LO: 6.2: How should a company choose the most attractive target markets? a) require lower down payments than government-backed loans require. 2) Which kind of lease has no time limit? 2) Mark gets a home loan and the lender will charge him 3 points at closing. The rate of commission to be lawfully charged in a real estate transaction is set by: #12. AACSB: Analytical thinking, 22) When marketers present flexible market offerings to all members of a business segment, their offerings consist of two parts. Paul is most likely holding what kind of loan? c) He has given due process. a. a) prepaid expenses. Question: 33.Which of the following statements is true about the buyer's rights of inspection? C) operating variables b. Transactional exchange AACSB: Analytical thinking; Application of knowledge, 14) A company can learn a great deal by analyzing the degrees of brand loyalty. AACSB: Reflective thinking, 44) During which step of the needs-based segmentation process would the marketer group customers into segments based on similar needs and benefits sought by the customer in solving a particular consumption problem? 7) Which of the following is not an item that a buyer usually pays at closing? c) have more forms than government-backed loans. c) record the transaction. a) The lender calculates what the buyer owes and then tells the sellers what they will receive. Relationship marketing Eventually Sam convinces a co-worker, Wanda Wish, to purchase his home. What type of contract does Bill hold? a) estates at will. a. trust. #3. A) undifferentiated a) A promise to pay b) A judgment letter c) A property lien d) Earnest money. The buyers have been pre-qualified by a lender. c) reduce the interest rate by 1/2 percent every 5 years. a) Protracted Mortgage b) Advanced Mortgage c) Purchase Money Mortgage d) Hold Over Mortgage. Which of the following is TRUE? C) segment profitability a) One calendar week b) One business day c) Two calendar days d) One business week. Earnest money deposits, when paid in the form of a personal check given on an Offer to Purchase and Contract, must be deposited in an escrow account: A. no later than three banking days after acceptance of contract, B. no later than 72 hours after receipt of money, C. no later than three business days after receipt of the money, D. no later than 72 hours after acceptance of contract, no later than three banking days after acceptance of contract. C. Ricardo & listing agent = seller sub-agent, they have no duty to determine if fences are permitted. a. do not involve the exchange of money. c) the mortgage itself provides the only security for the loan. a. industry bandwidth Meet with the buyers lender to ensure theyre getting a good deal. a) It is common business practice. a) The landlord sells the ground to another, then leases it back. Ricardo does not tell the listing agent anything about a fence. What approach can their agent take to change the sellers perception of the offer? A) initiator 9) What do we call the right of a person to have the first opportunity to purchase or lease a property? 15) The loan origination fee on a VA loan cannot exceed. Given the following selected account balances of Delray Mfg., prepare an income statement for Delray Mfg. Who typically presents an offer to the sellers? 12) Paul will get the second quarter water bill at the end of June. 3) The process of selecting one or more market segments to enter is called market ________. a) Judicial Foreclosure b) Mortgage Foreclosure c) Short-Sale Foreclosure d) Lien Foreclosure. C) segment attractiveness The expiration of the individual agent's license does not terminate the listing because the licensee is not a party to the agreement. Effective machine life is only determined by the durability of the machine. A) need-based segmentation D) global segmentation LO: 6.1: In what ways can a company divide a consumer or business market into segments? c) The landlord leases the ground floor of the building to a commercial tenant. 1) What is the seller's primary function at closing? a) Allowance Clause b) Passage Clause c) Demise Clause d) Demising Clause. C) A segment is attractive when there are actual or potential substitutes for the product. Which of the following is true regarding the Residential Property and Owner's Association Disclosure Statement? A purchase offer is a binding contract between the buyer, the seller and their agents. b) title insurance. d) provide a fixed interest rate for the life of the loan. Which of the following would likely NOT constitute a violation of the Sherman Antitrust Act? A) company's objectives and resources b. involve long-term, contractual commitments. A The buyers' family is pressuring them to purchase this home. e. Only (a) and (b). AACSB: Reflective thinking, 48) To be useful, a market segment should be ________, which means the largest possible homogeneous group worth going after with a tailored marketing program. a) Estate for years b) Estate from period to period c) Estate at will d) Estate at sufferance. a) Open b) Balloon c) Fully Amortized d) Retraced. a) The tenant fails to pay rent. 3) Which of these is a common property description? All of the following will automatically terminate a residential agreement EXCEPT: C. death of the listing broker who works at a large residential