Isn't 'quote' a verb? My teacher picked on me before on this subject before...

[Eternalaegis]

agree disagree?

[Scheherazade]

Not sure why and how your teacher "picked on" you but:

http://dictionary.cambridge.org/define.asp?key=65006&dict=CALD

http://dictionary.reference.com/browse/quote

[Pensive]

A few words can be used as both such as work and act.

[AuntShecky]

This is called "back formation" which doesn't refer to football. According to Theodore M. Bernstein: "it's a nonexistent word coined from an actual word erroneously supposed to be derived from it." The process could involve making new verbs from nouns, or vice versa.
Prescriptive grammarians look upon this process with disdain, especially in words such as "enthuse" or "commentate."

We often hear and read "quote" as a noun, which as an abbreviated form of "quotation" is still perhaps a colloquialism. Bernstein says that it's a "casualism,unsuitable for serious writing," though he adds, "Quotes for quotation marks is acceptable as inside talk among writers, editors, printers. . .

[sciencefan]

agree disagree?Looks like post #4 gives you the indepth answer.

We think it's both, but we're technically wrong.

[aeroport]

"Quotation" is a noun.
"Quote" is indeed a verb (though it is sometimes used colloquially in place of "quotation").
If your teacher is telling you otherwise, you would do well to request a better verb word from him/her.
There is a fine distinction between "to quote" and "to cite".

[susanprice]

Quote is a noun and a verb. You can offer a quote or quote someone

[nmmad]

Yes, "quote" is a verb and "quotation" is a noun, just like "invite" is a verb and "invitation" is the noun. But...maybe a few people find the "-ation" ending a little tiring. It's probably a losing battle, though.

[book_jones]

I would never count off on my students work for using quote as a noun. It seems perfectly good to me. What other word are you going to use for those bits of words? The English language is constantly changing, and this seems to be a new trend in the language. I'm sure in 50 years or so there will be many more perfectly acceptable nouns that were previously used exclusively as verbs.