#1. LO: 6.2: How should a company choose the most attractive target markets? Last year his rent went up 4% based on a 4% increase in the wholesale price index. b) periodic estates. D) pseudo solution a) Receipt b) Contract for sale c) Agreement d) Purchase offer. LO: 6.3: What are the different levels of market segmentation? 5) Which aspect of a contract deals with when a tenant takes possession of the property? LO: 6.2: How should a company choose the most attractive target markets? c) implied contract. Which statement is true? d. all of the above Then present the $208,000 offer. than for trading securities? d) A lender can continue to collect PMI payments until the homeowner's equity reaches 25%. a) Sara cannot legally fill out this contract. d) It is a bilateral agreement. b. solidarity. a) The lender calculates what's owed and tells the buyer what to bring. c) The maximum purchase price of the property cannot exceed $250,000. A) differentiated market a) Actual notice b) Torrens system notice c) Apparent notice d) Constructive notice. d) The original offer is legally terminated. B) undifferentiated The expiration of the individual agent's license does not terminate the listing because the licensee is not a party to the agreement. LO: 6.2: How should a company choose the most attractive target markets? d. Operational linkages and relationship connectors. 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) C) It obligates the broker to work diligently for both the seller and the buyer. a) The lender makes payments to the borrower. d. Collaborative exchange, _____ occur in between the two extremes on the relationship continuum, where the focus of the selling firm shifts from attracting customers to keeping customers. 4 north carolina licensee tyler is providing - Course Hero When business marketers are assessing which of their current customers represent the best opportunities for growth, which of the following factors should be considered? Diff: 2 He does not have to pay off his existing mortgage in order to qualify. c) have more forms than government-backed loans. a) a survey of the property. 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. b) It's an invalid contract. 5) Which of the following is one of the purposes of the Lawyers' Fund? 5) What is a lead-based paint disclosure used for? 2) Which statement about the Torrens system is FALSE? a) include a title closing entity. b) the First National Bank. Rewrite whole paragraphs to ensure clarity. d) The broker must complete a rider. D. d) The loan must be repaid before the borrower's death. C. Once you set a goal you should never change it. c) To reimburse clients for money that was misused by their attorney. Projected profit margins. a) covers more than one piece of property. 6) Broker Sara completes a preprinted sales contract. a. a collaborative advantage. A. a boycott of a discount brokerage's listings, B. agreement with competitors to set commission rates, C. refusal to place advertisements in a local paper that accepts ads from for sale by owners, D. a firm's raising of it's own commission rates, A firm's raising of it's own commission rates. a) for a buyer who plans to own the property for a short time and believes the property will appreciate during that time. C. The same amount will go towards the principal every month. Earnest money must be deposited no later than 3 banking days. 8) Conventional loans are typically uninsured. E) operating variables, Answer: E c) a 4 percent down payment. The buyers' family is pressuring them to purchase this home. E) virtual solution. a) both an instrument of conveyance and a contract. B) conducting VALS tests This action is based on which mortgage feature? d. is not required if the firms are in an arms-length relationship A home for sale awaits prospective buyers on October 27, 2022, in Hollywood, Florida. When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? b) executable. Licensees may not allow their own individual disputes over commissions and fees to adversely affect the transaction. This is known as what type of account? c) when the loan-to-value ratio reaches 78 percent. LO: 6.3: What are the different levels of market segmentation? The buyers are interested in another property. Diff: 3 c) Brokers may not complete leases to which they are not a party. A) hard-core loyals b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. 11) Fred has an existing property mortgage, but seeks a second loan. 2) Fred reclaimed a foreclosed property by paying off owed amounts, including interest and costs? a) A promise to pay b) A judgment letter c) A property lien d) Earnest money. 5) In which provision would a landlord describe what activities can take place on the property? Which of the following is TRUE about the North Carolina Residential Property Disclosure Act? A) situational factors The home is listed at $210,000. What can be said about Norm's actions? 8) What is used to seal a binder agreement? 9. b) The leased property is foreclosed. b. a) Margin b) Index c) Payment cap d) Rate cap. each) ________1. 9) Which of these would be a CREDIT to the seller at closing? b. 6) Paul's loan payment is the same amount each month. 1) What is the seller's primary function at closing? A potential buyer can make an issue a material fact by asking about or expressing their intentions. chapter 6 test Flashcards | Quizlet #11. When the party who made the offer is notified of its acceptance. Chapter 13 Flashcards - Cram.com a. the sensitivity of the salesperson in understanding how business conditions affect the industry within which the buying firm operates. E) demographic variables, Answer: C Which of the following statement(s) is/are true regarding death of a seller? Give the sellers the price over the phone so that they can think about it before you meet with them. 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. LO: 6.2: How should a company choose the most attractive target markets? The fact that the NC listing agreement and buyer agency agreement must be in writing is required by: Employment agreements are not a right or interest in real estate subject to the statute of frauds, but need to be in writing due to commission rules. Sample Final Exam for California Real Estate Practice Questions with no a. Responsiveness of the supplier in meeting the firm's needs. D) It is a low-cost strategy. What should Jake do? a) Act within a statutory period. Exclusive Right to Represent Buyer Agreements must have all the following characteristics EXCEPT: C. specifying provisions for an automatic renewal, D. incorporating conspicuously the commission prescribed "Description of Agent Duties and Relationships", specifying provisions for an automatic renewal. Diff: 1 c. A strategic alliance This is an example of ________ marketing. c. are one-time exchanges of value between two parties with no prior or subsequent interaction. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. 