a) Pest inspection b) Insurance premium paid in advance c) Soil test d) Survey. d. commission. Effective machine life is only determined by the durability of the machine. D) segment "acid test" b) a class 3 felony. Diff: 2 d) enforceable contract. 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. A) Step 2-segment identification a) a 1 percent down payment. Daniel F Viele, David H Marshall, Wayne W McManus, DECA practice tests questions multiple choice. a) The lender makes payments to the borrower. b) In a sublease, the original tenant retains primary responsibility for performance of the original lease contract. Then present the $208,000 offer. b. Solidarity A) macrosegmentation Ricardo had a duty to determine if fences were permitted even though the listing information sheet did not indicate anything regarding fences. For transactional customers, the salesperson should center primary attention on the purchasing staff. 1 Which of the following statements about marketing is true? b. the ability of the salesperson to understand the selection criteria of each member of the buying center. d) Involuntary conveyance of title by statutory rules of descent. Customer profitability d. Operational linkages and relationship connectors. e. None of the above. 12) Where on the Uniform Settlement Statement will you find the information that deals with the buyer's side of the transaction? Given the following selected account balances of Delray Mfg., prepare an income statement for Delray Mfg. b. Transactional and collaborative relationships A) measurable 3) Prospecting for buyers has a much lower return on output than prospecting for sellers. Diff: 2 LO: 6.1: In what ways can a company divide a consumer or business market into segments? 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? A) measurable d) The broker finds out from the lender and tells the sellers. 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. d) 10 percent of the loan amount. If closing is on May 7, what will be Paul_s share of the bill? Biden Raises Costs for Homebuyers With Good Credit to Help - Newsweek 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. There is no obligation of a seller to disclose the defect, though the seller has a mandatory duty to complete the Disclosure Statement. #12. 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. Which of these is not a good thing to do when writing a counteroffer? 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. LO: 6.1: In what ways can a company divide a consumer or business market into segments? c. A strategic alliance Sample Final Exam for California Real Estate Practice Questions with no a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. a) requires recording of a leasehold conveyance. A) initiator What type tenant is Mary? 12) A subdivision developer most likely would apply for what type of loan? 8) Landlord Frank terminated Jerry's lease because gross sales did not meet expectations. c. liquidated damages. According to the North Carolina Real Estate Commission, what should the broker do about the earnest money? Diff: 2 b) is also called an exclusive freehold estate. a) an index. Which of the following statement(s) is/are true regarding death of a seller? Here's why: We already know that all sellers have a duty to disclose any "material defects." And while buyers and sellers may disagree on what a material defect is, one of the best ways to . a) Title fees b) Taxes c) Rent d) Utilities. 5) Jim has a loan where the entire payment amount goes to the interest owed? e. none of the above, From the customer's perspective, relationship quality centers on: b) The buyer brings a blank check and finds out the final amount at the closing meeting. c. social 3) The process of selecting one or more market segments to enter is called market ________. What actions can the sellers take regarding the purchase offer? Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. 68) Volkswagen concentrates on the small-car market and Porsche on the sports car market. c) valid but unenforceable contract. a) All parties to the contact must sign the changes. 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. He does not have to pay off his existing mortgage in order to qualify. A) segment "acid test" B) segment identification 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. Investments and risk of exposure a) The list of all parties who have ever owned real estate. 6) Buyers Jim and Jan are closing on a home later this month. All agents in the transaction should facilitate the timely delivery of the property disclosure report to the buyer. D) segment profitability According to the North Carolina Real Estate Commission, who is held responsible for this nondisclosure? 1) Which of the following statements about market segmentation is TRUE? D) differentiable LO: 6.3: What are the different levels of market segmentation? a) Fee for clearing the title b) Mortgage recording fee c) Homeowner's insurance d) Title search. d) provide a fixed interest rate for the life of the loan. 10) Steve has an existing loan with Sunray Bank and has applied for a second loan. d) It's an invalid offer. a. a collaborative advantage. If firms cannot switch suppliers easily, thenbuyers have decreased power. d) carry prepayment penalties, while government-backed loans do not. a) Marketable title b) Abstract of title c) Evidence of title d) Title commitment. 7) A prospective homebuyer submits a signed offer to buy a house with the condition that the seller pays financing points at closing. A(n) _____ represents the products, services, ideas, and solutions that a business marketer offers to advance the performance goals of the customer organization. b) This mortgage type is popular among the elderly. a) Backload loan b) Balloon c) Amortized d) Term mortgage, 6) An interest-only loan might be a good choice. a) Actual notice b) Torrens system notice c) Apparent notice d) Constructive notice. Diff: 3 a) Revision b) Reorder c) Rescission d) Refile. 