which statement about buyers is true?

C) product specialization Diff: 1 Where would he NOT go to make an application? B) discretionary solution d) carry prepayment penalties, while government-backed loans do not. E) personal characteristics, Answer: A a) Estate for years b) Estate at will c) Estate from period to period d) Estate at sufferance. The $20,000 is what type of mortgage? A) attitude 4) The Statute of Limitations requires that parties to a contract who have been damaged or who question the contract's provisions do what? It is unwise for marketers to make specialized investments in transactional relationships. b. an equal advantage. What is important for the sellers to know about a counteroffer? a) A listing agreement b) A personal services agreement c) A sale contract d) An option to buy. During this interim period, Grant makes monthly rent payments and the owner accepts them. A) It involves changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market. a) the lender must have a reserve balance on hand to cover the loan amount. 6) In which contract section might you the property address? According to the North Carolina Real Estate Commission, who is held responsible for this nondisclosure? C) It obligates the broker to work diligently for both the seller and the buyer. Projected profit margins. c) A chronology of successive owners of record of a parcel of real estate. Chapter 2: Ethics, Fair Housing And Trust Accounts, Chapter 3: Agency And Other Mandatory Disclosures, Chapter 10: Writing The Offer And Closing The Sale, Chapter 18: Business Sale, Property Management & Leasing. If the closing is set for October 15, using the 365-day method, how much of the taxes will be credited to the buyer? a) Use provisions b) Demising clause c) Description of premises d) Alienation clause. B) split loyals Diff: 2 &&\underline{\underline{\$ 93,400}}&\underline{\underline{\$ 93,400}} A) needs-based segmentation The seller disagrees, crosses out the points clause, then signs and returns the document to the buyer. d. A strategic alliance Eventually Sam convinces a co-worker, Wanda Wish, to purchase his home. LO: 6.3: What are the different levels of market segmentation? 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. The history of the listing activities, information about the buyers and then the offer itself. c. social B) product innovation On June 12, 2015, Hurricane purchased 1,450 shares of Rogue Wave Inc. at $45 per c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. The contract was not approved by the local Real Estate Board nor the Bar Association. c) include all outstanding liens against the property. a) Amanda has illegally commingled the earnest money with her own money. b. Solidarity Once there is a valid and enforceable sales contract, death of the parties does not end that agreement. 9) When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? d) She can use this contract as long as it contains an attorney review clause. it must contain a nondiscriminatory clause #1. c. Relationship commitment This is known as what type of account? #2. a) expressed contact. 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. a) Marketable title b) Abstract of title c) Evidence of title d) Title commitment. _____ features very close information, social, and operational linkages as well as mutual commitments made in expectation of long-run benefits. Which of these statements about counteroffers is not true? Trust a) through verbal agreements. a) To make a down payment on a motor home b) To refinance an existing home loan c) To buy a manufactured home d) To refinance a manufactured home loan in order to acquire a lot. b) It could be a violation of state licensing laws. c) estate at sufferance. a) In an assignment, responsibility for the original lease is transferred completely to the assignee. e. (a) and (c) only. LO: 6.3: What are the different levels of market segmentation? a) require lower down payments than government-backed loans require. Rewrite whole paragraphs to ensure clarity. B) buyer-readiness stage How would Grant_s lease at this time be classified? c) for a lender in a market that is decreasing in value. For transactional customers, the salesperson should center primary attention on the purchasing staff. 1) Which type of lease has no automatic renewal? b) The buyer's agent tells the seller's agent. Which of the following is not characteristic of the manufacturing sector in the United States? c) The contract becomes unenforceable. a) Open b) Balloon c) Fully Amortized d) Retraced. What actions can the sellers take regarding the purchase offer? Browse over 1 million classes created by top students, professors, publishers, and experts. a) Description of the Address b) Description of the Area c) Description of the Premises d) Rental Location. 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. With respect to consumer decision roles, which role is Dennis currently playing? LO: 6.2: How should a company choose the most attractive target markets? d. Buying centers. d) Brokers are allowed to complete any lease, provided all parties agree. The cost-to-serve the customer. \hline \text { Tornado Inc. } & 800 & \$ 14,000 & \$ 15,600 \\ (Assume it is not a leap year and the day of closing belongs to the seller. a) increase the interest rate as the principal declines. The buyers love the landscaping improvements the sellers have made. B) substantial 2) Prospecting for sellers is easier than prospecting for buyers. 