A counteroffer by a seller to a buyer turns the seller from offeree to offeror. d) every two years. 6) Which legal remedy resets parties to pre-contract status? b) 5 percent of the loan amount. a. E) operating variables, Answer: A b) The leased property is foreclosed. Diff: 2 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. A continuing dialogue with customers. Which part contains the product and service elements that all segment members value? 8) A lease automatically terminates under which of the following circumstances? B) demographic 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? The buyers love the landscaping improvements the sellers have made. 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. Large wholesale and retail buyers typically: D) buy most of their products as straight rebuys. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. This takes a positive view of the price. 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) Step 6-segment "acid test" A) It is of little importance when products are standardized. c) open. d) A sublease conveys the entire leasehold interest. Question: 33.Which of the following statements is true about the buyer's rights of inspection? 12) Seller James has taken back $20,000 as a second mortgage so Buyer Karl can qualify to buy the property. B) effectiveness of the suppliers Which of the following is not characteristic of the manufacturing sector in the United States? a) a survey of the property. _____ exists when one party has confidence in a partner's reliability and integrity. c) allows for contract approval by a third party lawyer hired by the broker. c. focus primary attention on the purchasing staff. b) It could be a violation of state licensing laws. a. industry bandwidth #1. E) marketing-mix strategy, Answer: D a) Right of first refusal b) First right to buy c) Right to resend d) Right to counteroffer. b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. Licensees may not allow their own individual disputes over commissions and fees to adversely affect the transaction. b) It could be a violation of state licensing laws. create, study and share online flash cards. Diff: 1 a. d) the Standards and Poor's Trust. Exert pressure on the sellers to include something the other party wants. Once there is a valid and enforceable sales contract, death of the parties does not end that agreement. 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. Goals should be measurable. d) subject to review by a panel of peers. d. the cost of serving established customers usually increases. d) provide a fixed interest rate for the life of the loan. b) periodic estates. When dealing with money the rules all reference "banking" not business days. B) purchasing approaches Diff: 2 13) What type of account holds property insurance, taxes, and Mutual Mortgage Insurance in escrow? The difference in assessed fees is about $4,000 . b. 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. a) requires recording of a leasehold conveyance. a) Assignment of a Contract_ b) Operation of Law c) Transfer Clause d) Execute Clause. 5. D) segment positioning d) The broker finds out from the lender and tells the sellers. Diff: 2 D) personal characteristics b) voidable and illegal contract. c) They are always a debit to one party and a credit to the other party for the same amount. B) differentiated a. d) allowance contract. Diff: 3 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. Value can be defined as the _____ benefits received by a customer firm in exchange for the price paid for a product offering. For example, ________ can show the firm which brands are most competitive with its own. B. the listing agent and the buyer's agent. d. all of the above If the buyer rejects the first counteroffer, the seller can accept the first offer. d) Mark can be evicted. c) To reimburse clients for money that was misused by their attorney. What type of mortgage is Rich requesting? E) differentiated, Answer: B If the dispute cannot be resolved the firm should allow the transaction to close and then bring a lawsuit against the seller for the commission, but the brokerage cannot hold the transaction between the parties hostage. a) The lender makes payments to the borrower. c. liquidated damages. 8) Which of the following is not an item that a seller usually pays at closing? d. All of the above. E) global nature of the product, Answer: A 1) Which type of lease has no automatic renewal? C. All residential sellers are exempt from this act unless a broker is not involved in the transaction. D) need-based segmentation a) Wraparound Loan b) Bridge Loan c) Swing Loan d) Ancillary Loan. a. Ch1 bonus questions 1. 3) The process of selecting one or more market segments to enter is called market ________. 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. Does it make sense for a corporation to repurchase its own stock? d. Buying centers. A) marketer resources a) Gross b) Periodic c) Net d) Graduated. 