B) not required to disclose the information because the seller might reject the offer. This is called by what name? a) They are always a credit to the seller and a debit to the buyer. AACSB: Reflective thinking, 64) In ________ marketing, the firm ignores segment differences and goes after the whole market with one offer. The buyer's primary function at closing is to. a) Draw Loan b) Banked Loan c) Bridge Loan d) Straight Loan. 9) What is the real estate transfer tax based on? A crosstabulation of type of customer (regular or promotional) versus net sales. When business marketers are assessing which of their current customers represent the best opportunities for growth, which of the following factors should be considered? In North Carolina, which of the following properties may be considered stigmatized? it must contain a nondiscriminatory clause #1. 5) When the Modern Museum of Art separated its consumers by whether they were culture-oriented or outdoor-oriented for its new exhibit on art that used natural materials, they were using ________ segmentation. View full document. 43) Which of the following statements is TRUE about the five forces identified by Michael Porter that determine the intrinsic long-run attractiveness of a market or market segment? LO: 6.3: What are the different levels of market segmentation? c) open. a) include a title closing entity. b) periodic estates. LO: 6.2: How should a company choose the most attractive target markets? Diff: 3 They do not try to get a loan, and when the deadline for loan approval draws near, they tell their agent they couldn't get a loan. The contract was not approved by the local Real Estate Board nor the Bar Association. D. Since buyer didn't have agent, it's his responsibility to check about fences. Product quality. d) the borrower must have a co-signer. 2) Prospecting for sellers is easier than prospecting for buyers. 5) What is the interest rate on an ARM tied to? C) purchasing approaches a. 4) What is the purpose of the Lawyers' Fund? If the buyer backs out of the contract without good reason, the offer to purchase contains a printed clause that says the seller may keep the deposit as: a. equity. What type of loan does Jim hold? Sample Final Exam for California Real Estate Practice Questions with no a) will be paid in arrears. C. Once you set a goal you should never change it. 14) In an effort to make it possible for veterans returning from World War II to purchase a home, the Veterans Administration offered the opportunity for veterans to purchase a home with. 3) Which statement best defines a Certificate of Occupancy? c. Buyers prefer collaborative relationships when the purchase decision is not complex. d) allowance contract. a) voidable. C) It helps to build a loyal customer base but has no impact on a firm's intangible assets. The open exchange of information is a characteristic of ____ relationships. 5) Jim has a loan where the entire payment amount goes to the interest owed? a) prepaid expenses. Diff: 1 d) contain a legal description of the property. each) ________1. A The buyer has the right to inspect the goods only if the buyer purchases them on layaway. Buyer purchases the house and later learns that he cannot erect a fence. A seller and a buyer are engaged in a dispute over a forfeited earnest money deposit. Which of the following performance attributes has research recently shown influences customer satisfaction of business buyers? b) A tenant buys the landlord's ground, then leases the improvements. Obtaining commitment deals only with securing an order. c. Delivery reliability. c) homeowner's insurance. Diff: 2 Today, when a buyer can't specify all of the details of what it will need in the future, the relationship with a supplier is most likely to involve: Close buyer-seller relationships have many advantages for a firm, but one key disadvantage is: B) long-term commitments to another organization reduce flexibility for a firm. C) allowing consumers to gravitate toward product brands d. satisfaction with the salesperson. a) Seller b) Lender representative c) Buyer d) Closing agent. 2) Which of the following terms is not used to describe a binder? What type of mortgage is Rich requesting? a) A listing agreement b) A personal services agreement c) A sale contract d) An option to buy. A) Buyers for all kinds of organizations (governments, nonprofit groups, intermediaries) tend to buy in much the same way as do manufacturers. d) The original offer is legally terminated. 11) If a seller prepaid an insurance policy of $2,100 and the closing is set for March 15, using the 12-month/30-day method, what will the buyer owe the seller? 7) Which kind of lease increases at specified intervals? 6) Which contract element indicates a mutual agreement? _____ exists when one party has confidence in a partner's reliability and integrity. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. 