firm with many agents, death of the listing broker who works at a large residential firm with many anents. In North Carolina, which of the following properties may be considered stigmatized? The open exchange of information is a characteristic of ____ relationships. d) The real estate must be appraised by an approved FHA appraiser. c) Brokers may not complete leases to which they are not a party. ", a) A tenant's requirement to comply with contract obligations b) A landlord's obligation to provide the tenant with egress c) A landlord's obligation to provide the tenant with reasonable privacy and freedom from interference d) A tenant's requirement to allow access for inspections and repairs. a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. d) The tenant leases the ground from the landlord and owns the improvements. For example, ________ can show the firm which brands are most competitive with its own. B) selective specialization b) for a buyer who plans to own the property for a long time. E) actionable, Answer: D a) Description of the Address b) Description of the Area c) Description of the Premises d) Rental Location. When selling to _____, marketers must expect to use advertising, rely heavily on e-commerce for purchases and customer service, and make pitches to whomever is in charge (or their administrative assistant). #5. a) Sale price of the property b) The amount of the mortgage c) The sale price minus the earnest money deposit d) The seller's profit on the sale. c) It is not voidable. b) Private mortgage insurance is available for FHA loans. c) 1 percent of the loan amount. D) A segment is attractive if it already contains numerous, strong, or aggressive competitors. a) Good Faith Estimate b) Truth-in-Lending Statement c) HUD-1 Form d) Mortgage Loan Disclosure Statement. a) Pest inspection b) Insurance premium paid in advance c) Soil test d) Survey. a) Attachment b) Covenant of seisin c) Promissory Note d) Defeasance clause. (another broker in the firm must represent her mother, if the seller has consented to dual agency the brokers interest does not need to be disclosed, the broker should provide the seller with a verbal disclosure of her interest in the transaction, the broker should disclose her interest in the The buyers family is pressuring them to purchase this home. d) it may also restrict some uses. c. Both (a) and (b) are true. a) The list of all parties who have ever owned real estate. a) To receive payment for the property b) To support the closing agent c) To deliver the title d) To pay the broker's commission, 2) The most important document at closing is the. Diff: 3 a) All parties to the contact must sign the changes. D) purchasing approaches The Residential Property Disclosure Report should be provided to buyers in a timely fashion. B) influencer d) were paid in advance. #2. When organizational buyers consider changes from one selling firm to another, what are the two main categories of switching costs they consider? a) Accounts Payable b) Summary Balance c) Accounts Receivables d) Impound AccountD. When a business marketer demonstrates special skills in managing relationships with key customers or by developing innovative strategies with alliance partners, they are trying to create: Which statement is TRUE? Give the sellers the price over the phone so that they can think about it before you meet with them. 10) Which statement about prorated items is TRUE? d. Neither (a) nor (b) is true. 6) Which of the following contracts must be in writing to be enforceable? a) Interest is based on a yearly prorated amount on the remaining principal. Which of the following statements about selling a home as-is in North Carolina is true? 8) Which of the following summarizes the general terms of a ground lease? This action is based on which mortgage feature? Annual amortization is capital recovery value which is equal to net investment divided . Answer: B a) through verbal agreements. Diff: 1 b) It's an invalid contract. All of the following statements about organizational buyers are true except: C) organizational buyers rarely focus on economic factors. 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. 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? c. are one-time exchanges of value between two parties with no prior or subsequent interaction. d. Collaborative exchanges. c) when the loan-to-value ratio reaches 78 percent. c. transactional d) The broker finds out from the lender and tells the sellers. e. (a) and (c) only, Business marketing relationships vary in terms of their closeness or degree of collaboration. The buyers are interested in another property. b) All parties to the contact must initial the changes. 5. 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. They have the right to review the completed settlement statement how long before closing? b) All the parties must initial the changes. 