CPPREP4102 Market Property Assessment Task 1

ASSESSMENT TASK 1 – Multiple Choice Questions

Please review the questions below and select the correct answer, e.g., a or b

1. When conducting a Statement of Information, the property is often compared with similar properties sold within a…

1. fifty-kilometre radius in the previous six weeks (metropolitan area)
2. two-kilometre radius in the previous six months (metropolitan area)
3. ten-kilometre radius in the previous 12 months (metropolitan area)

2. A property inspection report provides detailed information about the property features and condition.
   1. false
   2. true

3. Market research is the process of…
   1. writing advertisements to reach the target market
   2. gathering and evaluating data regarding consumers' preferences for products and services
   3. both above

4. Identify which of the following influences buyers of residential property.
   1. economy
   2. job security
   3. interest rate trends
   4. the future of the market
   5. the suburb, area, street, type of property
   6. what the property is worth to them
   7. all above
   8. a, b, c, and d only

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5. Depending on the property and/or vendor, advertising costs spent to sell a residential property are often between…

1. 5% to 1% of the value of the property
2. 1% to 1.5% of the value of the property
3. 5% to 1.75% of the value of the property

6. Developing and implementing the marketing plan involves putting together:
   1. information gathered about the property
   2. information gathered about the current market
   3. optimal advertising and promotional strategies
   4. all above

7. Looking at the Sales Authority, does it cover advertising and marketing agreement?
   1. yes
   2. no

8. In reference to the marketing mix, the ‘four P’s’ in order are?

1. product, place, price, promotion
2. product, price, placement, promotion
3. place, product, price, promotion
4. price, promotion, position, place

9. A method for writing and designing successful advertisement campaigns is AIDA Which of the following represents AIDA?
   1. attribute, internet, description, advertise
   2. attention, interest, desire, action
   3. availability, influence, demand, attract

10. Signboards are very cost-effective tools for advertising residential properties and are known in the industry as
    1. 8 hour a day silent salesperson
    2. out of hours silent salesperson
    3. 24 hour a day silent salesperson

11. Do you suggest it is necessary to cross check a marketing plan to ensure it will meet requirements for marketing the property successfully?
    1. no, a well-planned marketing schedule will meet the requirements
    2. yes, always best to check as marketing needs to be cost effective and targeted
    3. both above

12. If an agent remained silent when there was a duty to disclose a fact, can that agent be prosecuted for an offence?
    1. yes
    2. no

13. When promoting properties for sale, which of the following statements may be considered misleading?

(You may select more than one option)

1. “bidding expected to start from”
2. “buyers from $xxx should inspect”
3. “owner will entertain offers from $xxx”

14. When planning marketing, the agent should advise the landlord or vendor:
    (You may select more than one option)
    1. the range of recommended advertising and marketing procedures available
    2. the costs associated with each method
    3. the marketing costs and the advertising schedule are included in the agency agreement
    4. the best way to present the property to appeal to the target market
    5. any feedback is welcome
15. When finalising the marketing plan, it is important to follow a process to ensure that all elements of the plan are considered and put into action.

Agents should:

1. book advertising space in the print media and on generic websites according to the advertising schedule
2. arrange for promotional materials to be prepared, including photos, floor plan, advertising materials, website listing and window display
3. place an order for the preparation of signboards
4. schedule `open for inspections'
5. add property to the agency property guide or agency rental list
6. place a property brochure in the window display
7. contact prospective purchasers or tenants
8. organise a viewing of the property by agency sales or property management staff
9. invite and action feedback from colleagues on marketing strategies and property presentation
10. all above

16. Feedback on effectiveness of marketing can be sought from:
    1. the property owner
    2. colleagues
    3. prospective tenants or purchasers
    4. monitoring contacts made
    5. all above
    6. a and b only

17. For a marketing plan for a residential property, it is important to evaluate the number of:
    1. hits on the website
    2. phone enquires
    3. inspections
    4. seriously interested parties
    5. bidders or sensible offers
    6. all above

18. If a property is not attracting enough interest, it may be necessary to make changes to the advertising copy and promotional materials to attract different target market.
    Things to consider may include: (You may select more than one option)

     

    1. advertisements may be better placed in different websites, magazines, or newspapers
    2. the size of the advertisements may need adjusting to make sure that the target market is reached
    3. increase the advertising budget

19. Keeping records of feedback on marketing will assist an agent to:

1. use the same marketing plan for all properties
2. have a reference point if a property is proving difficult to attract the right audience
3. know what target market is required for a particular property
4. have a professional edge – show they know the market well
5. all above
6. b, c, and d only