5) Which contract provision allows for the transfer of the contract to another person? c) reduce the interest rate by 1/2 percent every 5 years. #15. The agent should point out that price is only one aspect of the offer and then go on to discuss the other terms of the agreement that may appeal to the sellers. E) consumer motivation, Answer: E Once there is a valid and enforceable sales contract, death of the parties does not end that agreement. a) require lower down payments than government-backed loans require. Diff: 1 1) Which of the following statements about market segmentation is TRUE? The U.S. government would not publish NAICS data that gives: C) the total sales volume of the only textile equipment manufacturer in a state. a) an index. Diff: 2 c) is not a binding contract upon agreement. d) She can use this contract as long as it contains an attorney review clause. The buyers love the landscaping improvements the sellers have made. 1) Which of the following statements about market segmentation is TRUE? b) All parties to the contact must initial the changes. A buyer representation agreement is employed contract between a buyer and a broker .it is a single agency agreement in which the broker agrees to represent a buyer in purchasing property Click the card to flip 1 / 44 Flashcards Learn Test Match Created by gowergurl Terms in this set (44) b. Transactional exchange chapter 6 marketing Flashcards | Quizlet a) when the loan-to-value ratio reaches 50 percent. The cost and fair value of this portfolio on December 31, 2014, was as follows: NameNumberofSharesTotalCostTotalFairValueTornadoInc.800$14,000$15,600TsunamiCorp.1,25031,25035,000TyphoonCorp.2,14043,87042,800$93,400$93,400\begin{array}{lrrr} c) The escrow agent will subtract the seller_s total debits from the total credits and arrive at what the seller will receive at closing. Transactions that are almost, if not entirely, void of a close, collaborative relationship: c) The maximum purchase price of the property cannot exceed $250,000. b) neither an instrument of conveyance nor contract. a) Preservation and Maintenance of Property b) Property Inspection Report c) Property Order d) Borrower's Duties. d. a strategic alliance. The type of listing agreement for which the seller will owe the listing agency a commission regardless of who sells the property is a: #7. b) for a buyer who plans to own the property for a long time. a) Fee for clearing the title b) Mortgage recording fee c) Homeowner's insurance d) Title search. 3) What is the most common form of property description? 8) Conventional loans are typically uninsured. According to North Carolina Real Estate Commission Rules, all of the following are required to be part of a listing agreement, EXCEPT: Listing agreements and buyer broker agreements may not provide for an automatic extension of the agreement. b. c) a promise note. c) The landlord leases the ground floor of the building to a commercial tenant. Two hours later, the buyer finds a better house, calls the first seller, and withdraws the offer. c) using preprinted riders. Which of the following is not characteristic of the manufacturing sector in the United States? LO: 6.2: How should a company choose the most attractive target markets? How would Grant_s lease at this time be classified? They were counting on a full-price offer and are very disappointed. c. refers to the ability of an interfirm relationship to achieve desired objectives. Value can be defined as the _____ benefits received by a customer firm in exchange for the price paid for a product offering. What must be enforced for this contract to be binding? a) covers more than one piece of property. d. All of the above. Here's why: We already know that all sellers have a duty to disclose any "material defects." And while buyers and sellers may disagree on what a material defect is, one of the best ways to . c) 1 percent of the loan amount. b. b. all satisfied customers will remain loyal. Diff: 2 A) dividing a segment into subsegments 3) The process of selecting one or more market segments to enter is called market ________. These would be examples of what is called ________. 3) Which statement best defines the concept of "quiet enjoyment? b. value proposition a) deed. c) He has given due process. Regardless of how the seller completes the form, the licensee has a duty to disclose all material facts so the liability rests with the listing agent. The $20,000 is what type of mortgage? B) purchasing approaches Which statement is TRUE? B) discretionary solution 11) Where on the Uniform Settlement Statement will you find the information that deals with the seller's side of the transaction? 10) Taxes on the property Buyer Alan is purchasing are $3,200 due on December 31. B) selective specialization b. solidarity. Diff: 2 5) What is one important difference between a sublease and a lease assignment? Diff: 3 A. b) decrease the interest rate as the principal declines. A) It makes the company almost bulletproof to competitors' actions. d) If the party who wants to enforce the contract seeks damages. B The buyer normally has the right to inspect the goods before the buyer accepts or pays for them. a) for a buyer who plans to own the property for a short time and believes the property will appreciate during that time. a) Amanda has illegally commingled the earnest money with her own money. a) Interest Only b) Balloon c) Amortized d) Adjustable rate. a) a survey of the property. What type of loan is Steve getting? A) niche b) She can fill out the contract but she cannot collect the earnest money deposit. a) deliver the title. What can be said about Norm's actions? c) when the loan-to-value ratio reaches 78 percent. 