2003-2023 Chegg Inc. All rights reserved. Given the following selected account balances of Delray Mfg., prepare an income statement for Delray Mfg. #1. LO: 6.1: In what ways can a company divide a consumer or business market into segments? a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. Diff: 2 d) A certificate issued by the mortgage holder that indicates that the building is in proper condition to be occupied. a) Fixed b) Straight c) Amortized d) Open. 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. _____ involves a partner's belief that an ongoing relationship is so important that it deserves maximum efforts to maintain it. d) property inspection. b. technical 7) A prospective homebuyer submits a signed offer to buy a house with the condition that the seller pays financing points at closing. than for trading securities? LO: 6.3: What are the different levels of market segmentation? a) It represents a "meeting of the minds." Which statement is TRUE? c) The apartment can be decontrolled. d) the federal discount interest rate. d. is not required if the firms are in an arms-length relationship 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. Which statement is TRUE? 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. c. work with a wide array of managers on strategy and coordination issues. d) contain a legal description of the property. 7) Money that the buyer or seller receives at closing is called what? b) pay the real estate taxes. 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. b. Transactional exchange b) every three years. E) horizontal market, Answer: B 3) A contract which neither party can enforce is called. Click here to study/print these flashcards, Additional Real Estate & Planning Flashcards. D) impulsiveness A) measurable Browse over 1 million classes created by top students, professors, publishers, and experts. b) Norm can complete the lease agreements as long as he has a lawyer co-sign them. d) 10 percent of the loan amount. The buyers have been pre-qualified by a lender. C) shifting loyals Which of the following are goals of customer relationship management (CRM)? a. relates to the longevity of the relationship between a buyer and seller Prepare additional documentation to take to the presentation. 9) Which of the following is a characteristic of land leases? 10) Which statement about prorated items is TRUE? 2) Which statement about the Torrens system is FALSE? What type of loan might help Fred? 9) What is the real estate transfer tax based on? b) will be a credit to the buyer. c) A sublease does not convey any of the leasehold interest. Present the $200,000 first and recommend rejection. 11) Where on the Uniform Settlement Statement will you find the information that deals with the seller's side of the transaction? C) geographic segmentation a) Graduated b) Gross c) Percentage d) Net. a) A promise to pay b) A judgment letter c) A property lien d) Earnest money. A) naked solution C) decider For transactional customers, the salesperson should center primary attention on the purchasing staff. C) It creates synergy between markets. Diff: 2 a) It invalidates certain oral contracts. a) They can cancel the contract and get their earnest money refunded. AACSB: Reflective thinking, 66) General Motors, a leading American multinational automaker, sells cars for every purpose, budget, and personality. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. Death of the party to an agreement ends an employment contract such as a listing or buyer broker agreement. B) microsegmentation 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? 8) What is used to seal a binder agreement? b) It is necessary to search public records to ascertain the status of title. d) closing insurance. b. directly assist customers with planning and strategy development. b) All parties to the contact must initial the changes. Using the continuum of working relationships, the industry bandwidth refers to: AACSB: Reflective thinking, 19) A marketer is interested in segmenting a business market based on technology and customer capabilities. D) A segment is attractive if it already contains numerous, strong, or aggressive competitors. B) conducting VALS tests c) Brokers may not complete leases to which they are not a party. Assume that its cost of goods manufactured is $534,390. #12. B) purchasing approaches a) the lender must have a reserve balance on hand to cover the loan amount. b) It must use precise wording in a document. 9) Bill has informed his landlord that he will be moving in 30 days. c. the firm can identify opportunities for expanding the relationship. B) substantial a) Apportionments b) Debits & Credits c) Terms of Payment d) Exclusions. d) They are always divided equally between the buyer and the seller. B) undifferentiated A crosstabulation of type of customer (regular or promotional) versus net sales. 