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The strengths, weaknesses, opportunities, and threats facing a businessYou and your staff Who has the best information about your firm's operations to assist in writing your disaster recovery plan? The number of licensees to use Which of the following is one of the key decisions a brokerage makes when deciding how to staff the sales force? This is a valid reason to terminate the licensee's affiliation with the broker. Broker Craig fires salesperson Enrique for violating a provision of the license law. Which of the following is true of this situation? Due to circumstances beyond their control, the parties can't legally or practically do what they've agreed to do. In which of the following scenarios is impossibility of contract performance occurring? Employment Level Which of the following demographic data points would a brokerage be most interested in when evaluating a market? Management Style When discussing a merger, what would corporate cultural fit relate to? Line (Judy has line authority because she's directly responsible for achieving the company's financial goals.) As manager of the sales team, Judy has direct responsibility for reaching the company's financial goals. What type of authority does Judy have? Is she interested in promotion? Before spending time to evaluate Harriet's skills related to promotion, managers should find out if Harriet is even interested in being promoted. Harriet is a hard worker. Of all of the unlicensed staff, she receives the most consistently positive evaluations from her boss. She's the face of the firm, greeting walk-in and telephone clients with a friendly, efficient manner. She knows exactly where to find anything and any information she and her colleagues need. What's the first question managers should ask when determining if Harriet is suitable for promotion? Indirect Marketing is a strategic process that impacts all departments in a firm. Its impact on sales is critical, but indirect What impact do marketing efforts have on sales? Culture of retention A(n) ______ is certain to save a brokerage money Require identification from customers and clients before real estate professionals go into the field with them. Which of the following is a good example of proper safety and security measures for employees at a brokerage office? Tactical planning Tactical planning is the most granular level of planning. Once the long-range plan has been broken down into smaller tasks, the management and staff are responsible for carrying out the tactics. Which of the following business planning activities breaks the long-range plan down into smaller tasks and identifies which segment(s) of the company are responsible for doing what? As more staff is hired, she will spend more time managing sales staff. Broker Donna plans to hire three licensees to begin growing her business from a one-agent to a four-agent firm. What tip would you offer Donna regarding the impact of growth on her as the broker-owner? Values Leaders communicate and live by their ______. The licensees don't do any active selling. The licensees at an LFRO gather referrals and feed them to a full-service brokerage but don't do any active selling. Which of the following statements is true regarding licensees who work at a limited function referral organization? Performance Rust Brokerage is run as a lean machine and requires its employees to be both productive and cost-efficient. It pays employees on a scale that relates their worth to how much their work has contributed to overall revenue. This reflects a(n) ______ compensation philosophy. Files can be used for operations analysis. Retention of transaction files is important for two reasons: to meet state regulatory requirements and to analyze business operations. Which of the following represents a reason for maintaining complete transaction files? Suggest that her client contact a roofing expert to make a determination. Samantha is a real estate licensee. She's showing her client a property. The client asks about some spots on the ceiling and wonders if they're an indication of a roof leak. What should Samantha do? Quack-a-Doodle-Doo Realty Which of the following business names would be the most likely outcome of a merger between Duck Realty and Rooster Realty Sales Contract Offer to purchase, sales agreement, contract of purchase and sale, and purchase agreement are other names for the ______. Damage to the building from the storm and melting snow could destroy Jarrod's office and records. Forecasters predict a huge spring blizzard. Jarrod's not concerned about operations because everyone could use a couple of days off, anyway. The snow will melt eventually. What long-term issues could arise that would cause more damage than Jarrod realizes? Because the plan includes both a cost for developers and the benefit of making an area more desirable, it could be weighted differently, depending on the services the real estate business offers. If a community plan requires developers to build new public spaces in urban areas as part of new construction projects, and the result is that more people want to live and work in the city, what impact would this have on a real estate business? Select the most complete answer. Federal Trade Commission Act The Federal Trade Commission Act created the FTC. This agency investigates practices and will stop companies and individuals from committing antitrust violations. Which act created an agency to investigate antitrust practices? He wants control over branding. Sole proprietorships offer complete control but no personal protection. Arnold plans to open a brokerage. What might make him select a sole proprietorship legal structure? Making a plan and implementing it is essential to the future success of an organization. Broker Millie wants to start her own brokerage. The market is hot right now, and she wants to get her brokerage up and running ASAP. Once things slow down a little, she'll figure out a business plan and other details. Which of the following is true of this situation? Fraudulent misrepresentation Mortgage fraud is a form of fraudulent misrepresentation that, because it's become so prevalent, has been named as its own category of fraud. Mortgage Fraud is considered __ It helps to ensure that well-trained talent is available in the event that a critical position becomes vacant. Succession planning not only ensures that a solid pipeline of qualified individuals is ready to move into critical positions, but it also motivates staff to perform at a high level in order to e considered for promotion. Loronda is working on her business plan in preparation for opening her own brokerage. Why should she consider including succession planning in her plan? No. However, in some situations, Tanner's attempts at training and enforcement may help lessen sanctions against him. Though technically Tanner is responsible, if he can prove that the firm has policies and procedures in place and that he provides training and coaching to licensees, he may receive less blame than he might otherwise. As the supervising broker, tanner makes sure that the firm's policies and procedures manual is updated regularly and is enforced. He provides formal and informal training on the manual's contents. Does this relieve Tanner of vicarious liability if a licensee performs an unethical act? Job Description The Job description describes how a person in a given role relates and interfaces with others in the organization. Keep windows clear so passersby can see inside Make certain windows are not obstructed so that passerby can see in and notice if there is trouble in the office. Decisiveness Which of these leadership traits is useful in a crisis and in establishing work flow? Misrepresentation Mortgage Fraud is considered Anittrust Activities that restrain trade and reduce competition and choices for consumers are considered to be what kind of violations? Internal equity compensation plans should be fair from both an external and internal continued