#8. The seller disagrees, crosses out the points clause, then signs and returns the document to the buyer. 10) ________ is the science of using psychology and demographics to better understand consumers. Annual amortization is capital recovery value which is equal to net investment divided . d. all of the above Trust C) shifting loyals d) a document that conveys legal title. LO: 6.1: In what ways can a company divide a consumer or business market into segments? Which of the following is TRUE about the North Carolina Residential Property Disclosure Act? 7) Jim holds a commercial lease. E) gatekeeper, Answer: A a) One calendar week b) One business day c) Two calendar days d) One business week. c) They are always a debit to one party and a credit to the other party for the same amount. Meet with the buyers lender to ensure theyre getting a good deal. a) Swing Loan b) Wraparound Loan c) Pillow Loan d) Ancillary Loan. Explain. D) impulsiveness B) influencer AACSB: Analytical thinking, 52) If married and unmarried women respond similarly to a sale on perfume, these hypothetical segments fail the ________ criterion for useful market segments. e. (a) and (b) only, For transactional customers, the business marketer should: a) Right of Purchase b) Right to Rescind c) Right to Deed Access d) Right of Redemption. E) marketing-mix strategy, Answer: D Which is true of a valid listing agreement in NC? If closing is on May 7, what will be Paul_s share of the bill? 9) How does a borrower use private mortgage insurance? The buyers love the landscaping improvements the sellers have made. Comment on any similarities or differences present. D) segmented Relationship commitment Once an offer has been accepted, the agent should do all of the following except which? He does not have to pay off his existing mortgage in order to qualify. 12) Seller James has taken back $20,000 as a second mortgage so Buyer Karl can qualify to buy the property. E) micro, Answer: B c. transactional E) operating variables, Answer: E 5) What is the purpose of the Statute of Frauds? a) Inherently long-term leases b) Inherently short-term leases c) Tax advantage limitations d) Reduction in finance options. C) segment attractiveness a) Draw Loan b) Banked Loan c) Bridge Loan d) Straight Loan. a) Mager Clause b) Merger Clause c) Rescind Clause d) Vacant Clause. 2) If an attorney make changes to an offer, what action should follow? Give the sellers the price over the phone so that they can think about it before you meet with them. 8) What is used to seal a binder agreement? a) All residential property b) Homes built prior to 1978 c) Only commercial property d) Only rental property. b) a 3 percent down payment. d) It is permissible in amounts under $50. AACSB: Analytical thinking, 16) Urgency, specific application, and size of order are examples of ________ segmentation variables for business markets. 8) PMI loans made after July 1999 require that the loan must be released. A The buyers' family is pressuring them to purchase this home. d) The broker must complete a rider. e. none of the above, For collaborative customers, the business marketer should: a) Accounts Payable b) Summary Balance c) Accounts Receivables d) Impound AccountD. AACSB: Analytical thinking, 65) In ________ marketing, the firm operates in several market segments and designs different products for each segment. 1) What is another term used to describe a promissory note? d) Brokers are allowed to complete any lease, provided all parties agree. Question: Label each the following statements about the economics of taxes as true or false. a) The lender makes payments to the borrower. Which of the following statements is(are) true? a) A listing agreement b) A personal services agreement c) A sale contract d) An option to buy. d. All of the above. a) Preservation and Repair of Property b) Preservation and Maintenance of Property c) Property Order d) Borrower's Duties. 3) Which of the following locations is the least likely place to hold a closing? 1) Buyer Bill has agreed to pay for a computer system after all hardware has been installed and operational. e. none of the above. 13) Which organization insures loans made by approved lending institutions? c) Brokers may not complete leases to which they are not a party. AACSB: Analytical thinking; Application of knowledge, 13) Mothers-to-be are potential users who will turn into heavy users of infant products and services. (a manufacturer). AACSB: Analytical thinking, 20) A marketer is interested in segmenting a business market on ________ if the marketer's variables are loyalty and attitudes toward risk. All agents in the transaction should facilitate the timely delivery of the property disclosure report to the buyer. Which part contains the product and service elements that all segment members value? a) Seller b) Lender representative c) Buyer d) Closing agent. a) Executory b) Lateral c) Executed d) Open Option, 2) A patron at a restaurant is agreeing to a(n). B) not required to disclose the information because the seller might reject the offer. D) pseudo solution c) Brokers may not complete leases to which they are not a party. 1) Which of the following documents is not one that will be needed at closing? Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. _____ exists when one party has confidence in a partner's reliability and integrity. a. the sensitivity of the salesperson in understanding how business conditions affect the industry within which the buying firm operates. a. close c. are one-time exchanges of value between two parties with no prior or subsequent interaction. 