sphere are often favorable
Prospecting is more important initially as you grow your bus
20
As a rule of thumb, a seller's market exists when...
There is plenty of inventory
Sellers are able to sell their home for any price
Lower offers are made on properties
There is less than 6 months of inventory
21
Include all of the following when formulating a brokerage budget except:
MLS fees
Household Expenses
E&O insurance
cost of office supples and equipment
22
Creating a business plan will provide many benefits, including:
Identifying any potential roadblocks you might face
Assessing your strengths and weaknesses
All of the above
Considering how to reach those you want to work with
23
A corporation is owned by:
The CEO
The Board of Directors
It's shareholders
The President
24
Anyone applying for a sales agent license must be fingerprinted in connection with
After Receiving Your License
Obtaining a Driver's License
Taking the Real Estate Exam
The TREC Application
25
Budgeting helps you
all of these
know what income you'll need to offset expenses
plan for emergency situations
track what fees you owe your brokerage
26
Factors influencing individual work habits, like working from home, include all but:
Internet connectivity
Ample parking spaces in downtown areas
Increasing costs for office space
Increasing commute times to offices
27
An idea of what you want to achieve which will allow you to gauge your progress is known as:
Mission
Goals and Objectives
Philosophy
Assets
28
Who is the decision maker regarding the office, legal questions & contracts?
The Accountant
The Secretary
The Broker
The Agent
29
What staff should a broker consider hiring when opening a brokerage?
A Personal Driver
IT Support
Answer 1 & 2
An Accountant
30
What can you expect to happen in a seller's market?
Buyers may make lower offers
Sellers don't need to pay as much attention to staging
Multiple offers are common
A lower level of service provided to sellers

GRI Brokerage Part 1: Business Development - Bank 1 Flashcards | StudBud