Real Estate Basics
What does MLS stand for?
Multiple Listing Service
What is the capital of Japan?
Tokyo
What is the FULL name of our broker?
eXp Realty of Southern California, Inc.
A seller needs to close before starting a new job in another state. Which priority is especially important?
Timing
What is the main difference between a listing presentation and a seller consultation?
A presentation leads with the agent’s credentials and package, a consultation leads with the seller’s needs, questions, and goals.
What is earnest money?
A deposit showing a buyer's good-faith intent to purchase a property.
Which country gifted the Statue of Liberty to the United States?
France
One of our minimum standards is a certain amount of closed transactions every quarter. How many?
1 Closed Transaction Per Quarter
A seller wants to know the transaction will close without surprises. Which priority is that?
Certainty
Complete the phrase: Diagnose first, then _______.
Recommend a solution
What is an appraisal used for?
To estimate a property's market value, often for a lender.
What is the smallest country in the world?
Vatican City
Who are our 2 preferred escrow partners?
Always In Escrow & Homelight
A seller wants minimal disruption, preparation, and showings while the home is listed. Which priority is that?
Convenience
What should you do before presenting your marketing plan or credentials?
Ask questions, listen, diagnose the seller’s situation.
What does it mean to waive a contingency?
To give up a contractual condition or protection, subject to the contract and applicable law.
What is the only letter that does not appear in the name of any U.S. state?
Q
What is our mission statement?
We help agents make the money they want to make to live the lives they want to live.
Why shouldn’t you assume every seller’s top priority is getting the highest price?
Every seller defines success differently, and their real priority may be timing, certainty, or convenience.
True or false: The agent who talks the most during the first 10 minutes is more likely to establish authority.
False
What is the difference between a lien and an easement?
A lien is a legal claim against property, often securing a debt; an easement grants a right to use part of another person's property for a specified purpose.
Which animal has 3 hearts & blue blood?
An octopus
What’s your split with the team on a personal transaction? (i.e. you are the buyer or seller)
100%, 0% to team
Name 4 priorities a seller may rank differently when defining success.
Price, timing, certainty, and convenience.
A seller says they want top dollar. Why would immediately showing comparable sales be premature?
The agent hasn't yet uncovered what that price means to the seller or what achieving it would allow them to do.