c) when the loan-to-value ratio reaches 78 percent. a) Estate for years b) Estate from period to period c) Estate at will d) Estate at sufferance. Effective machine life is only determined by the durability of the machine. c) A chronology of successive owners of record of a parcel of real estate. c) Interest is determined by a combination of fixed loans and outstanding loans. c) It is forbidden under any circumstances. The agent can tell Ben and Blanche that the $200,000 offer represents 96% of their asking price. D) accessible 2) Which statement about the Torrens system is FALSE? A) marketer resources e. none of the above, From the customer's perspective, relationship quality centers on: a. Transactional exchanges AACSB: Analytical thinking, 22) When marketers present flexible market offerings to all members of a business segment, their offerings consist of two parts. 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. c) It nullifies oral leases and listing agreements. The cost-to-serve the customer. 7) A prospective homebuyer submits a signed offer to buy a house with the condition that the seller pays financing points at closing. B) It can help create jobs in the economy by increasing demand for goods and services. b) The buyer brings a blank check and finds out the final amount at the closing meeting. Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. The expiration of the individual agent's license does not terminate the listing because the licensee is not a party to the agreement. What can be said about Norm's actions? a) Mager Clause b) Merger Clause c) Rescind Clause d) Vacant Clause. e. none of the above. d) Wait a statutory period before they may take legal action. The buyers family is pressuring them to purchase this home. d) every two years. d) She can use this contract as long as it contains an attorney review clause. 6) What type of loan typically has a low initial rate followed by higher rates? 2) Prospecting for sellers is easier than prospecting for buyers. 10) Which loan covers the period of time between the end of one mortgage and the beginning of another? a) $12.87 b) $15.91 c) $23.22 d) $25.74. E) antiloyals, Answer: B B) undifferentiated b. Transactional exchange LO: 6.3: What are the different levels of market segmentation? Which statement is TRUE? d. A strategic alliance. d) states that a lawyer can rescind the contract terms within 10 days of contract approval. C. The same amount will go towards the principal every month. #14. A) initiator B) Step 3-segment attractiveness c. liquidated damages. Diff: 2 b. Transactional and collaborative relationships This is an example of ________. 8) A lease automatically terminates under which of the following circumstances? D) operating variables e. (a) and (c) only. d. the lost-for-good customer. 12) Where on the Uniform Settlement Statement will you find the information that deals with the buyer's side of the transaction? How are unrealized gains and losses treated differently for available-for-sale securities 2003-2023 Chegg Inc. All rights reserved. a) Fee for clearing the title b) Broker commission c) Homeowner's insurance d) Transfer taxes. a. close c) have more paperwork than government-backed loans. 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 Customer profitability A The buyer has the right to inspect the goods only if the buyer purchases them on layaway. A potential buyer can make an issue a material fact by asking about or expressing their intentions. Which is true of a valid listing agreement in NC? a) require lower down payments than government-backed loans require. a) expressed contact. \text { Name } & \text { Number of Shares } & \text { Total Cost } & \text { Total Fair Value } \\ 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. Which statement is true? 2) If an attorney make changes to an offer, what action should follow? d) It is permissible in amounts under $50. NameTornadoInc.TsunamiCorp.TyphoonCorp.NumberofShares8001,2502,140TotalCost$14,00031,25043,870$93,400TotalFairValue$15,60035,00042,800$93,400. C) segment profitability 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. D) differentiable 5) In which type of loan is the payment allocated only to interest? a) The contract must be rewritten and signed again. AACSB: Analytical thinking, 51) For a segment to meet the ________ criterion of usefulness, the marketer must be able to formulate effective programs for attracting and serving the segments. 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: 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. c) It's still an offer. 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). 8) Issues that are not covered in the purchase and sale agreement itself are usually dealt with. Jerry agreed to what type of lease? 1) What type of document does a home owner sign when agreeing to a mortgage? B) substantial E) gatekeeper, Answer: A b) void. 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. LO: 6.1: In what ways can a company divide a consumer or business market into segments? The difference in assessed fees is about $4,000 . Diff: 2 What actions can the sellers take regarding the purchase offer? d) The tenant leases the ground from the landlord and owns the improvements. 3) Prospecting for buyers has a much lower return on output than prospecting for sellers. d) subject to review by a panel of peers. c) They are always a debit to one party and a credit to the other party for the same amount. 