M&M Final Exam Questions And Verified Accurate Answers 100% Correct.
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Course
MNM
Institution
MNM
What is the Value of Representation? - correct answer Highest Price, best terms, most qualified buyers, shortest amount of time.
How is the VOR achieved? - correct answer via: specialization, platform, exclusive listings.
...
What is the Value of Representation? - correct answer Highest Price, best terms,
most qualified buyers, shortest amount of time.
How is the VOR achieved? - correct answer via: specialization, platform, exclusive
listings.
If the VOR has been achieved, what has been demonstrated? - correct answer
M&M is the right firm, I'm the right agent, exclusive listing is the right listing.
Expectations the sixteen (16) weeks after you become an agent? - correct answer
Make pacesetter, hit pacesetter metrics
What are those metrics? - correct answer 50 calls/day, 250 calls/week, 10 proposals
total, 2 listings.
What is the success rate of those who achieved this? - correct answer 91%
Why do we emphasize the "art" of the business more than the "science"? - correct answer
The business requires you to be instinctive and use these instincts to uncover client motivations, go after
quality deals, and build relationships with clients. More important to be able to influence people, than
to be a know it all.
What are the "stops" along the brokerage continuum? - correct answer 1. Research
2. Business development call 3. 1st Appointment 4. Underwriting 5. 2nd Appointment 6. Exclusive Listing
7. Marketing 8. Field offers 9. Contract 10. Due-diligence 11. Removal of contingencies 12. Close 13.
Post-closing
What areas of the BC do you need to be most proficient your first year? - correct answer
Research; 2nd Appointment
, Steps of the business development call? - correct answer 1. Intro/credibility
statement 2. Interest Generator 3. Open-ended questions 4. Listen for window of opportunity 5. Close
Goal of the call? - correct answer Get a 1st appointment
Steps of the 1st appointment? - correct answer 1. Intro/build rapport 2. Ask probing
questions 3. Determine if the proposal is warranted 4. Sell proposal as a solution 5. Books and records 6.
Conditional agreement 7. Close for 2nd appointment
Goal of the 1st appointment? - correct answer Get a proposal
What Books and Records are requested? - correct answer 1. Rent Roll 2. Three year
profit/loss 3. Prom Note 4. Capital Expenditures
Why do we need multiple years? - correct answer Allows us to accurately
underwrite income and expenses. Allows us to see how the subject property performed under different
market conditions.
What is the purpose of rent comps? - correct answer Determine what the current
market rents are for the subject property. Determine if more cash flow can be earned.
What is the purpose of a "good-bad" Sales Comp? - correct answer Manage
expectations. Shows the "high strike" and "low strike" price.
Why do we adjust for Repairs, Reserves, and Management vs. actuals? - correct answer
Normalize expenses because they can vary.
What is a Seller-favorable NOI? - correct answer A NOI that "pushes value" for our
seller. Results in credible, aggressive valuation.
What is the correlation between cap rates and interest rates? - correct answer Cap
rates and interest rates rise and fall together.
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