Real Estate Brokerage SAE - Champion's School of Real Estate| 291 questions and answers

Search Engine Optimization (SEO) The process of maximizing the number of visitors to a particular website by ensuring the website appears high on the list of results returned by a search engine. Fcebook Live Video streaming through facebook. CoStar Database Functions much like a residential MLS, connecting commercial agents with brokerages, owners, lenders, property managers, appraisers, and investors. Virtual Reality (VR) A computer-generated image or environment that can be interacted with by using special electronic equipment Augmented Reality (AR) Provides a modified view of reality for the user Artificial Intelligence (AI) A way of describing intelligence exhibited by machines Google Analytics A powerful analytic software MLS Systems The gold standard in data collection, processing, and dissemination in the real estate industry for years. Millennial Generation People reaching young adulthood in the early part of the 21st century What does a consumer want from their brokerage? - hyper-personalization - high online ratings - high level customer service - marketing that creates interest - give back to community - deeper relationship with agent Mission Statement Announces to the world what the company's long-term goals are, describing the overall purpose of the organization. Value Statement Define how a company's work will be accomplished, articulating a set of beliefs and principles that guide the way the company conducts business. Action Plan Outlines the steps, approaches and resources that will be used to fulfill the objectives of the company. Operational Planning The aspect of planning that encompasses the day-to-day operations of a company. Due diligence Analyzing, exploring, investigating and evaluating a business to learn about the business, in order to position themselves to make an educated decision about whether to buy or not buy a business. DBA Doing Business As An assumed name or a trade name used instead of the legal name of a business entity. FBN Fictitious Business Name An assumed name or a trade name used instead of the legal name of a business entity. Assumed name A trade name used instead of the legal name of a business entity. Trade name An assumed name used instead of the legal name of a business entity. Sole Proprietorship A venture owned by one individual. Partnership A type of business entity that has partners General partner Responsible for the day to day operations of the business and has full liability limited partnership A type of partnership created in Texas by filing a certificate of limited partnership with the Texas Secretary of State Limited partner A business partner whose liability is limited to the amount invested in the partnership, having no involvement in the day-to-day operations of the business. limited liability partnership Formed by filling a statement with the Texas Secretary of State. a partner is not individually liable for the debts and obligations of the partnership, nor is the partner liable for tortious acts committed by other partners. joint venture A group of individuals joining together for a single business venture, combining their funds and talents to carry out one project. When the project or venture is complete, they will dissolve as a group. syndicate Two or more parties join together to create and operate a real estate investment corporation estate investment Corporation Corporations in Texas are created by filing with the office of the Secretary of State. The corporate entity is comprised of three components: - Shareholders (stockholders) who are the owners of the corporation - A Board of Directors elected by the shareholders who represent the interests of the shareholders - Corporate Officers who are responsible for the overall management of the operation of the business shareholders The owners of the corporation. board of directors Elected by the shareholders who represent the interests of the shareholders corporate officers Corporate officers are responsible for the overall management of the operation of the business. limited liability company Formed by filing articles of organization with the Texas Secretary of State and is governed by the Texas Limited Liability Company Act. The limited liability company offers limited liability protection. franchise An authorization given by a company to an individual enabling the individual to carry out specific commercial activities as an agent for the company's products. T or F: A limited partner is involved in the day-to-day of the business False A partnership may be created by: filing documents with the Secretary of State The three main categories that sould be addressed during the planning phases are: operational planning, _______, and time planning. budget How much cash reserves do industry experts recommend new brokerages have available for operating expenses? 6 months to 2 years Ethics Concerned with what is right or wrong, good or bad, fair or unfair, responsible or irresponsible, obligatory or permissible, praiseworthy or blameworthy Ethics refers to the well-rounded standards of right and wrong that prescribe what humans ought to do. usually in terms of: rights, obligations, benefits to society, fairness, specific virtues Ethics refers to the study and development of one's ethical standards, principles that when followed, promote values such as: trust, good behavior, fairness, kindness TRELA Enacted in 1939, the Texas Real Estate License Act protects the public against unscrupulous brokers and sales agents. Canons of Professional Ethics and Conduct Section 531 of TREC's Rules includes Fidelity, Integrity, Competency, Consumer Information, and Discriminatory practices Consumer information The Consumer Protection Notice that is required to be posted in a prominent location in each place of business the broker maintains Discriminatory practices Article 5 of the Canons of Professional Ethics and Conduct DTPA A Texas consumer protection law that was passed in 1973, allowing an aggrieved consumer to sue a seller of goods or services for damages