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? Buying firms prefer a transactional relationship when: Buying firms prefer a more collaborative relationship when: Which of the following statements about buyer-seller relationships is(are) true? C) segment profitability Which of the following are reasons for business marketers to employ relationship marketing activities? c) The borrower pays a fixed rate of interest. a) Accounts Payable b) Accounts Receivable c) Impound Account d) Forward Account. E) segment "acid-test", Answer: D 4) Which of these items is not included in a lease agreement? The buyer's agent has the same disclosure obligation, however, in this question because the defect was hidden it does not appear to be an item for which the selling broker (buyer's agent) had liability. d) estates from period to period. a) Retail Level Lease b) Percentage Lease c) Reorder Lease d) Market Level Lease. C) maximum solution each) ________1. c. Investments and risk of exposure 13) What type of account holds property insurance, taxes, and Mutual Mortgage Insurance in escrow? 5) Mike signed a rental agreement for his friend Norm. 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. A. 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. d. commission. A The buyers' family is pressuring them to purchase this home. b) entails entering into two agreements simultaneously. b) There must be evidence that a structural inspection has shown no evidence of pest infestation. 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. 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. C) differentiable The $20,000 is what type of mortgage? Which of the following would likely NOT constitute a violation of the Sherman Antitrust Act? 9) When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? d) The original offer is legally terminated. a. a collaborative advantage. 5) What is the purpose of the Statute of Frauds? 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} #9. c) estate at sufferance. 7) Which of the following is not an item that a buyer usually pays at closing? (Assume it is not a leap year and the day of closing belongs to the seller. d) The real estate must be appraised by an approved FHA appraiser. Procurement officer, supply manager, purchasing agent, and buyer are titles for an organization's: A modified rebuy would be most likely when: B) a car producer is developing a sportier car which will require wider tires. 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. LO: 6.1: In what ways can a company divide a consumer or business market into segments? d) It can be created only by an attorney. These would be examples of what is called ________. c. Competitive exchange D. 8) PMI loans made after July 1999 require that the loan must be released. D. Meet with the buyers lender to ensure theyre getting a good deal. c. Relationship commitment a) for a buyer who plans to own the property for a short time and believes the property will appreciate during that time. C. Once you set a goal you should never change it. 1 Which of the following statements about marketing is true? The seller disagrees, crosses out the points clause, then signs and returns the document to the buyer. A) needs-based segmentation b. The sellers make no warranties for the property but must answer truthfully if asked about defects. 3) A contract which neither party can enforce is called. 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) Interest is based on a selected economic indicator index. c. Relationship marketing Obtaining commitment deals only with securing an order. E) operating variables, Answer: A 11) Fred has an existing property mortgage, but seeks a second loan. 5) Which of the following is one of the purposes of the Lawyers' Fund? d. all of the above Which of the following statements about transactional relationships is(are) true? If the closing is set for October 15, using the 365-day method, how much of the taxes will be credited to the buyer? Answer: B #7. LO: 6.3: What are the different levels of market segmentation? a) A borrower can reduce monthly interest rate payments over the life of the loan by getting private mortgage insurance. #1. share plus a$100 brokerage fee. Buyers and sellers experience unexploited gains from trade b. B) A segment is unattractive if buyers possess strong or growing bargaining power. The seller has no reasonable basis for refusing to allow the broker to return the earnest money to the buyer who cancelled within their due diligence period. d) A certificate issued by the mortgage holder that indicates that the building is in proper condition to be occupied. B. 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 a) Power of Attorney b) Power of Use c) Waiver of Attorney d) Attorney At Use. c) excusable. c. refers to the ability of an interfirm relationship to achieve desired objectives. b) This mortgage type is popular among the elderly. b. Collaborative relationships are less likely to involve operational linkages between the buying and selling firms. a) will be paid in arrears. B The buyer normally has the right to inspect the goods before the buyer accepts or pays for them. \hline \text { Tornado Inc. } & 800 & \$ 14,000 & \$ 15,600 \\ A valid listing agreement may be terminated for any of the following reasons, EXCEPT: B. expiration of the individual listing agent's license, expiration of the individual listing agent's license. A) It obligates the seller to transfer the property if the broker procures a ready, willing, and able buyer. AACSB: Analytical thinking, 17) In segmenting its markets, an aluminum company first looked at which end-use market to serve: automobile, residential, or beverage containers. Set up a face-to-face meeting with the sellers as soon as possible. D) market specialization 14) Ruth must deposit $1,113.45 in to a FHA-backed escrow account. A patron at a restaurant is agreeing to a(n). 