1) What is another term used to describe a promissory note? This action is based on which mortgage feature? LO: 6.1: In what ways can a company divide a consumer or business market into segments? 11 Q 10) ________ is the science of using psychology and demographics to better understand consumers. b) The bundle of rights linked to the recorded title to a parcel. Diff: 2 D) Step 1-needs-based segmentation E) It treats all buyers the same and, therefore, lowers promotion costs. All of the following will automatically terminate a residential agreement EXCEPT: C. death of the listing broker who works at a large residential firm with many agents, death of the listing broker who works at a large residential firm with many anents. C. Once you set a goal you should never change it. a) covers more than one piece of property. C) situational factors E) segment identification, Answer: E d. customer relationship management program. d. the lost-for-good customer. d) using a schedule of changes. a) will be paid in arrears. The cost-to-serve the customer. c. Buyers prefer collaborative relationships when the purchase decision is not complex. Diff: 2 each) ________1. B) It is a process of evaluating each segment's attractiveness and selecting one or more to enter. a) a 1 percent down payment. b) survey. B) A segment is unattractive if buyers possess strong or growing bargaining power. Which of the following statements are true? d) states that a lawyer can rescind the contract terms within 10 days of contract approval. c. Delivery reliability. 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. d) the borrower must have a co-signer. 8) Landlord Frank terminated Jerry's lease because gross sales did not meet expectations. E) actionable, Answer: E e. (a) and (b) only, For transactional customers, the business marketer should: LO: 6.2: How should a company choose the most attractive target markets? An offer or counteroffer can be withdrawn at any time before it has been accepted. 6) What type of loan typically has a low initial rate followed by higher rates? 10 of 10 All of the following are true statements about goals except which one? a) The buyer may not revoke the offer in such a short period of time. e. the number of organizations in a straight rebuy situation. A potential buyer can make an issue a material fact by asking about or expressing their intentions. d) It is permissible in amounts under $50. d) were paid in advance. LO: 6.2: How should a company choose the most attractive target markets? c) debits to the buyer. 5) What is a lead-based paint disclosure used for? a) Fire b) Flood c) Theft d) Explosion. 2) Which kind of lease has no time limit? LO: 6.2: How should a company choose the most attractive target markets? b) title insurance. 3) What is the most common form of property description? a. the range of relationship strategies (from transactional to collaborative) that are pursued by competing firms. a) Construction b) Wraparound c) Open-end d) Bridge. 9) PMI loans made after July 1999 are now regulated by Federal law. c) A notary must sign and stamp the changes. 1 Which of the following statements about marketing is true? 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. Diff: 2 Diff: 3 6) Mark earns $185,000 a year and he pays $2,200 per month for a rent-stabilized apartment. d) Interest is based on a selected economic indicator index. Diff: 1 Whether working with a client or a customer a licensee has a duty to disclose all material facts. b) The first seller may sue the buyer for specific performance. What type tenant is Mary? LO: 6.3: What are the different levels of market segmentation? c) The landlord leases the ground floor of the building to a commercial tenant. a) through verbal agreements. What can be said about Norm's actions? a) Protracted Mortgage b) Advanced Mortgage c) Purchase Money Mortgage d) Hold Over Mortgage. d) It eliminates fraud in real estate contracts. a) In an assignment, responsibility for the original lease is transferred completely to the assignee. #8. 7) A buyer submits an offer to a seller. Business marketers track customer loyalty and retention because: c) will be a debit to the seller. d) It can be created only by an attorney. D) operating variables D) differentiable A) segment "acid test" c) a misdemeanor. Eventually Sam convinces a co-worker, Wanda Wish, to purchase his home. a) 2 percent of the loan amount. b) All the parties must initial the changes. B) The basic aspects of business customer buying behavior tend to be quite similar in the U.S. and in international markets. 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. Hurricane Inc. purchased a portfolio of available-for-sale securities in 2014, its first year of c. Relationship commitment AACSB: Reflective thinking, 47) In the ________ step of the market segmentation process, the marketer determines which demographics, lifestyles, and usage behaviors make each needs-based segment distinct and identifiable. The $20,000 is what type of mortgage? LO: 6.3: What are the different levels of market segmentation? LO: 6.1: In what ways can a company divide a consumer or business market into segments? 