68) Volkswagen concentrates on the small-car market and Porsche on the sports car market. c) implied contract. Sam Seller lists his property with EX Realty. Transactions that are almost, if not entirely, void of a close, collaborative relationship: a) Inherently long-term leases b) Inherently short-term leases c) Tax advantage limitations d) Reduction in finance options. A seller and a buyer are engaged in a dispute over a forfeited earnest money deposit. Diff: 2 Set up a face-to-face meeting with the sellers as soon as possible. Which of the following clauses is required by the NC Real Estate Commission to be contained within every listing agreement? 13) What type of account holds property insurance, taxes, and Mutual Mortgage Insurance in escrow? A) demographic variables E) purchasing approaches, Answer: B a) will be paid in arrears. d) Wait a statutory period before they may take legal action. d) The tenant leases the ground from the landlord and owns the improvements. c. marketing plan d) It can be created only by an attorney. E) horizontal market, Answer: B LO: 6.1: In what ways can a company divide a consumer or business market into segments? d) The original offer is legally terminated. a) A borrower can reduce monthly interest rate payments over the life of the loan by getting private mortgage insurance. 5) Jim has a loan where the entire payment amount goes to the interest owed? d. The supply of goods is bought by the buyers with the highest willingness to pay ANS 2. a) Attachment b) Covenant of seisin c) Promissory Note d) Defeasance clause. c. Investments and risk of exposure A home's curb appeal is boosted by all of the following, except: a. mowing the lawn. D) vertical market c) It nullifies oral leases and listing agreements. AACSB: Reflective thinking; Application of knowledge, 63) In evaluating different market segments, the firm must look at two factors: the segment's overall attractiveness and the ________. Diff: 1 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? 1) Prospecting for buyers is easier than prospecting for sellers. c. an arm's length transaction. \text { Typhoon Corp. } & 2,140 & \underline{~~43,870} & \underline{~~42,800}\\ LO: 6.1: In what ways can a company divide a consumer or business market into segments? When business marketers are assessing which of their current customers represent the best opportunities for growth, which of the following factors should be considered? c) Interest is determined by a combination of fixed loans and outstanding loans. C) It creates synergy between markets. a. the range of relationship strategies (from transactional to collaborative) that are pursued by competing firms. b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. C) geographic segmentation d. is not required if the firms are in an arms-length relationship D) purchasing approaches a) both an instrument of conveyance and a contract. If the loan is for $68,000, what will Mark be assessed in points? View full document. D) concentrated Recommend a counteroffer back to list price. Diff: 2 a) A promise to pay b) A judgment letter c) A property lien d) Earnest money. c) If the seller accepted the offer, the buyer must perform. 5) Which contract provision allows for the transfer of the contract to another person? 5) In which provision would a landlord describe what activities can take place on the property? One offer is for $208,000; the other is for $200,000. LO: 6.1: In what ways can a company divide a consumer or business market into segments? #6. c) Brokers may not complete leases to which they are not a party. 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. D) differentiable b. involve long-term, contractual commitments. B) selective specialization E) differentiated, Answer: B c) a payment cap. b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. a) covers more than one piece of property. Even without a buyer's commitment, a sale can take place. a) Revolving Lease b) Wholesale Lease c) Index Lease d) Leading Indicator Lease. a) require lower down payments than government-backed loans require. 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. Given the following selected account balances of Delray Mfg., prepare an income statement for Delray Mfg. d) were paid in advance. A counteroffer can give the buyers an out if they want one. Diff: 2 C) segment profitability D) socio-economic infrastructure Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. C) decider When dealing with money the rules all reference "banking" not business days. C) Step 6-segment "acid test" E) segment "acid test", Answer: C a) a felony. 6) Which contract element indicates a mutual agreement? In North Carolina, which of the following properties may be considered stigmatized? d) states that a lawyer can rescind the contract terms within 10 days of contract approval. Exert pressure on the sellers to include something the other party wants. c) He has given due process. b) The buyer brings a blank check and finds out the final amount at the closing meeting. 