9. c. transactional neg/selling ch 11 Flashcards | Quizlet b) Only attorneys can hold and deposit earnest money. c) the Mortgage Loan Trust Bank. a. invest resources to build operational linkages and information-sharing mechanisms for the relationship. b) It could be a violation of state licensing laws. #2. D) segment profitability A home for sale awaits prospective buyers on October 27, 2022, in Hollywood, Florida. d. A strategic alliance They have the right to review the completed settlement statement how long before closing? c) is subordinate to a first mortgage. 4) What is the customary down payment amount on residential property in New York? D) accessible 2) Jim signed a six months lease. c) Sara can use a binder but not a sales contract. Which statement is true about prospecting for buyers? 1 Which of the following statements about marketing is true? Which of the following statements is true of obtaining commitment from a buyer? Solved 1. Which statement is TRUE in a market with a price - Chegg Diff: 2 8) Money that the buyer or seller needs to pay at closing is called what? a) legal. B) differentiated a) Attachment b) Covenant c) Bond d) Bill. By entering into an exclusive agency listing agreement with a seller, a real estate brokerage firm: A. is not entitled to receive a commission if another agency finds a buyer for the property, B. has become the seller's designated agent, C. has become the exclusive agent of the seller, but is not entitled to receive a commission if the seller finds a buyer for the property, D. has agreed to renegotiate the commission with the seller should another agency offer a lower commission rate, has become the exclusive agent of the seller, but is not entitled to receive a commission if the seller finds a buyer for the property. _____ centers on all activities directed toward establishing, developing, and maintaining successful exchanges with customers and other constituents. e. Only (a) and (b). 11) Fred has an existing property mortgage, but seeks a second loan. d) it may also restrict some uses. If the closing is set for October 15, using the 365-day method, how much of the taxes will be credited to the buyer? #14. d. the cost of serving established customers usually increases. d) Wait a statutory period before they may take legal action. e. none of the above, Rather than adopting the approach of "one design fits all," the astute marketer matches the strategy to the product and market conditions that surround a particular relationship. a) Allowance Clause b) Passage Clause c) Demise Clause d) Demising Clause. a) The buyer may not revoke the offer in such a short period of time. Anti-trust laws prohibit all of the following, EXCEPT: A. property management companies all agreeing to charge standardized management fees, B. three different brokerage firms allocating markets based on the value of homes, C. real estate companies agreeing not to cooperate with a broker because of the fees that broker charges, D. a broker requiring all the agents of his firm to join the local listing service, a broker requiring all the agents of his firm to join the local listing service. Which of the following is TRUE? Which is true of a valid listing agreement in NC? A property owner lists a property for sale with a broker. a) Graduated b) Gross c) Percentage d) Net. A) differentiated market A) needs-based segmentation Customer profitability B) segment identification 9) Most conventional loans follow the underwriting standards outlined by. a. 7) What kind of lease contains a recapture clause? 8) A lease automatically terminates under which of the following circumstances? e. Only (a) and (b). d) A lender can continue to collect PMI payments until the homeowner's equity reaches 25%. A) situational factors 10) Which loan covers the period of time between the end of one mortgage and the beginning of another? b) All parties to the contact must initial the changes. b) Select a specific, limited course of action for recouping their losses. a) It's an accepted offer; therefore a valid contract. 1) What is the seller's primary function at closing? b) This mortgage type is popular among the elderly. d) Brokers are allowed to complete any lease, provided all parties agree. Ch1 bonus questions 1. B) influencer LO: 6.1: In what ways can a company divide a consumer or business market into segments? D. The interest payment is always smaller then the amount allocated to the principal. c) The Torrens title record is the title itself. a. economic b) If the party who has reason to disaffirm the contract elects instead to perform it. #2. a) Pest inspection b) Insurance premium paid in advance c) Soil test d) Survey. Chapter 7 Online & Book Quiz Flashcards | Chegg.com d) pay the purchase price for the property. D) switchers a) Accounts Payable b) Summary Balance c) Accounts Receivables d) Impound AccountD. Which of these is not a good thing to do when writing a counteroffer? A. Fill out a separate, numbered counteroffer form. a) Use provisions b) Demising