7) How does the buyer know how much money to bring to closing? B) buyer-readiness stage E) global nature of the product, Answer: A B) not required to disclose the information because the seller might reject the offer. Units 11-15 Flashcards A. A counteroffer can give the buyers an out if they want one. c. transactional 9) Which of the following statements about Gen Xers is TRUE? Customers prefer a transactional orientation when there are few alternative offerings from suppliers. Which of the following statements about collaborative relationships is(are) true? This is called by what name? A) personal characteristics All of the following statements about organizational buyers are true except: C) organizational buyers rarely focus on economic factors. If the loan is for $68,000, what will Mark be assessed in points? a. relates to the longevity of the relationship between a buyer and seller b) executable. b) They are always a debit to the seller and a credit to the buyer. 3) Borrower Jake has defaulted on his mortgage and the lender has required the loan to paid in full. Answer: A d) The landlord cancels the lease. A company reports pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only$7 million. E) It treats all buyers the same and, therefore, lowers promotion costs. Chapter 3 Multiple Choice Flashcards | Quizlet _____ involves a partner's belief that an ongoing relationship is so important that it deserves maximum efforts to maintain it. b) decrease the interest rate as the principal declines. LO: 6.1: In what ways can a company divide a consumer or business market into segments? d. the cost of serving established customers usually increases. Diff: 2 c) A chronology of successive owners of record of a parcel of real estate. d) 10 percent of the loan amount. c) 1 percent of the loan amount. a. the sensitivity of the salesperson in understanding how business conditions affect the industry within which the buying firm operates. Which of the following is not true regarding organizational buyers? Business marketers track customer loyalty and retention because: c) every seven years. d) it may also restrict some uses. Trust a) Statement of Limits b) Clear Statement of Term c) Clear Notice of Terms d) Order of Terms. Even without a buyer's commitment, a sale can take place. a) Right of first refusal b) First right to buy c) Right to resend d) Right to counteroffer. C) geographic segmentation b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. a) the lender must have a reserve balance on hand to cover the loan amount. AACSB: Analytical thinking; Application of knowledge, 69) All of the following are benefits of following the ________ approach to target market selection: a strong knowledge of the segment's needs, a strong market presence, operating economies through specializing in production, distribution, and promotion. d) pay the purchase price for the property. LO: 6.3: What are the different levels of market segmentation? d. a strategic alliance. e. interfirm cooperation. 15) The loan origination fee on a VA loan cannot exceed. A) individual 9) What is the real estate transfer tax based on? 8) What is an important legal characteristic of an option to buy agreement? If firms offer differentiated products, thenbuyers have increased power.B. What type of lease did Jim sign? Unit 6 Flashcards | Quizlet AACSB: Analytical thinking, 49) The characteristic of useful market segments that relates to whether the segments can be effectively reached and served is whether the segment is ________. 9) How does a borrower use private mortgage insurance? B. Ricardo = duty to determine if fences were permitted even if listing 411 sheet did not indicate anything regarding fences. a) It represents a "meeting of the minds.". c) using preprinted riders. d. customer relationship management program. a) Attachment b) Covenant c) Bond d) Bill. LO: 6.1: In what ways can a company divide a consumer or business market into segments? 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. 4) How is the interest on a ARM loan determined? c) Arbitrate prior to taking court action. b) All parties to the contact must initial the changes. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. 4) A contract that conveys an interest in real estate must. a. 68) Volkswagen concentrates on the small-car market and Porsche on the sports car market. When does a purchase offer become a legal contract? c) have more forms than government-backed loans. Diff: 3 b) All the parties must initial the changes. b. technical All agents in the transaction should facilitate the timely delivery of the property disclosure report to the buyer. By targeting mothers-to-be as future heavy users, producers of these products and services are segmenting consumers on the basis of ________. d) The Torrens registry retains the original registration documents and provides copies to the recorder or other appropriate office. Comment on any similarities or differences present. b) intended contract. 