it must contain a nondiscriminatory clause #1. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. #8. _____ centers on all activities directed toward establishing, developing, and maintaining successful exchanges with customers and other constituents. AACSB: Analytical thinking, 12) Dennis requests his father to buy him a PlayStation for his birthday. a) Estate for years b) Estate from period to period c) Estate at will d) Estate at sufferance. A) dividing a segment into subsegments d) 10 percent of the loan amount. LO: 6.3: What are the different levels of market segmentation? 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. 10) Buyer Rich has asked Seller Sally to hold $15,000 as a second mortgage. LO: 6.2: How should a company choose the most attractive target markets? 8) What is used to seal a binder agreement? d) A sublease conveys the entire leasehold interest. d) using a schedule of changes. Jerry agreed to what type of lease? LO: 6.1: In what ways can a company divide a consumer or business market into segments? 9) Which of these would be a CREDIT to the seller at closing? At this point, assuming all other contract validity items are in order, what is the status of the offer? a) Window Loan b) Home Equity Loan c) Reverse Annuity Mortgage d) Blanket Loan. A potential buyer can make an issue a material fact by asking about or expressing their intentions. #3. a. Diff: 3 A) situational factors d) Interest is based on a selected economic indicator index. d) Interest is based on a selected economic indicator index. d) require higher down payments than government-backed loans require. d. all of the above LO: 6.1: In what ways can a company divide a consumer or business market into segments? B. the listing agent and the buyer's agent. All agents in the transaction should facilitate the timely delivery of the property disclosure report to the buyer. The seller disagrees, crosses out the points clause, then signs and returns the document to the buyer. D) need-based segmentation When organizational buyers consider changes from one selling firm to another, what are the two main categories of switching costs they consider? 8) PMI loans made after July 1999 require that the loan must be released. c) have more forms than government-backed loans. a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. 4) Which of these items is not included in a lease agreement? b) the First National Bank. Prepare the appropriate journal entry to record income taxes. b) It could be a violation of state licensing laws. 6) RESPA applies to all of the following EXCEPT which? Diff: 2 8) Money that the buyer or seller needs to pay at closing is called what? #2. #1. Buyer purchases the house and later learns that he cannot erect a fence. When the party who made the offer is notified of its acceptance. C) accessible #6. The buyers love the landscaping improvements the sellers have made. What should Jake do? 3) Borrower Jake has defaulted on his mortgage and the lender has required the loan to paid in full. d) allowance contract. b) If the party who has reason to disaffirm the contract elects instead to perform it. