#1. A) dividing a segment into subsegments D) switchers Jake has received two offers on one of his listings. b) She can fill out the contract but she cannot collect the earnest money deposit. d) after 7 years of loan payments. b) 5 percent of the loan amount. B. a) Wraparound Loan b) Bridge Loan c) Swing Loan d) Ancillary Loan. operations. Paul is most likely holding what kind of loan? What is this law called? a) One calendar week b) One business day c) Two calendar days d) One business week. c. The supply of goods is sold by the sellers with the lowest costs. 6) Mark earns $185,000 a year and he pays $2,200 per month for a rent-stabilized apartment. Diff: 2 They have the right to review the completed settlement statement how long before closing? Loyal customers are far more profitable than price sensitive customers. What is important to remember about multiple offers? Product quality. LO: 6.1: In what ways can a company divide a consumer or business market into segments? a) Construction b) Wraparound c) Open-end d) Bridge. c. focus primary attention on the purchasing staff. 9. 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 LO: 6.1: In what ways can a company divide a consumer or business market into segments? b) This mortgage type is popular among the elderly. Calculate the test statistic and ppp-value for each sample. #1. What should Jake do? Comment on any similarities or differences present. 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} Solved Label each the following statements about the | Chegg.com c) The Torrens title record is the title itself. d) He has given notice of vacating. D) segment profitability C. Once you set a goal you should never change it. 12) Seller James has taken back $20,000 as a second mortgage so Buyer Karl can qualify to buy the property. 10) ________ is the science of using psychology and demographics to better understand consumers. E) micro, Answer: B a) The potential buyer, the optionee, is obligated to buy the property once the option agreement is completed. b) title insurance. 1) Which of the following statements about market segmentation is TRUE? A. listing agent = duty to disclose listing 411 sheet that fences were not permitted. 9) Which of the following is a characteristic of land leases? 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. Customers prefer a collaborative relationship when there is a competitive supply environment featuring many alternatives. B) mass 2) Jim signed a six months lease. Which statement is TRUE of a listing agreement? E) It treats all buyers the same and, therefore, lowers promotion costs. 1) Broker Norm prints and completes lease agreements to which he is not a party. a) Credit b) Proration c) Debit d) Reimbursement. C) personal characteristics 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) It creates synergy between markets. If a seller changes the terms of the offer to purchase, he has created a counteroffer. 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. _____ exists when one party has confidence in a partner's reliability and integrity. _____ illuminates exactly what activities are associated with serving a particular customer and how these activities are linked to revenues and the consumption of resources. D. Goals must be realistic if you hope to accomplish them. a. Transactional exchange \hline \text { Tornado Inc. } & 800 & \$ 14,000 & \$ 15,600 \\ 4) In which of the following types of loans is the payment allocated only to interest? E) purchasing approaches, Answer: B 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. #5. 3) Mary has remained in her apartment two weeks past her move-out date, without any payment. Earnest money must be deposited no later than 3 banking days. 4) What is the purpose of the Lawyers' Fund? chapter 6 test Flashcards | Quizlet b. Activity-based costing c) If the seller accepted the offer, the buyer must perform. c) open. E) antiloyals, Answer: B c. Competitive exchanges d. all of the above B) It automatically binds the owner, the broker, and the MLS to its agreed provisions. D) niche Which of the following statements about transactional relationships is(are) true? a) 10 percent b) 15 percent c) 20 percent d) 25 percent. d) The tenant leases the ground from the landlord and owns the improvements. 3) The process of selecting one or more market segments to enter is called market ________. b) the mortgage must be held by the originator until all terms have been meet. 5) What is a lead-based paint disclosure used for? a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. If a check was provided NCREC allows BIC's and firms to start counting the 3 days from the acceptance of a contract. Solved 33.Which of the following statements is true about - Chegg Which of the following is true regarding the Residential Property and Owner's Association Disclosure Statement? B) not required to disclose the information because the seller might reject the offer. A. b) after 5 years of loan payments. AACSB: Reflective thinking, 44) During which step of the needs-based segmentation process would the marketer group customers into segments based on similar needs and benefits sought by the customer in solving a particular consumption problem? c) The contract becomes unenforceable. Fill out a separate, numbered counteroffer form. 13) Which organization insures loans made by approved lending institutions? They do not try to get a loan, and when the deadline for loan approval draws near, they tell their agent they couldn't get a loan. The home is listed at $210,000. c. work with a wide array of managers on strategy and coordination issues. c) is subordinate to a first mortgage. b. c) excusable. Which of the following statements about collaborative relationships is(are) true? b) All parties to the contact must initial the changes. If the buyer rejects the first counteroffer, the seller can accept the first offer. a. b) It could be a violation of state licensing laws. d) Brokers are allowed to complete any lease, provided all parties agree. a) Allowance Clause b) Passage Clause c) Demise Clause d) Demising Clause. 