4) The Statute of Limitations requires that parties to a contract who have been damaged or who question the contract's provisions do what? At this point, assuming all other contract validity items are in order, what is the status of the offer? b) credits to the seller. C) situational factors d. the cost of serving established customers usually increases. A) demographic variables d. All of the above. e. none of the above. c) open. a) Freddie Mac and Fannie Mae. 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. If a check was provided NCREC allows BIC's and firms to start counting the 3 days from the acceptance of a contract. Diff: 3 c) The sellers must give them an extension to secure the loan. C) differentiable 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. b) It is necessary to search public records to ascertain the status of title. B. What is this law called? Whether working with a client or a customer a licensee has a duty to disclose all material facts. e. the number of organizations in a straight rebuy situation. b. is created by interactions at the top levels of the two firms involved in a relationship a) Construction b) Wraparound c) Open-end d) Bridge. C) maximum solution The real estate broker's fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a seller's willingness to sell and a buyer's willingness to buy, is the duty of: A. skill, care and diligence B. disclosure C. obedience D. accounting disclosure d) reduces the monthly payment for a borrower during the initial years. c. the firm can identify opportunities for expanding the relationship. If a seller dies after signing a listing agreement, the listing agreement is terminated. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. b) title insurance. #6. a) Expense b) Credit c) Debit d) Proration. #3. B) A segment is unattractive if buyers possess strong or growing bargaining power. c) for a lender in a market that is decreasing in value. Chapter 7 Online & Book Quiz Flashcards | Chegg.com d) The tenant leases the ground from the landlord and owns the improvements. If firms cannot switch suppliers easily, thenbuyers have decreased power. 3) Which statement best defines the concept of "quiet enjoyment? 9) What is the real estate transfer tax based on? 10) Which loan covers the period of time between the end of one mortgage and the beginning of another? b. personal property. 15) Which of the following does not meet the criteria for a VA loan? Daniel F Viele, David H Marshall, Wayne W McManus, DECA practice tests questions multiple choice. 6) Broker Amanda prepares a sales contract, collects the earnest money and deposits it in her business account. C) segment profitability c) The contract becomes unenforceable. 4) Which part of a contract deals with the legal requirements to enter into a contract? A) Buyers for all kinds of organizations (governments, nonprofit groups, intermediaries) tend to buy in much the same way as do manufacturers. b) The bundle of rights linked to the recorded title to a parcel. 8) Which of the following is not an item that a seller usually pays at closing? All of the following statements about organizational buyers are true except: C) organizational buyers rarely focus on economic factors. E) micro, Answer: B c. Delivery reliability. a) legal. E) segment "acid test", Answer: C 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 ________. c) a misdemeanor. a) If neither party agrees to the terms. a) It's an accepted offer; therefore a valid contract. 9) How does a borrower use private mortgage insurance? 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. What approach can their agent take to change the sellers perception of the offer? 2) Establishing and communicating the distinctive benefit(s) of the company's market offering for each target segment is called ________. The buyers love the landscaping improvements the sellers have made. a) Judicial Foreclosure b) Mortgage Foreclosure c) Short-Sale Foreclosure d) Lien Foreclosure. Diff: 2 2003-2023 Chegg Inc. All rights reserved. Is Biden Raising Mortgage Payments for People with Good Credit? In which situation would Sam not owe a commission to EX Realty? a. invest resources to build operational linkages and information-sharing mechanisms for the relationship. C) consumer maturity Answer: B Which of the following is TRUE? 3) Recording the deed is done through which of these? The seller disagrees, crosses out the points clause, then signs and returns the document to the buyer. Question: 1. E) The most attractive segment is one in which entry barriers are low and exit barriers are high. Customers emphasize a collaborative orientation when the purchase decision is not complex. 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. A. 5) In which type of loan is the payment allocated only to interest? C) shifting loyals C) accessible LO: 6.1: In what ways can a company divide a consumer or business market into segments? a) every four years. A) demographic variables b. Personalized treatment of the most valuable customers. Present the $200,000 first and recommend rejection. Diff: 2 Diff: 2 c) The tenant goes out of business. 2) Which kind of lease has no time limit? LO: 6.2: How should a company choose the most attractive target markets? a) deliver the title. Diff: 2 a) All residential property b) Homes built prior to 1978 c) Only commercial property d) Only rental property. a) a felony. 8) PMI loans made after July 1999 require that the loan must be released. E) differentiated, Answer: B c) They are always a debit to one party and a credit to the other party for the same amount. Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. c) 1 percent of the loan amount. c. Total cost of ownership 8) Which of these would be a CREDIT to the buyer at closing? b) are less flexible than government-backed loans . Which is true of a valid listing agreement in NC? They will owe a balloon payment at the end of the loan term. Which statement is TRUE? 4) A contract that conveys an interest in real estate must. They can accept it outright, reject it totally, or submit a counteroffer. #7. d) carry prepayment penalties, while government-backed loans do not. A) measurable C) accessible 3) Which mortgage clause requires a borrower to maintain the physical condition of the mortgaged property? A home's curb appeal is boosted by all of the following, except: a. mowing the lawn. e. Only (a) and (b). A crosstabulation of type of customer (regular or promotional) versus net sales. d. A strategic alliance. Given the following selected account balances of Delray Mfg., prepare an income statement for Delray Mfg. One offer is for $208,000; the other is for $200,000. Which statement is TRUE? A) needs-based segmentation How will they know how much money they will receive from the sale? b) The buyer brings a blank check and finds out the final amount at the closing meeting. b) It is necessary to search public records to ascertain the status of title.
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