Real Estate Agent Knowledge Assessment

Robert Rico shares his journey and lessons learned from childhood to becoming a successful real estate agent. He emphasizes the importance of treating others well, working hard, and being creative. Rico introduces the Two Tank Theory, highlighting the need for education and effort. He outlines the real estate course structure, exam requirements, and the roles of buyers, sellers, escrow, and lenders. Rico stresses the significance of prospecting and leveraging one's sphere of influence. He also discusses brokerage responsibilities, licensing, and the path to becoming a broker.

What was the first lesson Robert Rico learned in kindergarten that he applies to real estate?

• Never give up

• Work independently

• Treat others as you want to be treated

• Always be punctual

What does the 'Two Tank Theory' emphasize?

• Balancing education and effort

• Focusing on sales and marketing

• Prioritizing customer satisfaction

• Balancing creativity and logic

What are the three modules required to become a real estate agent in California?

• Principles, Practice, Elective

• Negotiation, Communication, Finance

• Finance, Marketing, Sales

• Law, Ethics, Management

In real estate transactions, who is responsible for protecting the integrity of the transaction?

• The buyer

• The seller

• The lender

• Escrow

What is the primary role of a real estate agent according to Robert Rico?

• To match buyers and sellers

• To provide legal advice

• To negotiate the best price

• To manage property listings

What is the 'sphere of influence' in real estate?

• A network of potential clients

• A legal term for property rights

• A type of real estate license

• A marketing strategy

What is the main focus of prospecting in real estate?

• Building a client base

• Finding new properties

• Enhancing marketing strategies

• Improving negotiation skills

What is a key responsibility of a real estate broker?

• To supervise sales agents

• To set property prices

• To provide loans to buyers

• To manage escrow accounts

What is one potential disadvantage of becoming a real estate broker?

• Limited earning potential

• Less job security

• Increased responsibility

• Fewer networking opportunities

How often must a real estate license be renewed in California?

• Every three years

• Every two years

• Every year

• Every four years