7) Jim holds a commercial lease. A) demographic variables b) entails entering into two agreements simultaneously. When making your presentation, what topics should you cover? b. Transactional exchange c) Arbitrate prior to taking court action. 3) Which of these is a common property description? #7. Does it make sense for a corporation to repurchase its own stock? 11) What type of loan is often used when a seller will not accept a property sale contingency? c) The landlord leases the ground floor of the building to a commercial tenant. e. (a) and (c) only, Business marketing relationships vary in terms of their closeness or degree of collaboration. d. all of the above _____ exists when one party has confidence in a partner's reliability and integrity. A) needs-based segmentation E) producing products that can be used in a variety of ways. Prepare the appropriate journal entry to record income taxes. What type of loan is Steve getting? Diff: 3 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. 12) Seller James has taken back $20,000 as a second mortgage so Buyer Karl can qualify to buy the property. When you receive an offer on a listing for less than asking price, you should not: Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. a) Use of the Premises b) Property Order c) Location Use d) Property Regulations, 6) In New York City, the maximum base rent (MBR) system allows for rent to be adjusted. c) using preprinted riders. 7) Which kind of lease increases at specified intervals? d) the federal discount interest rate. The buyers are interested in another property. d) If the party who wants to enforce the contract seeks damages. B. Ricardo = duty to determine if fences were permitted even if listing 411 sheet did not indicate anything regarding fences. 5. c) 1 percent of the loan amount. d) the borrower must have a co-signer. LO: 6.2: How should a company choose the most attractive target markets? 2003-2023 Chegg Inc. All rights reserved. B) effectiveness of the suppliers d) It's an invalid offer. B) mass d. Collaborative exchanges. a) Interest Only b) Balloon c) Amortized d) Adjustable rate. Which of the following are goals of customer relationship management (CRM)? The sellers make no warranties for the property but must answer truthfully if asked about defects. b) He has given notice. b) pay the real estate taxes. Which of the following statements is TRUE? Comment on any similarities or differences present. a. 10) Steve has an existing loan with Sunray Bank and has applied for a second loan. A home for sale awaits prospective buyers on October 27, 2022, in Hollywood, Florida. a) To enter a property in the Torrens system, a court action must first clear title. Which statement is TRUE in a market with a price ceiling? a) It is common business practice. a) Estate For Years b) Estate At Will c) Estate At Sufferance d) Estate At Order. B) microsegmentation If closing is on May 7, what will be Paul_s share of the bill? D. Buyers must receive the completed disclosure report no later than the beginning of the due diligence period. These criteria illustrate which of the following major segmentation variables? b) are less flexible than government-backed loans . LO: 6.3: What are the different levels of market segmentation? The open exchange of information is a characteristic of ____ relationships. b) states that the contract is subject to the approval of each of the client_s attorneys. b) It requires certain conveyance-related contracts to be in writing. 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. The rate of commission to be lawfully charged in a real estate transaction is set by: #12. d) Designed for law clients who are unable to get reimbursement from their lawyer who has caused them loss. b) the First National Bank. Fill out a separate, numbered counteroffer form. 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. Buyer purchases the house and later learns that he cannot erect a fence. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. C) allowing consumers to gravitate toward product brands a) Accounts Payable b) Accounts Receivable c) Impound Account d) Forward Account. A) measurable #12. d. All of the above. LO: 6.3: What are the different levels of market segmentation? The owner told the broker during the listing negotiations that he wanted $138,000 for the property, and anything above that amount the broker could keep as commission. C) shifting loyals D. a. B) It can help create jobs in the economy by increasing demand for goods and services. #10. 8) Money that the buyer or seller needs to pay at closing is called what? a. do not involve the exchange of money. a) He has provided an advance order of moving. Diff: 3 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 home where a homicide, suicide, or haunting occurred 6. What type of loan does Jim hold? b) the gross national product. b) via handwritten notes. a) an index. 4) A contract that conveys an interest in real estate must. The listing agreement is between the client and the firm. What type of mortgage is Rich requesting? a) Retail Level Lease b) Percentage Lease c) Reorder Lease d) Market Level Lease. When the price elasticity of demand is low and the price elasticity of supply is high, the burden of a tax falls mainly on producers. LO: 6.2: How should a company choose the most attractive target markets? b) It's an invalid contract. 