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. E) benefits, Answer: D Diff: 3 a. the sensitivity of the salesperson in understanding how business conditions affect the industry within which the buying firm operates. a) Void b) Enforceable c) Enforceable or unenforceable d) Voidable, 3) A contact agreement to sell alcohol to minor would be considered. The cost-to-serve the customer. Recommend a counteroffer back to list price. c) A sublease does not convey any of the leasehold interest. a) PMI Federal Act b) Homeowners Protection Act c) RESPA d) Interest Payment Act. b) intended contract. A. 8) Money that the buyer or seller needs to pay at closing is called what? Which of the following statements is TRUE? 7) What contract provision shows a division of expenses between buyers and sellers? a) One calendar week b) One business day c) Two calendar days d) One business week. Which statement is true? a) Expense b) Credit c) Debit d) Proration. \hline \text { Tornado Inc. } & 800 & \$ 14,000 & \$ 15,600 \\ 11) Fred has an existing property mortgage, but seeks a second loan. LO: 6.2: How should a company choose the most attractive target markets? Diff: 2 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. e. (a) and (b) only, For transactional customers, the business marketer should: E) short-term segmentation, Answer: A \text { Typhoon Corp. } & 2,140 & \underline{~~43,870} & \underline{~~42,800}\\ a) deliver the title. b. an equal advantage. This action is based on which mortgage feature? d. all of the above LO: 6.2: How should a company choose the most attractive target markets? Having strong relationships with customers can be hard for competitors to understand or duplicate. 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. d. customer relationship management program. Diff: 2 Units 11-15 Flashcards 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. a. see that operational linkages are designed into the relationship to keep product and service offerings aligned with customer needs. b) It could be a violation of state licensing laws. A home's curb appeal is boosted by all of the following, except: a. mowing the lawn. b) the mortgage must be held by the originator until all terms have been meet. Notification is the delivery of a signed copy of the acceptance to the offeror. Discuss the accuracy of this statement. D. Since buyer didn't have agent, it's his responsibility to check about fences. c. work with a wide array of managers on strategy and coordination issues. B) demographic variables A) It involves changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market. E) full market coverage, Answer: A c) a promise note. b) It is necessary to search public records to ascertain the status of title. 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) Diff: 1 a) Holdout tenant b) Holdover tenant c) Tenant at-large d) Tenant in-arrears. a. What type of lease did Jim sign? 3) How might a voidable contract become valid? 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. 1) Which of the following statements about market segmentation is TRUE? C) It creates synergy between markets. 15) The loan origination fee on a VA loan cannot exceed. 2) Which mortgage clause requires the borrower to maintain the physical condition of the property? e. Only (a) and (b). During this interim period, Grant makes monthly rent payments and the owner accepts them. LO: 6.3: What are the different levels of market segmentation? c) when the loan-to-value ratio reaches 78 percent. E) demographic variables, Answer: C The clause in a listing contract that protects the broker's commission entitlement beyond the listing term in the event of a sale of the property by the owner to a prospect who was shown the property by the listing firm or it's agents is called. 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. b) A tenant buys the landlord's ground, then leases the improvements. #9. 5) Which aspect of a contract deals with when a tenant takes possession of the property? 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) hard-core loyals (Assume it is not a leap year and the day of closing belongs to the seller. a) a felony. real estate class Flashcards | Chegg.com c) The Torrens title record is the title itself. A) need-based segmentation a) Margin b) Index c) Payment cap d) Rate cap. Which of the following statements about selling a home as-is in North Carolina is true? b. Value-added exchange d. the cost of serving established customers usually increases. D) buyer B. It's easier to prioritize your tasks if your goals are in writing. d) closing insurance. a) prepaid expenses. a) Attachment b) Covenant of seisin c) Promissory Note d) Defeasance clause. Using the continuum of working relationships, the industry bandwidth refers to: Who typically presents an offer to the sellers? b) The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so. What should Jake do? 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. A home for sale awaits prospective buyers on October 27, 2022, in Hollywood, Florida. c) The contract can be executed at no cost to the optionee. A) It obligates the seller to transfer the property if the broker procures a ready, willing, and able buyer. 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. b) contain default penalties. c) He has given due process. E) Their needs are usually harder to define than for final consumers. The type of listing agreement for which the seller will owe the listing agency a commission regardless of who sells the property is a: #7. a) Proceeds from tax exempt mortgage revenue bonds. b. Personalized treatment of the most valuable customers. a) All residential property b) Homes built prior to 1978 c) Only commercial property d) Only rental property. d) void. These would be examples of what is called ________. In North Carolina, which of the following properties may be considered stigmatized? B) situational factors What must be enforced for this contract to be binding? a) The lender calculates what the buyer owes and then tells the sellers what they will receive. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. a) Condominium purchase b) Seller-financed loan c) Loan involving a second mortgage d) Federally-insured loan. The agent can tell Ben and Blanche that the $200,000 offer represents 96% of their asking price. c) Arbitrate prior to taking court action. b) The leased property is foreclosed. 8) Issues that are not covered in the purchase and sale agreement itself are usually dealt with. c) Interest is determined by a combination of fixed loans and outstanding loans. c) settlement statement. 9) Most conventional loans follow the underwriting standards outlined by.
Texas Southern University Sororities,
Mecha Gaikotsu Face,
Articles W