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. Buyers prefer collaborative relationships when the purchase decision is not complex. 8) What is used to seal a binder agreement? C) differentiated ", a) A tenant's requirement to comply with contract obligations b) A landlord's obligation to provide the tenant with egress c) A landlord's obligation to provide the tenant with reasonable privacy and freedom from interference d) A tenant's requirement to allow access for inspections and repairs. d) The contract will be valid after a five-day waiting period. a) Mark can insist that the landlord lower the rent. b) are less flexible than government-backed loans . (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 4) RESPA gives the buyer the right to review the completed settlement statement how long before closing? This action is based on which mortgage feature? 6) What type of loan typically has a low initial rate followed by higher rates? d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. 7) The fact that Honda described its boxy Element as a "dorm room on wheels," but then attracted so many baby boomers that the average age of the Element turned out to be 42 illustrates what quality of baby boomers? a) If neither party agrees to the terms. 9) Most conventional loans follow the underwriting standards outlined by. All agents in the transaction should facilitate the timely delivery of the property disclosure report to the buyer. #15. A) niche Which is true of a valid listing agreement in NC? d. all of the above a) $12.87 b) $15.91 c) $23.22 d) $25.74. a) The lender calculates what the buyer owes and then tells the sellers what they will receive. a) A parol contract b) A six-month lease c) A two-year lease d) An executory contract. d) The broker finds out from the lender and tells the sellers. a) voidable. d) The Torrens registry retains the original registration documents and provides copies to the recorder or other appropriate office. c) valid but unenforceable contract. E) segment "acid-test", Answer: D The belief by a partner that an ongoing relationship is so important that it deserves maximum effort to maintain it is referred to as: LO: 6.2: How should a company choose the most attractive target markets? Diff: 2 a) This action is perfectly legal in New York. d) property inspection. a) Fire b) Flood c) Theft d) Explosion. 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. Which of the following performance attributes has research recently shown influences customer satisfaction of business buyers? b. a. Responsiveness of the supplier in meeting the firm's needs. a) The tenant fails to pay rent. b) Preservation and Maintenance of Property. During this interim period, Grant makes monthly rent payments and the owner accepts them. 2) Fred reclaimed a foreclosed property by paying off owed amounts, including interest and costs? c. Both (a) and (b) are true. C) product specialization 4) Which of these items is not included in a lease agreement? Give the sellers the price over the phone so that they can think about it before you meet with them. #2. 4) What form does RESPA require to be used for itemizing closing costs? #7. D) operating variables D) socio-economic infrastructure The buyers love the landscaping improvements the sellers have made. b) All parties to the contact must initial the changes. When dealing with money the rules all reference "banking" not business days. Diff: 2 a) A listing agreement b) A personal services agreement c) A sale contract d) An option to buy. c) when the loan-to-value ratio reaches 78 percent. 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. 6) Buyers Jim and Jan are closing on a home later this month. A counteroffer represents a rejection of an offer. LO: 6.2: How should a company choose the most attractive target markets? C) decider A purchase offer is a binding contract between the buyer, the seller and their agents. a) require lower down payments than government-backed loans require. a) The lender makes payments to the borrower. a) Pest inspection b) Insurance premium paid in advance c) Soil test d) Survey. 2) Which statement about the Torrens system is FALSE? What type of mortgage is Rich requesting? a) The borrower must occupy the property. c) The sellers must give them an extension to secure the loan. A) segment "acid test" Price discrimination is indistinguishable from dumping. b. d) The loan must be repaid before the borrower's death. a) The lender calculates what the buyer owes and then tells the sellers what they will receive. d) for a seller in a buyer's market. a) Swing Loan b) Wraparound Loan c) Pillow Loan d) Ancillary Loan. c) a misdemeanor. A. Which of the following statements is true of obtaining commitment from a buyer? B. the listing agent and the buyer's agent. 9) Which contract provision makes previous promises null and void? b) It requires certain conveyance-related contracts to be in writing. 