Real Estate Brokerage SAE – Questions and Answers Graded A+ 100%_ Champion's School of Real Estate

Real Estate Brokerage SAE – Questions and Answers Graded A+ 100%_ Champion's School of Real Estate Search Engine Optimization (SEO) - CORRECT ANSWER-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 - CORRECT ANSWER-Video streaming through facebook. CoStar Database - CORRECT ANSWER-Functions much like a residential MLS, connecting commercial agents with brokerages, owners, lenders, property managers, appraisers, and investors. Virtual Reality (VR) - CORRECT ANSWER-A computer-generated image or environment that can be interacted with by using special electronic equipment Augmented Reality (AR) - CORRECT ANSWER-Provides a modified view of reality for the user Artificial Intelligence (AI) - CORRECT ANSWER-A way of describing intelligence exhibited by machines Google Analytics - CORRECT ANSWER-A powerful analytic software MLS Systems - CORRECT ANSWER-The gold standard in data collection, processing, and dissemination in the real estate industry for years. Millennial Generation - CORRECT ANSWER-People reaching young adulthood in the early part of the 21st century What does a consumer want from their brokerage? - CORRECT ANSWER-- hyper-personalization - high online ratings - high level customer service - marketing that creates interest - give back to community - deeper relationship with agent Mission Statement - CORRECT ANSWER-Announces to the world what the company's long-term goals are, describing the overall purpose of the organization. Value Statement - CORRECT ANSWER-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 - CORRECT ANSWER-Outlines the steps, approaches and resources that will be used to fulfill the objectives of the company. Operational Planning - CORRECT ANSWER-The aspect of planning that encompasses the day-to-day operations of a company. Due diligence - CORRECT ANSWER-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 - CORRECT ANSWER-Doing Business As An assumed name or a trade name used instead of the legal name of a business entity. FBN - CORRECT ANSWER-Fictitious Business Name An assumed name or a trade name used instead of the legal name of a business entity. Assumed name - CORRECT ANSWER-A trade name used instead of the legal name of a business entity. Trade name - CORRECT ANSWER-An assumed name used instead of the legal name of a business entity. Sole Proprietorship - CORRECT ANSWER-A venture owned by one individual. Partnership - CORRECT ANSWER-A type of business entity that has partners General partner - CORRECT ANSWER-Responsible for the day to day operations of the business and has full liability limited partnership - CORRECT ANSWER-A type of partnership created in Texas by filing a certificate of limited partnership with the Texas Secretary of State Limited partner - CORRECT ANSWER-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 - CORRECT ANSWER-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 - CORRECT ANSWER-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 - CORRECT ANSWER-Two or more parties join together to create and operate a real estate investment corporation - CORRECT ANSWER-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 - CORRECT ANSWER-The owners of the corporation. board of directors - CORRECT ANSWER-Elected by the shareholders who represent the interests of the shareholders corporate officers - CORRECT ANSWER-Corporate officers are responsible for the overall management of the operation of the business. limited liability company - CORRECT ANSWER-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 - CORRECT ANSWER-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 - CORRECT ANSWER-False A partnership may be created by: - CORRECT ANSWER-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. - CORRECT ANSWER-budget How much cash reserves do industry experts recommend new brokerages have available for operating expenses? - CORRECT ANSWER-6 months to 2 years Ethics - CORRECT ANSWER-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