Champions BROKERAGE SAE - CH 1 |222 questions with 100% correct answers

CoStar Commercial real estate website similar to a residential MLS Augmented Reality Enhances the user's current perception and experience of reality Artificial Intelligence intelligence exhibited by machines Analytics Collect and track digital data from websites, apps and offline repositories MLS The long-standing gold standard in data collection for real estate agents Virtual Reality following trends in real estate brokerage gives buyers the opportunity to tour properties from the comfort of their own homes? More slowly than According to the Bureau of Labor Statistics, employment of real estate brokers and sales agents is projected to grow ___________ the average for all occupations. Over 65 Which age demographic is the largest in the country according to the U.S. Census Bureau? Search Engine Optimization (SEO) SEO (Search Engine Optimization) toolset that helps businesses improve their search visibility and improve their site rankings on the Internet. Millennial Generation are poised to take over as the leaders of industry. Millennials are tech savvy, urban focused, and extremely motivated and entrepreneurial. AUGMENTED REALITY Like virtual reality, augmented reality (AR) provides a modified view of reality for the user. ARTIFICIAL INTELLIGENCE The concept of artificial intelligence (A.I.), at its most basic, is a way of describing intelligence exhibited by machines. during periods of declining economic activity or rising interest rates, the amount of work for brokers and agents will slow and employment may decline. According to the U.S. Census Bureau , the largest age demographic in the country is those over_________ years of age. This demographic, by and large, will continue to have significant influence in all industries and markets. That said, those in the Millennial Generation are poised to take over as the leaders of industry. 65 Disruption of business, in the conventional sense, has been perceived to be a negative occurrence, often resulting in lost sales and profits. "disruption". jargon, disruption means to break free from convention and shake up routines and habits, changing the way that a business has traditionally thought and behaved in the past in order to innovate. It is through disruption that new markets can be discovered, new products created, and new values established. Innovation through disruption can displace the more established firms that have long possessed the highest market share. jargon, disruption mission statement The mission statement describes the overall purpose of the organization. Mission statements tend to be more powerful when they not only describe the work the company does, but also the company's reasons for doing it. values statement Values statements help define how the work will be accomplished, and they articulate a set of beliefs and principles that guide the way the company conducts business. action plan The written action plan will outline the steps, approaches and resources that will be used to fulfill the objectives. operational planning This aspect of planning encompasses the day-to-day operations due diligence Due diligence is an absolute necessity. The more potential business owners can learn about an existing business, the more they will be positioned to make informed decisions. DBA Doing Business As FBN Fictitious Business Name assumed name If the business is conducted under an assumed name, the business owners must file an assumed name certificate and obtain an employer identification number from the IRS. trade name sole proprietorship is a venture that is owned by one individual partnership A partnership is more easily created than a corporation, and can be created with a simple written or oral agreement. A partnership must have one or more general partners. general partner The general partner is responsible for day-to-day operations of the business and has full liability. At least one general partner is required in a limited partnership. The general partner is most often the "promoter" who brought the limited partners into the venture limited partner Limited Partners - The limited partner's liability is limited to the amount he or she invested in the partnership. The limited partner has no involvement in the day-to-day operation of the business. The limited partners are the investors in the venture. limited partnership A limited partnership in Texas is created by filing a certificate of limited partnership with the Texas Secretary of State. Limited partnerships do not pay Texas franchise tax. A limited partnership does provide limited liability to its limited partners such syndicate When two or more parties join together to create and operate a real estate investment it is called a syndicate. limited liability partnership The company and its business assets are protected from any judgment creditors of its member. joint venture A group of individuals who have joined together for a single business venture corporation The corporation is responsible for its debts and torts, not the shareholders. The individual assets of the shareholders may not be used to satisfy the judgment of a creditor board of directors Board of Directors to oversee the affairs of the corporation shareholders Stockholders who are the owners of a corporation limited liability company limited liability company (LLC) is formed by filing articles of organization with the Texas Secretary of State and is governed by the Texas Limited Liability Company Act. corporate officers Officers who are responsible for the overall management of business operations franchise The most common reason real estate brokers choose to join a franchise is name recognition brokers must maintain written policies and procedures that meet TREC minimum requirements TREC Rules 535.2(i) CBA certified business appraiser What is the PE Price-to-Earnings ratio in comparison to other real estate brokerages for sale LIMITED LIABILITY PARTNERSHIP A general partnership may elect to become a limited liability partnership by filing a statement providing the following information: 1. The name of the partnership 2. The federal tax identification of the partnership 3. The street address of the principal office in Texas and outside the state 4. The number of partners at the date of application 5. A brief statement of the business in which the partnership engages