3) Which of the following persons may, but is not required to, attend a closing? Customers prefer a collaborative relationship when there is a competitive supply environment featuring many alternatives. d) She can use this contract as long as it contains an attorney review clause. Starting in May, homebuyers with a good credit score could see their monthly mortgage payment rise while. Trust and relationship commitment a) The lender calculates what the buyer owes and then tells the sellers what they will receive. a. Transactional exchanges D) impulsiveness Customer profitability How will they know how much money they will receive from the sale? 3) Recording the deed is done through which of these? 3) Borrower Jake has defaulted on his mortgage and the lender has required the loan to paid in full. Using the continuum of working relationships, the industry bandwidth refers to: d) provide a fixed interest rate for the life of the loan. 6) Which legal remedy resets parties to pre-contract status? Answer: A a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. d) after 7 years of loan payments. A) niche a) The tenant fails to pay rent. a) It's an accepted offer; therefore a valid contract. d) every two years. AACSB: Analytical thinking, 46) In the ________ step of the market segmentation process, the marketer evaluates the segment using criteria such as market growth and market access. Which of the following statements about buyer-seller relationships is(are) true? Which of the following are reasons for business marketers to employ relationship marketing activities? 1. 9) How does a borrower use private mortgage insurance? A. 9) Bill has informed his landlord that he will be moving in 30 days. When presenting information about the buyers to the sellers, which piece of information might not be useful in helping the sellers make a decision? The buyers have been pre-qualified by a lender. A new Estimate of Sellers Proceeds, using the current offering price as the basis and an updated competitive market analysis, would be helpful. 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. 7) What contract provision shows a division of expenses between buyers and sellers? b) is also called an exclusive freehold estate. a) Fixed Rate Loans b) Bump Loans c) Adjustable Rate Loans d) Retracted Loans. a) Protracted Mortgage b) Advanced Mortgage c) Purchase Money Mortgage d) Hold Over Mortgage. b) executable. Diff: 1 D. Since buyer didn't have agent, it's his responsibility to check about fences. a) Hold Over Mortgage b) Advanced Mortgage c) Principal Mortgage d) Purchase Money Mortgage. 1) What is the seller's primary function at closing? e. Only (a) and (b). a) Judicial Foreclosure b) Mortgage Foreclosure c) Short-Sale Foreclosure d) Lien Foreclosure. a) They can cancel the contract and get their earnest money refunded. 6) What type of loan typically has a low initial rate followed by higher rates? b) Norm can complete the lease agreements as long as he has a lawyer co-sign them. 4) Which of these items is not included in a lease agreement? d) denied. B) purchasing approaches This is an example of ________ marketing. b) There must be evidence that a structural inspection has shown no evidence of pest infestation. 3) A contract which neither party can enforce is called. a) Freddie Mac and Fannie Mae. d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. a) $431.62 b) $437.45 c) $1,662.55 d) $1,668.38, 12) Expenses that the seller incurred but have not yet been billed for at the time of closing are. C) segment attractiveness a) Accounts Payable b) Summary Balance c) Accounts Receivables d) Impound AccountD. a) Power of Attorney b) Power of Use c) Waiver of Attorney d) Attorney At Use. d. All of the above. 8) Which of these would be a CREDIT to the buyer at closing? E) It treats all buyers the same and, therefore, lowers promotion costs. a) After a cooling period b) After both parties have signed it c) After it is performed d) After the parties agree to their respective promises. a) The contract must be rewritten and signed again. If firms cannot switch suppliers easily, thenbuyers have decreased power. b) intended contract. a) Credit b) Proration c) Debit d) Reimbursement. 10) Taxes on the property Buyer Alan is purchasing are $3,200 due on December 31. The listing agreement must be in writing at the time of the listing and the buyer brokerage agreement must be in writing prior to the submission of the buyer's offer. Answer: B a) Void b) Enforceable c) Enforceable or unenforceable d) Voidable, 3) A contact agreement to sell alcohol to minor would be considered. Which of the following statement(s) is/are true regarding death of a seller? share plus a$100 brokerage fee. a. At this point, assuming all other contract validity items are in order, what is the status of the offer? 2) Which statement about the Torrens system is FALSE? a) Wraparound Loan b) Bridge Loan c) Swing Loan d) Ancillary Loan. What approach can their agent take to change the sellers perception of the offer? #1. b) It is necessary to search public records to ascertain the status of title. c. trust in the salesperson. a. industry bandwidth 6) RESPA applies to all of the following EXCEPT which? 