What is a market report?

It's a generic term & can be all sorts of things. I'm sure they will train you.

The term "market report" is so vague that you will need to ask her what she wants (and how to do it). I assume its something comparing the current number of listings and time to sell with those numbers from the past.  I assume you'll be doing far more than that (answering phones, making other calls) as the things you've mentioned probably won't take that much time to do.

This 'job' sure sounds like a scam. Why would she hire someone to do market reports who doesn't even know what one is?

Sounds like you're specifically talking about a real estate market report.  It can include many things, but in general it will have recent stats on sales and trends for the real estate in your area.  Asking prices, sales prices, number of sales, etc.  Given you are supposed to 'help', I would take guidance from your boss as to what he's done in the past and what he wants included.

SHE is going to write the market report.

YOU are going to be her worker bee who will get her the pieces of information she asks for when she asks for them. 

You need to ask her directly...

Or, even better, look around for previous market reports.  

Could be anything at all...ask for some specifics.  Start with "target demographics" and go from there. 

If you dont have a business degree or some serious business training...good luck.