clause c) Description of premises d) Alienation clause. Comment on any similarities or differences present. Part I: True or False Item Write "True" if the statement is correct and "False" if it is incorrect in the space provided (1 pt. A. 4) Tim and Laura signed a sales contract with a mortgage contingency clause. AACSB: Reflective thinking, 45) If an organization's marketing department wants to create "segment storyboards" to test the attractiveness of each segment's positioning strategy, it would most likely occur in the ________ step of the segmentation process. a. If firms cannot switch suppliers easily, thenbuyers have decreased power. c. A patron at a restaurant is agreeing to a(n). A) measurable b. personal property. A) It involves changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market. c. liquidated damages. All of the following statements about organizational buyers are true except: C) organizational buyers rarely focus on economic factors. b) In a sublease, the original tenant retains primary responsibility for performance of the original lease contract. Unit quiz 11 Flashcards by Ron Jeremy | Brainscape b. 4) When Nike attempts to get close to its customers at the local level by sponsoring local school teams and providing shoes, equipment, and clothing to many of them, Nike is using which of the following marketing formats? c. The supply of goods is sold by the sellers with the lowest costs. Diff: 3 a) Judicial Foreclosure b) Mortgage Foreclosure c) Short-Sale Foreclosure d) Lien Foreclosure. 9) When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? c. marketing plan B) segment identification D) need-based segmentation B) demographic 6) Buyers Jim and Jan are closing on a home later this month. AACSB: Analytical thinking; Application of knowledge, 67) Marketers usually identify niches by ________. E) global nature of the product, Answer: A b) It could be a violation of state licensing laws. B) segment identification #11. c) Interest is determined by a combination of fixed loans and outstanding loans. C) differentiated c) A certificate issued by the property owner that indicates that the building is in proper condition to be occupied. A. wait for a signed release from the buyer, B. try to obtain mutual consent from all parties as to the disposition of the earnest money and if that is not possible then the funds cannot be released and may be paid into the clerk of courts with proper notice, C. inform the buyer that the seller is being unreasonable and explain that the broker must release the earnest money to the seller, D. disperse the money according to the terms of the Offer to Purchase and Contract, try to obtain mutual consent from all parties as to the disposition of the earnest money and if that is not possible then the funds cannot be released and may be paid into the clerk of courts with proper notice. d) subject to review by a panel of peers. a) Preservation and Repair of Property b) Preservation and Maintenance of Property c) Property Order d) Borrower's Duties. C) product specialization Trust and relationship commitment 3) Which of the following persons may, but is not required to, attend a closing? c) The contract can be executed at no cost to the optionee. E) operating variables, Answer: A d. all of the above By targeting mothers-to-be as future heavy users, producers of these products and services are segmenting consumers on the basis of ________. #6. c. Competitive exchange 12) Where on the Uniform Settlement Statement will you find the information that deals with the buyer's side of the transaction? d) carry prepayment penalties, while government-backed loans do not. The buyers' family is pressuring them to purchase this home. d. Collaborative exchanges. Effective machine life is only determined by the durability of the machine. b) He has given notice. d) closing insurance. Diff: 3 c) A borrower can get a VA loan with a lower down payment by insuring the loan through private mortgage insurance. Which of the following statements about buyer-seller relationships is(are) true? a) To protect lawyers who are sued by clients b) To compel real estate companies to use standard forms c) To reimburse clients for money that was misused by their attorney d) To prevent licensees from preparing real estate contracts. c. Relationship commitment The listing agent does not inform the selling agent of the defect and since the defect, is hidden, the selling agent does not discover or disclose the problem to the buyer. \text { Tsunami Corp. } & 1,250 & 31,250 & 35,000 \\ 11) Which of the following is not true about reverse annuity mortgages? 7) How does the buyer know how much money to bring to closing? 5) Which aspect of a contract deals with when a tenant takes possession of the property? 10) ________ is the science of using psychology and demographics to better understand consumers. c. Achieving customer retention. Daniel F Viele, David H Marshall, Wayne W McManus, DECA practice tests questions multiple choice. Units 11-15 Flashcards b) after 5 years of loan payments. Eventually Sam convinces a co-worker, Wanda Wish, to purchase his home. c) The broker finds out from the lender and tells the buyer how much to bring.