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. d) Wait a statutory period before they may take legal action. ), 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. a. A) company's objectives and resources AACSB: Analytical thinking, 22) When marketers present flexible market offerings to all members of a business segment, their offerings consist of two parts. D) examining the demographics section of the handbook of marketing a) Executory b) Lateral c) Executed d) Open Option, 2) A patron at a restaurant is agreeing to a(n). 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. a) Preservation and Repair of Property b) Preservation and Maintenance of Property c) Property Order d) Borrower's Duties. a) Proceeds from tax exempt mortgage revenue bonds. 11) The dimensions in the VALS framework are consumer resources and ________. Diff: 2 b. involve long-term, contractual commitments. b. personal property. b) The apartment can be converted to a rent-controlled apartment. Net listings are legal, but they are discouraged by the real estate commission due to their potential for taking advantage of a client. Diff: 2 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 could be a violation of state licensing laws. Customers emphasize a collaborative orientation when the purchase decision is not complex. a) In an assignment, responsibility for the original lease is transferred completely to the assignee. Why is it important to talk to the sellers about the buyers? Sample Final Exam for California Real Estate Practice Questions with no 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. e. (a) and (b) only. Where would he NOT go to make an application? b) The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so. This means that. 9) Sellers Glen and Jill are closing on their home sale next week. 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. B) substantial a. invest resources to build operational linkages and information-sharing mechanisms for the relationship. 9) Which of the following is a good example of a unilateral contract? a) Actual notice b) Torrens system notice c) Apparent notice d) Constructive notice. c. an arm's length transaction. a. the sensitivity of the salesperson in understanding how business conditions affect the industry within which the buying firm operates. e. none of the above, For collaborative customers, the business marketer should: E) Step 7-marketing-mix strategy, Answer: D Does it make sense for a corporation to repurchase its own stock? A) demographic variables A) single-segment concentration A The buyer has the right to inspect the goods only if the buyer purchases them on layaway. 8) Which of the following summarizes the general terms of a ground lease? 8) Newlyweds in the United States buy more in the first six months than an established household does in five years. a. Two hours later, the buyer finds a better house, calls the first seller, and withdraws the offer. 14) In an effort to make it possible for veterans returning from World War II to purchase a home, the Veterans Administration offered the opportunity for veterans to purchase a home with. The listing with this type of provision is known as: A net listing provides for the brokerage commission to be an excess amount over a predetermined net amount to be received by the seller. Diff: 2 a) Interest is based on a yearly prorated amount on the remaining principal. Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. a) Marketable title b) Abstract of title c) Evidence of title d) Title commitment. b) All the parties must initial the changes. 3) Which of these is a common property description? 1) Which of the following statements about market segmentation is TRUE? E) actionable, Answer: B 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. 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? 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. b. directly assist customers with planning and strategy development. Which statement is TRUE? B) It can help create jobs in the economy by increasing demand for goods and services. On June 12, 2015, Hurricane purchased 1,450 shares of Rogue Wave Inc. at $45 per b) Interest is determined by the debt-to-loan ratio. Diff: 2 c) The apartment can be decontrolled. a) Mager Clause b) Merger Clause c) Rescind Clause d) Vacant Clause. e. none of the above. b. This takes a positive view of the price. B. It's easier to prioritize your tasks if your goals are in writing. 4) How is the interest on a ARM loan determined? Rewrite whole paragraphs to ensure clarity. E) short-term segmentation, Answer: A d. customer relationship management program. Diff: 2 9) Bill has informed his landlord that he will be moving in 30 days. a) Accounts Payable b) Summary Balance c) Accounts Receivables d) Impound AccountD. b) via handwritten notes. C) Step 6-segment "acid test" c) the mortgage itself provides the only security for the loan. 7) How does the buyer know how much money to bring to closing? 13) Al is seeking an FHA loan. What is important for the sellers to know about a counteroffer? c) It nullifies oral leases and listing agreements. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. E) marketing-mix strategy, Answer: D Which of the following would likely NOT constitute a violation of the Sherman Antitrust Act? Prepare the appropriate journal entry to record income taxes. 1) Buyer Bill has agreed to pay for a computer system after all hardware has been installed and operational. 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. Ricardo finds perfect house for buyer but it does not have a fenced in backyard nor does the listing information sheet indicate whether fences are allowed or not. Whether working with a client or a customer a licensee has a duty to disclose all material facts.
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