Exam (elaborations)
REAL ESTATE MARKETING COMMERCIAL REAL ESTATE QUESTIONS & ANSWERS.
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REAL ESTATE MARKETING COMMERCIAL REAL ESTATE QUESTIONS & ANSWERS.
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REAL ESTATE MARKETINGCOMMERCIAL REAL ESTATE
QUESTIONS & ANSWERS.
Mentor ANS -An experienced agent who guides a newer agent through their first year of real estate
Comprehensive database ANS -A list of properties and property owners within a geographical region
Diplomacy ANS -The ability to handle clients and situations in a sensitive and effective way
Canons of Professional Ethics and Conduct ANS -Part of TREC's Rules including Fidelity, Integrity,
Competency, Consumer Information, and Discriminatory Practices
DTPA ANS -The Deceptive Trade Practices and Consumer Protection Act allows an aggrieved consumer
to sue a seller of goods for damages
Caveat emptor ANS -Let the buyer beware
Fair housing ANS -Federal, state, and local laws that ensure the public has unobstructed access to
housing
CCIM ANS -Certified Commercial Investment Member designation for commercial real estate agents
who want to further their business practices through education and networking opportunities
IREM ANS -Institute of Real Estate Management is an international community of real estate managers
dedicated to ethical business practices, maximizing the value of investment real estate, and promoting
superior management through education and information sharing
SIOR ANS -Society of Industrial and Office Realtors is a professional organization that is affiliated with
NAR
,ICSC ANS -International Council of Shopping Centers is designed to advance the shopping center
industry and to promote its role in the commercial distribution of consumer goods and services
BOMA ANS -Building Owners and Managers Association is an association of building owners, managers,
developers, leasing professionals, corporate facility managers, asset managers, and providers of the
products needed to operate commercial properties
NARPM ANS -The National Association of Residential Property Managers is an organization of managers
of single-family and small multifamily properties
Commercial ANS -No TREC-promulgated forms
Less than half of commercial agents belong to the local REALTOR® association
Less than 10% of listings appear on the local MLS
Exclusive Right to Sell listing agreements and Open Listings are common
Agents do not share their listings with the world and do not want exposure (they want both sides of the
transaction for the brokerage)
Pocket listings are common
Agents focus on getting fewer transactions worth more money
Time frame is 6 to 12 months or more
Attorneys are often involved in the transaction
Cold calling is not a problem for most commercial agents since they are calling commercial businesses
Name recognition and brand are still important because the big names have the market information and
a significant market share.
Do not allow their agents to dabble in residential real estate
Residential ANS -Use of TREC-promulgated forms
Most agents belong to the local REALTOR® association
90% of listings appear on the MLS
Exclusive Right to Sell listing agreements are the most common
Agents want the maximum exposure for their listings
, Pocket listings are rare, and many view them as unethical
Agents focus on getting as many transactions as possible
Time frame is 30 to 45 days
The majority of buyers and sellers do not involve an attorney in the transaction
Cold calling can be an issue due to the National Do Not Call List
Trending away from big-name recognition and brand in some markets toward independent firms. 54%
of residential agents in the U.S. do not belong to a name-brand real estate company.
May let their agents dabble in commercial real estate
Special Agency ANS -Both Commercial and Residential
MLS ANS -Residential Only
Name Tags ANS -Residential Only
Number Crunching ANS -Commercial Only
Fair Housing ANS -Residential Only
A real estate broker or salesperson, while acting as an agent for another is a _______________ ANS -
fiduciary
integrity ANS -including employment of prudence and caution so as to avoid misrepresentation, in any
way, by acts of commission or omission.
commercial real estate is caveat emptor. ANS -While many residential buyers would be turned off by
buying a property where a murder occurred and could consider it a material fact, it is rarely disclosed in
commercial real estate. Many murders take place on commercial properties every year and are never
disclosed to potential purchasers.
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