2) Fred reclaimed a foreclosed property by paying off owed amounts, including interest and costs? a. the range of relationship strategies (from transactional to collaborative) that are pursued by competing firms. #6. d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. A home's curb appeal is boosted by all of the following, except: a. mowing the lawn. D) examining the demographics section of the handbook of marketing d) The escrow agent will subtract the total of the buyer_s credits from the total debits and the result is what the buyer needs to bring. b) In a sublease, the original tenant retains primary responsibility for performance of the original lease contract. a) Description and Order b) Terms c) Dissolution d) Offer and Acceptance. b) The first seller may sue the buyer for specific performance. Diff: 1 B) discretionary solution 3) A contract which neither party can enforce is called. #1. 6) Which contract element indicates a mutual agreement? #2. E) antiloyals, Answer: B a) Window Loan b) Home Equity Loan c) Reverse Annuity Mortgage d) Blanket Loan. What type tenant is Mary? a) All parties to the contact must sign the changes. 6) Which legal remedy resets parties to pre-contract status? Diff: 1 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) Credit report b) Homeowner's insurance premium c) Earnest money deposit d) Home inspection. a) They are always a credit to the seller and a debit to the buyer. C. The same amount will go towards the principal every month. Solved 33.Which of the following statements is true about - Chegg 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? If the buyer rejects the first counteroffer, the seller can accept the first offer. 1) What is an important legal feature of a contract? c) valid but unenforceable contract. b) All the parties must initial the changes. LO: 6.1: In what ways can a company divide a consumer or business market into segments? Ricardo is showing the buyer a house as seller sub-agent. b. is created by interactions at the top levels of the two firms involved in a relationship 6) A homeowner's insurance policy typically covers all but which of these? At this point, assuming all other contract validity items are in order, what is the status of the offer? What type of lease does Jim have? D) vertical market D) purchasing approaches 5. All multiple offers must be presented at the same time; if you know of an offer that is coming in, you must tell the sellers at the time you present the current offer; if you know of any verbal offers, share that information with the sellers also. Diff: 1 When you believe an offer is both fair and reasonable but it does not meet the sellers asking price, you should: Make no recommendations and let the sellers decide on their own. If a seller and a listing firm have a commission dispute prior to the closing, the listing firm: A. is not allowed to release any earnest money being held until the commission dispute is settled, B. is to hold up the closing until the dispute is settled, D. cannot release any earnest money until there is a signed release between the seller and buyer. d) The loan must be repaid before the borrower's death. b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. 7) What contract provision shows a division of expenses between buyers and sellers? c. an arm's length transaction. each) ________1. Seller Disclosure: The Basic Rules of What You Need to Disclose a) Capacity to Contract b) Capacity of Age c) Legal Capacity d) Capacity to Render. Diff: 2 c) the mortgage itself provides the only security for the loan. d) The real estate must be appraised by an approved FHA appraiser. a. do not involve the exchange of money. A property owner lists a property for sale with a broker. b) neither an instrument of conveyance nor contract. c) the Mortgage Loan Trust Bank. b) It is necessary to search public records to ascertain the status of title. c) include all outstanding liens against the property. b) are less flexible than government-backed loans . a) Fee for clearing the title b) Mortgage recording fee c) Homeowner's insurance d) Title search. 6) Buyers Jim and Jan are closing on a home later this month. d) subject to review by a panel of peers. a) Gross b) Periodic c) Net d) Graduated. b) The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so. 7) Money that the buyer or seller receives at closing is called what? b) the First National Bank. B) A segment is unattractive if buyers possess strong or growing bargaining power. A) A segment is unattractive if the company's suppliers are unable to raise prices or reduce quantity supplied. Which of the following statements are true? 3) What is the most common form of property description? C firms that sell differentiated products often have - Course Hero AACSB: Reflective thinking, 64) In ________ marketing, the firm ignores segment differences and goes after the whole market with one offer. 8) Newlyweds in the United States buy more in the first six months than an established household does in five years. Calculate the test statistic and ppp-value for each sample. Diff: 2 Diff: 2 a. a) Estate for years b) Estate from period to period c) Estate at will d) Estate at sufferance. Jake has received two offers on one of his listings. 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. E) It treats all buyers the same and, therefore, lowers promotion costs. A(n) _____ represents the products, services, ideas, and solutions that a business marketer offers to advance the performance goals of the customer organization. d) accrued expenses. A counteroffer by a seller to a buyer turns the seller from offeree to offeror. b) She can fill out the contract but she cannot collect the earnest money deposit. a) A promise to pay b) A judgment letter c) A property lien d) Earnest money. 