7) How does the buyer know how much money to bring to closing? b) They are always a debit to the seller and a credit to the buyer. E) It treats all buyers the same and, therefore, lowers promotion costs. Chapter 11: From Offer To Closing Flashcards Preview a) Power of Attorney b) Power of Use c) Waiver of Attorney d) Attorney At Use. 3) Borrower Jake has defaulted on his mortgage and the lender has required the loan to paid in full. Sample Final Exam for California Real Estate Practice Questions with no #6. a. economic 12) Seller James has taken back $20,000 as a second mortgage so Buyer Karl can qualify to buy the property. c) homeowner's insurance. Its important that sellers realize that a counteroffer is actually a rejection of the original offer, and by submitting one, they are giving the buyers an easy out if they want one. B) It can help create jobs in the economy by increasing demand for goods and services. d) require higher down payments than government-backed loans require. a) Receipt b) Contract for sale c) Agreement d) Purchase offer. b) credits to the seller. AACSB: Analytical thinking; Application of knowledge, 67) Marketers usually identify niches by ________. B) differentiated AACSB: Analytical thinking, 50) If your assignment was to create a value proposition and product-price positioning strategy for each segment, based on the segment's unique customer needs and characteristics, you would be in which of the following steps of the segmentation process? Solved 33.Which of the following statements is true about - Chegg c. The current share of the wallet the firm has attained. Earnest money must be deposited no later than 3 banking days. C) loyalty status a) The meeting of the minds b) The actual contract form c) The written contract words d) The public notice of the offer, 2) Neighbor Sam told seller Jake that he would buy 2 adjoining acres if Jake ever decides to sell. d) The broker must complete a rider. 6) Which legal remedy resets parties to pre-contract status? d) reduces the monthly payment for a borrower during the initial years. D) pseudo solution LO: 6.1: In what ways can a company divide a consumer or business market into segments? b) Norm can complete the lease agreements as long as he has a lawyer co-sign them. 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. 1) Which one of the following documents is least like a binder? a) legal. Trust and relationship commitment d) It is permissible in amounts under $50. With respect to consumer decision roles, which role is Dennis currently playing? a) Holdout tenant b) Holdover tenant c) Tenant at-large d) Tenant in-arrears. b. technical a) an index. Diff: 3 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. Newlyweds are an example of a(n) ________ segment. 4) The Statute of Limitations requires that parties to a contract who have been damaged or who question the contract's provisions do what? b) void. 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} Customers emphasize a collaborative orientation when the purchase decision is not complex. a) The lender calculates what the buyer owes and then tells the sellers what they will receive. Chapter 13 Flashcards - Cram.com This is an example of ________ marketing. LO: 6.2: How should a company choose the most attractive target markets? Make sure all required disclosures have been done. a) 2 percent of the loan amount. 4) How is the interest on a ARM loan determined? Diff: 2 b) decrease the interest rate as the principal declines. c) will be a debit to the seller. c. refers to the ability of an interfirm relationship to achieve desired objectives. a) Gross b) Periodic c) Net d) Graduated. A counteroffer can give the buyers an out if they want one. D) operating variables d) pay the purchase price for the property. d) It is a bilateral agreement. a) expressed contact. A) Step 2-segment identification c. liquidated damages. a) include a title closing entity. 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) Answer: A a) A borrower can reduce monthly interest rate payments over the life of the loan by getting private mortgage insurance. b. directly assist customers with planning and strategy development. Diff: 2 c) The maximum purchase price of the property cannot exceed $250,000. b. Personalized treatment of the most valuable customers. a. invest resources to build operational linkages and information-sharing mechanisms for the relationship. c) The contract can be executed at no cost to the optionee. b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. They do not limit the ability of a firm from setting company policies as to fees, rates or geographical areas. LO: 6.3: What are the different levels of market segmentation? 1) Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. 4) In which of the following types of loans is the payment allocated only to interest? Units 11-15 Flashcards d) She can use this contract as long as it contains an attorney review clause. D) socio-economic infrastructure They will owe a balloon payment at the end of the loan term. Diff: 2 D) need-based segmentation b. distant b) The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so. A) It obligates the seller to transfer the property if the broker procures a ready, willing, and able buyer. Prepare additional documentation to take to the presentation. a) Swing Loan b) Wraparound Loan c) Pillow Loan d) Ancillary Loan. 10) Buyer Rich has asked Seller Sally to hold $15,000 as a second mortgage. What should Jake do? 8) Conventional loans are typically uninsured. 6) Pampers divides its market demographically on the basis of ________ into prenatal, new baby, baby, toddler, and preschooler.
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