3) The process of selecting one or more market segments to enter is called market ________. a) 10 percent b) 15 percent c) 20 percent d) 25 percent. Whether working with a client or a customer a licensee has a duty to disclose all material facts. c. Achieving customer retention. B) It automatically binds the owner, the broker, and the MLS to its agreed provisions. A. #11. e. the number of organizations in a straight rebuy situation. C) Small manufacturers tend to have formal buying procedures and guidelines. 7) A buyer submits an offer to a seller. d) The tenant leases the ground from the landlord and owns the improvements. a) Receipt b) Buyer's Statement c) Purchase Offer d) An Agreement. #14. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. d) The contract will be valid after a five-day waiting period. b. solidarity. #1. A company reports pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only$7 million. H0:=.20H_0: \pi=.20H0:=.20 versus H1:.20,=.025,p=.28,n=100H_1: \pi \neq .20, \alpha=.025, p=.28, n=100H1:=.20,=.025,p=.28,n=100. If the buyer rejects the first counteroffer, the seller can accept the first offer. 8) Which of the following summarizes the general terms of a ground lease? 1) Buyer Bill has agreed to pay for a computer system after all hardware has been installed and operational. 8) Newlyweds in the United States buy more in the first six months than an established household does in five years. 8) Landlord Frank terminated Jerry's lease because gross sales did not meet expectations. d) The Torrens registry retains the original registration documents and provides copies to the recorder or other appropriate office. If a seller dies after signing a listing agreement, the listing agreement is terminated. c) valid but unenforceable contract. Which statement is TRUE? Once Ricardo knew the fence was a material issue to the buyer he was bound to take some action. They were counting on a full-price offer and are very disappointed. No temporary differences existed at the beginning of the year, and the tax rate is 40%. 4) Which part of a contract deals with the legal requirements to enter into a contract? a) Swing Loan b) Wraparound Loan c) Pillow Loan d) Ancillary Loan. By targeting mothers-to-be as future heavy users, producers of these products and services are segmenting consumers on the basis of ________. a) It represents a "meeting of the minds." #5. a) Proceeds from tax exempt mortgage revenue bonds. 7) A prospective homebuyer submits a signed offer to buy a house with the condition that the seller pays financing points at closing. 5) What is one important difference between a sublease and a lease assignment? a) Apportionments b) Debits & Credits c) Terms of Payment d) Exclusions. 4) What form does RESPA require to be used for itemizing closing costs? C. Once you set a goal you should never change it. LO: 6.2: How should a company choose the most attractive target markets? A) situational factors A) Step 2-segment identification Which of the following statements are true? When organizational buyers consider changes from one selling firm to another, what are the two main categories of switching costs they consider? a) Mortgage Company b) Local HUD Office c) Savings and Loan Association d) Commercial Bank. d) allowance contract. D) It is a low-cost strategy. LO: 6.1: In what ways can a company divide a consumer or business market into segments? Paul is most likely holding what kind of loan? Daniel F Viele, David H Marshall, Wayne W McManus, DECA practice tests questions multiple choice. 1) Proof of ownership of a property is called what? E) gatekeeper, Answer: A Jerry agreed to what type of lease? A valid listing agreement may be terminated for any of the following reasons, EXCEPT: A. sale of the property B. expiration of the individual listing agent's license C. agreement of the parties D. destruction of the premises expiration of the individual listing agent's license 4) In which contract provision would the length of the lease be outlined? a) Forward Clause b) Advanced Clause c) Acceleration Clause d) Call Due Clause, 4) Typically, the interest rate on an ARM is based in part on. 3) Which statement best defines the concept of "quiet enjoyment? 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). Which statement is true? a) Preservation and Maintenance of Property b) Property Inspection Report c) Property Order d) Borrower's Duties. #8. For example, ________ can show the firm which brands are most competitive with its own. An exclusive agency agreement differs from an exclusive right to sell agreement because under an exclusive agency agreement the firm is not paid if the seller finds a buyer on their own. b) Interest is determined by the debt-to-loan ratio. a) include a title closing entity. 7) Which of the following is not an item that a buyer usually pays at closing? B) substantial c) The tenant goes out of business. 4) What is the customary down payment amount on residential property in New York? E) actionable, Answer: B Death of the party to an agreement ends an employment contract such as a listing or buyer broker agreement. Which is true of a valid listing agreement in NC? A) measurable b) for a buyer who plans to own the property for a long time. The buyer's primary function at closing is to. 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.
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