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. E) benefits, Answer: D B) flexible market a) Protracted Mortgage b) Advanced Mortgage c) Purchase Money Mortgage d) Hold Over Mortgage. b) If the party who has reason to disaffirm the contract elects instead to perform it. 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. e. the number of organizations in a straight rebuy situation. a. the cost of new customers is often far less than long-standing customers. a) Estate For Years b) Estate At Will c) Estate At Sufferance d) Estate At Order. Resources are allocated to their most efficient uses. B) segment identification 10 of 10 All of the following are true statements about goals except which one? b) The buyer's agent tells the seller's agent. What is important for the sellers to know about a counteroffer? e. Interfirm cooperation. c. Delivery reliability. E) actionable, Answer: D E) Their needs are usually harder to define than for final consumers. C) consumer maturity C) segment attractiveness Newlyweds are an example of a(n) ________ segment. d) The landlord cancels the lease. 13) What type of account holds property insurance, taxes, and Mutual Mortgage Insurance in escrow? a) Left side of page 1 b) Right side of page 1 c) Top of page 2 d) Bottom of page 2, 1) The buyer's primary function at closing is to. 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. d. Margin analysis, Relationship efficacy 4) How is the interest on a ARM loan determined? c. Total cost of ownership Given the following selected account balances of Delray Mfg., prepare an income statement for Delray Mfg. 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. a) Freddie Mac and Fannie Mae. b. solidarity. a. A buyer with a 640 credit score and an 80% loan-to-value ratio will have a fee of 2.25%, while a buyer with a 740 score will have a fee of 0.875%. d) The tenant leases the ground from the landlord and owns the improvements. The buyers have been pre-qualified by a lender. e. both (c) and (d), Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Finite Mathematics for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Raymond A. Barnett, Morality and Justice Exam Review Guide Cards. d) reduces the monthly payment for a borrower during the initial years. a) covers more than one piece of property. a) They can cancel the contract and get their earnest money refunded. a) Use provisions b) Demising clause c) Description of premises d) Alienation clause. On June 12, 2015, Hurricane purchased 1,450 shares of Rogue Wave Inc. at $45 per This takes a positive view of the price. b. Activity-based costing a) the lender must have a reserve balance on hand to cover the loan amount. A) situational factors d. the lost-for-good customer. 2) Prospecting for sellers is easier than prospecting for buyers. 1) Prospecting for buyers is easier than prospecting for sellers. e. (a) and (c) only, Business marketing relationships vary in terms of their closeness or degree of collaboration. A) macrosegmentation ), a) The seller's share of $2,533.38 b) The buyer's share of $666.62 c) The seller's share of $2,525.76 d) The buyer's share of $674.24. Buyers and sellers experience unexploited gains from trade b. All of the following statements about organizational buyers are true except: C) organizational buyers rarely focus on economic factors. 2) Mark gets a home loan and the lender will charge him 3 points at closing. d. all of the above They will owe a balloon payment at the end of the loan term. B) purchasing approaches d) provide a fixed interest rate for the life of the loan. E) consumer motivation, Answer: E d) contain a legal description of the property. a) It's an accepted offer; therefore a valid contract. a) If neither party agrees to the terms. Chapter 13 Flashcards - Cram.com C. Once you set a goal you should never change it. Which of the following statements is TRUE? a. relates to the longevity of the relationship between a buyer and seller 10) Steve has an existing loan with Sunray Bank and has applied for a second loan. d) denied. a. d. A strategic alliance 6) Broker Sara completes a preprinted sales contract. c. liquidated damages. 10) Which statement about prorated items is TRUE? 8) Which of the following summarizes the general terms of a ground lease? E) niche, Answer: C 2003-2023 Chegg Inc. All rights reserved. b. personal property. According to the North Carolina Real Estate Commission, what should the broker do about the earnest money? b. Transactional exchange a) Receipt b) Buyer's Statement c) Purchase Offer d) An Agreement. Which of these statements about counteroffers is not true? 9) Which contract provision makes previous promises null and void? a) Map coordinates b) Deed map c) Street address d) Survey map. 10) Which of the following is an item that is not normally prorated? Which of the following would likely NOT constitute a violation of the Sherman Antitrust Act? b. value proposition b) It could be a violation of state licensing laws. b) a class 3 felony. a) Interest Only b) Balloon c) Amortized d) Adjustable rate. What approach can their agent take to change the sellers perception of the offer? A) differentiated market C) Small manufacturers tend to have formal buying procedures and guidelines. When does a purchase offer become a legal contract? a) Retail Level Lease b) Percentage Lease c) Reorder Lease d) Market Level Lease. d) The broker finds out from the lender and tells the sellers. B) product innovation 3) Borrower Jake has defaulted on his mortgage and the lender has required the loan to paid in full. D) personal characteristics d. a transactional exchange. B) effectiveness of the suppliers c) Amanda must deposit the money in the Lawyers' Fund. b) contain default penalties. b) title insurance. D. Since buyer didn't have agent, it's his responsibility to check about fences. c. trust in the salesperson. C) accessible LO: 6.3: What are the different levels of market segmentation? 