Except the quote is dead wrong.
it's "quotation" - "quote" is the verb.
quote (kwt)
v. quot·ed, quot·ing, quotes
v.tr.
1. To repeat or copy the words of (another), usually with acknowledgment of the source.
2. To cite or refer to for illustration or proof.
3. To repeat a brief passage or excerpt from: The saxophonist quoted a Duke Ellington melody in his solo.
4. To state (a price) for securities, goods, or services.
v.intr.
To give a quotation, as from a book.
n.
1. Informal A quotation.
2. A quotation mark.
3. Used by a speaker to indicate the beginning of a quotation.
4. A dictum; a saying.