CONTRACTS
What is the written agreement between a buyer and seller called?
Purchase Agreement
What does “Fair Housing Act” protect against?
Discrimination in housing
What’s the #1 place most buyers start their home search today?
Online (Zillow, Realtor.com, etc.)
What is KW’s motto?
God, Family, then Business
What color is a typical real estate “For Sale” sign?
Red and White
Earnest money is usually applied toward what at closing?
The buyer’s down payment or closing costs
What document is required to disclose known property defects?
Seller’s Disclosure Statement
What social media platform is BEST for visually showcasing listings?
What’s the name of KW’s annual training and networking event?
Family Reunion
True or False: HGTV shows usually reflect the real home buying process.
False
What does “contingency” mean in a contract?
A condition that must be met for the contract to move forward
In Illinois, how long must transaction records be kept?
5 years
What does “SEO” stand for in digital marketing?
Search Engine Optimization
What day each year do KW offices give back to their communities?
RED Day (Renew, Energize, Donate)
What fruit is considered good luck to bring to a new home?
Pineapple
Which contract gives a broker the exclusive right to sell a property?
Exclusive Right-to-Sell Listing Agreement
What is “commingling” in real estate?
Mixing client funds with personal or business funds
What’s one of the most effective low-cost ways to generate leads?
Hosting an open house
What does it mean when an agent “caps”?
They’ve paid their commission cap and now keep 100% of their commission
What U.S. state has the most expensive housing market?
California
If a buyer backs out without cause, what can the seller typically keep?
The earnest money deposit
Which federal law requires disclosure of settlement costs (like closing costs)?
RESPA (Real Estate Settlement Procedures Act)
What’s the term for marketing a property before it’s listed in the MLS?
Coming Soon / Pre-MLS Marketing
What are the four principles of the WI4C2TES belief system? (any 4 accepted)
Win-Win, Integrity, Customers, Commitment, Communication, Creativity, Teamwork, Trust, Equity, Success
In Monopoly, how much does it cost to buy Boardwalk?
$400