4) RESPA gives the buyer the right to review the completed settlement statement how long before closing? a) It invalidates certain oral contracts. C) It creates synergy between markets. c. Transactional customers display less loyalty to a particular supplier and can easily switch part or all of their purchases from one vendor to another. A) individual Chapter 3 Multiple Choice Flashcards | Quizlet b) Preservation and Maintenance of Property. D) operating variables When making your presentation, what topics should you cover? #3. 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} 1) Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. 4) A contract that conveys an interest in real estate must. D) A segment is attractive if it already contains numerous, strong, or aggressive competitors. b. What should Jake do? B) undifferentiated c) a payment cap. The agent is A) required to disclose the information because it is a material fact important to the seller. Diff: 2 AACSB: Reflective thinking, 21) A ________ offering consists of two parts: a naked solution and discretionary options. Then present the $208,000 offer. 13) Al is seeking an FHA loan. The buyer's primary function at closing is to. 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. Extra Flashcards | Quizlet _____ involves a partner's belief that an ongoing relationship is so important that it deserves maximum efforts to maintain it. c. Investments and risk of exposure a) Attachment b) Covenant of seisin c) Promissory Note d) Defeasance clause. a) Mark can insist that the landlord lower the rent. Prior to being shown any house, the buyer tells Ricardo it is essential he have a fence erected around the backyard of any house he purchases. a) This action is perfectly legal in New York. Diff: 2 #15. a. economic (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 Goals should be measurable. LO: 6.1: In what ways can a company divide a consumer or business market into segments? a) tells all parties that the preprinted forms have been approved by an attorney. When business marketers are assessing which of their current customers represent the best opportunities for growth, which of the following factors should be considered? 8) Money that the buyer or seller needs to pay at closing is called what? Browse over 1 million classes created by top students, professors, publishers, and experts. C) geographic segmentation LO: 6.2: How should a company choose the most attractive target markets? c) reduce the interest rate by 1/2 percent every 5 years. d) It can be created only by an attorney. The home is listed at $210,000. E) segment identification, Answer: E ________2. d) for a seller in a buyer's market. a) Actual notice b) Torrens system notice c) Apparent notice d) Constructive notice. b) is also called an exclusive freehold estate. 9) When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? a) Attachment b) Covenant c) Bond d) Bill. b) the mortgage must be held by the originator until all terms have been meet. 45 Hour Post License Final Exam Flashcards | Quizlet Product quality. a) 10 percent b) 15 percent c) 20 percent d) 25 percent. a) Proceeds from tax exempt mortgage revenue bonds. d. intend to move each partner toward the attainment of some long-term strategic goal. The listing agreement is between the client and the firm. A The buyer has the right to inspect the goods only if the buyer purchases them on layaway. B. Ricardo = duty to determine if fences were permitted even if listing 411 sheet did not indicate anything regarding fences. C) personal characteristics a) $12.87 b) $15.91 c) $23.22 d) $25.74. d) allowance contract. b) executable. d) It's an invalid offer. Is Biden Raising Mortgage Payments for People with Good Credit? E) virtual solution. d) She can use this contract as long as it contains an attorney review clause. c) debits to the buyer. 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. a) Assignment of a Contract_ b) Operation of Law c) Transfer Clause d) Execute Clause. D) accessible Which of the following is not characteristic of the manufacturing sector in the United States? Assume that its cost of goods manufactured is $534,390. Diff: 3 D. Goals must be realistic if you hope to accomplish them. D) niche Answer: A Loyal customers are far more profitable than price sensitive customers. What type of loan is Steve getting? d) A borrower can get a loan with a higher down payment by insuring the loan through private mortgage insurance. The property owner should disclose the condition of the listed property or be subject to a 3-day rescission period on any contract formed. a) It represents a "meeting of the minds.". b. the number of competitors in the particular industry. a) Fire b) Flood c) Theft d) Explosion. c) open. Which statement is TRUE? C. All residential sellers are exempt from this act unless a broker is not involved in the transaction. E) full market coverage, Answer: A d. the cost of serving established customers usually increases. b) All the parties must initial the changes. B) split loyals a) PMI Federal Act b) Homeowners Protection Act c) RESPA d) Interest Payment Act. The buyers love the landscaping improvements the sellers have made. c) The maximum purchase price of the property cannot exceed $250,000. c) The landlord leases the ground floor of the building to a commercial tenant. E) actionable, Answer: B No temporary differences existed at the beginning of the year, and the tax rate is 40%. A) Buyers for all kinds of organizations (governments, nonprofit groups, intermediaries) tend to buy in much the same way as do manufacturers. E) differentiated, Answer: B than for trading securities?

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