Real Estate 101 Trivia Quiz!

1.

All real estate agents are REALTORS.

A.

True
B.

False

Correct Answer
B. False

Explanation
The statement is false because not all real estate agents are REALTORS. While all REALTORS are real estate agents, the term "REALTOR" refers specifically to a real estate agent who is a member of the National Association of REALTORS (NAR) and adheres to a strict code of ethics. Therefore, there are real estate agents who are not members of NAR and are not considered REALTORS.

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2.

Who is legally responsible for the real estate transaction?

A.

Agent
B.

Broker
C.

MLS

Correct Answer
B. Broker

Explanation
In a real estate transaction, the broker is legally responsible. A broker is a licensed professional who oversees real estate transactions and is responsible for ensuring that all parties involved adhere to the laws and regulations governing the process. They have a fiduciary duty to their clients and are held accountable for any misconduct or negligence. The broker acts as a mediator between buyers and sellers, ensuring that the transaction is conducted ethically and legally. They handle important documents, negotiate terms, and ensure that the transaction is completed smoothly.

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3.

________% of buyers search for their home on the internet according to the 2015 NAR Survey of Home Buyers and Sellers.

Correct Answer
92

Explanation
According to the 2015 NAR Survey of Home Buyers and Sellers, 92% of buyers search for their home on the internet. This indicates that the majority of buyers rely on online platforms to find their desired properties. The internet has become an essential tool for home buyers, providing them with a convenient and accessible way to search for homes, view listings, and gather information about the real estate market. With the increasing availability of online listings and virtual tours, it is no surprise that such a high percentage of buyers now turn to the internet in their home search process.

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4

4.

________ % of buyers would use real estate agents again or recommend to others?

Correct Answer
88

Explanation
88% of buyers would use real estate agents again or recommend them to others.

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4

5.

Why do brokers and agents advertise properties?

A.

Attract leads from interested buyers and sellers
B.

Sell listings faster and at a better price by reaching the widest audience possible.
C.

Convert prospects into loyal customers
D.

Show current and prospective sellers tangible efforts toward marketing a property
E.

Build brand recognition, referrals and repeat business
F.

All of the above

Correct Answer
F. All of the above

Explanation
Brokers and agents advertise properties for various reasons. Firstly, advertising helps attract leads from interested buyers and sellers, increasing the chances of making successful transactions. Secondly, by reaching a wider audience, advertising helps sell listings faster and at better prices. Additionally, advertising efforts can convert prospects into loyal customers, as it shows tangible efforts towards marketing a property. Furthermore, advertising helps build brand recognition, referrals, and repeat business, which are crucial for long-term success in the real estate industry. Therefore, all of the given options are valid reasons for brokers and agents to advertise properties.

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6.

Consumers selling their homes can post theirs For Sale property on realtor.com.

A.

True
B.

False

Correct Answer
B. False

Explanation
Consumers selling their homes cannot post their For Sale property on realtor.com.

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7.

Realtor.com is the Official Website of the:

A.

Multiple Listing Service
B.

Area Association of REALTORS®
C.

National Association of REALTORS®
D.

NRA

Correct Answer
C. National Association of REALTORS®

Explanation
Realtor.com is the official website of the National Association of REALTORS®. This association is a professional organization that represents real estate agents and brokers in the United States. They provide resources, support, and advocacy for their members, and Realtor.com serves as a platform for listing properties and connecting buyers and sellers. The National Association of REALTORS® is a well-known and reputable organization in the real estate industry, making it the correct answer.

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8.

A Seller's Market is described as high inventory, the median sales prices are declining and the "For Sale" yard signs are staying up longer.

A.

True
B.

False

Correct Answer
B. False

Explanation
A Seller's Market is actually described as low inventory, where there are more buyers than available properties for sale. In this type of market, the demand for houses is high, resulting in higher prices and properties selling quickly. The statement in the question contradicts the characteristics of a Seller's Market, making the correct answer False.

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9.

The Seller is represented by:

A.

The National Association of REALTORS®
B.

A Licensed Assistant to the Broker
C.

The Multiple Listing Service
D.

The Listing Agent

Correct Answer
D. The Listing Agent

Explanation
The correct answer is the Listing Agent. The Listing Agent is the person who represents the seller in a real estate transaction. They are responsible for listing the property, marketing it, and negotiating with potential buyers on behalf of the seller. They work closely with the seller to ensure their best interests are represented throughout the process.

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10.

An agent who represents a person in their home purchase is known as a?

A.

Transaction Coordinator
B.

Buyer's Agent
C.

Seller
D.

Account Executive

Correct Answer
B. Buyer's Agent

Explanation
A buyer's agent is an agent who represents a person in their home purchase. They work on behalf of the buyer, helping them find suitable properties, negotiating prices, and guiding them through the entire home buying process. Unlike a transaction coordinator who focuses on managing the paperwork and logistics of the transaction, a buyer's agent is specifically dedicated to the buyer's interests and ensuring they make informed decisions throughout the home buying journey.

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11.

Agents working in brokerages following a business model receive 100% of their commission.

Correct Answer
desk
fee

Explanation
Agents working in brokerages following a desk fee business model receive 100% of their commission. In this model, agents pay a fixed monthly fee to the brokerage in exchange for the use of office space and resources, including a desk. Unlike traditional commission splits, where agents share a portion of their earnings with the brokerage, agents operating under a desk fee model retain the entirety of their commission. This allows them to have more control over their earnings and potentially earn higher profits.

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4

12.

Agents in brokerages following a business model share their commission with their broker at a negotiated percentage.

Correct Answer
commission
split

Explanation
Agents in brokerages following a commission split business model share their commission with their broker at a negotiated percentage. This means that when an agent earns a commission from a transaction, a portion of that commission is given to the broker according to the agreed-upon split. This arrangement allows the broker to receive a share of the agent's earnings while also providing motivation for the agent to generate more business and earn higher commissions.

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4

13.

Who typically provides the marketing in a Flat Fee Brokerage?

A.

Agent
B.

Company
C.

NAR
D.

Realtor.com

Correct Answer
B. Company

Explanation
In a Flat Fee Brokerage, the marketing is typically provided by the company. This means that the company itself takes on the responsibility of promoting and advertising the properties listed with them. They may use various marketing strategies such as online listings, social media campaigns, print advertisements, and more to attract potential buyers for the properties. The company's marketing efforts are aimed at maximizing exposure for the properties and generating leads for their clients.

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14.

Realtor.com's Spokesperson is ________.

Correct Answer
Elizabeth Banks

Explanation
Elizabeth Banks is the spokesperson for Realtor.com.

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4

Real Estate 101 Trivia Quiz!

All real estate agents are REALTORS.

Who is legally responsible for the real estate transaction?

________% of buyers search for their home on the internet according to the 2015 NAR Survey of Home Buyers and Sellers.

________ % of buyers would use real estate agents again or recommend to others?

Why do brokers and agents advertise properties?

Consumers selling their homes can post theirs For Sale property on realtor.com.

Realtor.com is the Official Website of the:

A Seller's Market is described as high inventory, the median sales prices are declining and the "For Sale" yard signs are staying up longer.

The Seller is represented by:

An agent who represents a person in their home purchase is known as a?

Agents working in brokerages following a ________ ________ business model receive 100% of their commission.

Agents in brokerages following a ________ ________ business model share their commission with their broker at a negotiated percentage.

Who typically provides the marketing in a Flat Fee Brokerage?

Realtor.com's Spokesperson is ________.

Agents working in brokerages following a business model receive 100% of their commission.

Agents in brokerages following a business model share their commission with their broker at a negotiated percentage.