3) What is the most common form of property description? D) user status a) Title fees b) Taxes c) Rent d) Utilities. b) Interest is determined by the debt-to-loan ratio. d) Amanda has done nothing wrong. b. all satisfied customers will remain loyal. a) Window Loan b) Home Equity Loan c) Reverse Annuity Mortgage d) Blanket Loan. b) are less flexible than government-backed loans . Chapter 11: From Offer To Closing Flashcards Preview b. Diff: 1 5) Jim has a loan where the entire payment amount goes to the interest owed? d) the Standards and Poor's Trust. 10) Which of the following is an item that is not normally prorated? Diff: 1 There is no obligation of a seller to disclose the defect, though the seller has a mandatory duty to complete the Disclosure Statement. b) credits to the seller. d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. 11 Q What is important for the sellers to know about a counteroffer? 3) What do we call the right to reclaim a property that has been foreclosed by paying off amounts owed to creditors, including interest and costs? a) Mark can insist that the landlord lower the rent. A home where a homicide, suicide, or haunting occurred 6. d) The loan must be repaid before the borrower's death. d) It's an invalid offer. Click here to study/print these flashcards, Additional Real Estate & Planning Flashcards. 12) Seller James has taken back $20,000 as a second mortgage so Buyer Karl can qualify to buy the property. Diff: 2 It is part of a body of law established by tradition and court decisions d. all of the above c) The apartment can be decontrolled. b) In a sublease, the original tenant retains primary responsibility for performance of the original lease contract. a) Proceeds from tax exempt mortgage revenue bonds. b) survey. c. work with a wide array of managers on strategy and coordination issues. Over 300 California Real Estate Practice Exam questions to pass Tests! Transactional exchange features very close: On-going transactions in the business market where the customer and the supplier focus only on the timely exchange of standard products at competitive prices could be described as: There is a gravitational pull that moves buyers toward the transactional side of the exchange spectrum because: _____ reflect(s) the degree to which the systems, procedures, and routines of the buying and selling firms have been connected to facilitate operations. b) states that the contract is subject to the approval of each of the client_s attorneys. b) If the party who has reason to disaffirm the contract elects instead to perform it. b) via handwritten notes. E) virtual solution. If closing is on May 7, what will be Paul_s share of the bill? B) purchasing approaches c. always-a-share customers. #5. E) actionable, Answer: E Resources are allocated to their most efficient uses. D) switchers Is Biden Raising Mortgage Payments for People with Good Credit? Sample Final Exam for California Real Estate Practice Questions with no d. all of the above Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. c) The contract can be executed at no cost to the optionee. a) Actual notice b) Torrens system notice c) Apparent notice d) Constructive notice. 1. b. directly assist the customer with planning and strategy issues. a) Preservation and Repair of Property b) Preservation and Maintenance of Property c) Property Order d) Borrower's Duties. 3) Which of the following persons may, but is not required to, attend a closing? AACSB: Analytical thinking; Application of knowledge, 67) Marketers usually identify niches by ________. B) demographic 1) Buyer Bill has agreed to pay for a computer system after all hardware has been installed and operational. D. The interest payment is always smaller then the amount allocated to the principal. When organizational buyers consider changes from one selling firm to another, what are the two main categories of switching costs they consider? It is true, that the United States Housing Market can be "unpredictable, volatile and cyclical." I believe it is crucial to familiarize ourselves with the pa. Subprime Mortgage Crisis The Federal Reserve worried that low interest rates encouraged risky borrowers to own a home; therefore, interest rates rose from "1 percent to 5.25 percent". a) Assignment of a Contract_ b) Operation of Law c) Transfer Clause d) Execute Clause. Which of the following is true regarding the Residential Property and Owner's Association Disclosure Statement? c) If the seller accepted the offer, the buyer must perform. e. Only (a) and (b). c) a 4 percent down payment. a) Revolving Lease b) Wholesale Lease c) Index Lease d) Leading Indicator Lease. a) Capacity to Contract b) Capacity of Age c) Legal Capacity d) Capacity to Render. E) demographic variables, Answer: C A property owner lists a property for sale with a broker. d) for a seller in a buyer's market. b) are less flexible than government-backed loans . The buyers have been pre-qualified by a lender. 6) In which contract section might you the property address? a) both an instrument of conveyance and a contract. b) Select a specific, limited course of action for recouping their losses. When the party who made the offer is notified of its acceptance. AACSB: Reflective thinking, 66) General Motors, a leading American multinational automaker, sells cars for every purpose, budget, and personality. 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. &&\underline{\underline{\$ 93,400}}&\underline{\underline{\$ 93,400}}
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