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. A licensee has just discovered a roofing leak in one of his current listings even though the seller has indicated no representation on the Residential Property Disclosure Statement. Ben and Blanche receive a $200,000 offer on their home which is listed at $208,000. B) It can help create jobs in the economy by increasing demand for goods and services. a. 1) Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. it must contain a nondiscriminatory clause #1. 4) What form does RESPA require to be used for itemizing closing costs? d) after 7 years of loan payments. AACSB: Analytical thinking; Application of knowledge, 13) Mothers-to-be are potential users who will turn into heavy users of infant products and services. c. refers to the ability of an interfirm relationship to achieve desired objectives. Even without a buyer's commitment, a sale can take place. #9. Notification is the delivery of a signed copy of the acceptance to the offeror. c) have more forms than government-backed loans. B) split loyals \text { Name } & \text { Number of Shares } & \text { Total Cost } & \text { Total Fair Value } \\ #6. a) $680 b) $1,360 c) $2,040 d) $2,720. D. Diff: 2 d) The broker must complete a rider. d) estates from period to period. C) flexibility of legal rules governing the business It is unwise for marketers to make specialized investments in transactional relationships. LO: 6.1: In what ways can a company divide a consumer or business market into segments? a. the cost of new customers is often far less than long-standing customers. 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. d) require higher down payments than government-backed loans require. A counteroffer represents a rejection of an offer. A(n) _____ represents the products, services, ideas, and solutions that a business marketer offers to advance the performance goals of the customer organization. They have the right to review the completed settlement statement how long before closing? What action has Bill taken regarding his lease requirement? 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. 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. #13. a) both an instrument of conveyance and a contract. c) when the loan-to-value ratio reaches 78 percent. e. Only (a) and (b). C) accessible #11. Which of the following would likely NOT constitute a violation of the Sherman Antitrust Act? #3. d) provide a fixed interest rate for the life of the loan. Which statement is TRUE of a listing agreement? This is an example of ________ marketing. E) benefits, Answer: D 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. 9) Which of these would be a CREDIT to the seller at closing? a) To enter a property in the Torrens system, a court action must first clear title. b) She can fill out the contract but she cannot collect the earnest money deposit. c) homeowner's insurance. 9) Which contract provision makes previous promises null and void? A. a. see that operational linkages are designed into the relationship to keep product and service offerings aligned with customer needs. LO: 6.2: How should a company choose the most attractive target markets? a. AACSB: Analytical thinking, 12) Dennis requests his father to buy him a PlayStation for his birthday. A The buyers' family is pressuring them to purchase this home. 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. When making your presentation, what topics should you cover? a) Interest Only b) Balloon c) Amortized d) Adjustable rate. b. distant a) He has provided an advance order of moving. b) The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so. C) Small manufacturers tend to have formal buying procedures and guidelines. Jerry agreed to what type of lease? 6) Paul's loan payment is the same amount each month. 9. b) states that the contract is subject to the approval of each of the client_s attorneys. Which of the following clauses is required by the NC Real Estate Commission to be contained within every listing agreement? Projected profit margins. A) A segment is unattractive if the company's suppliers are unable to raise prices or reduce quantity supplied. a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. a) a felony. a) The lender calculates what's owed and tells the buyer what to bring. LO: 6.1: In what ways can a company divide a consumer or business market into segments? Make sure all required disclosures have been done. What should Jake do? a) Estate for years b) Estate from period to period c) Estate at will d) Estate at sufferance. 7) What kind of lease contains a recapture clause? 3) Which statement best defines a Certificate of Occupancy? 13) Which organization insures loans made by approved lending institutions?
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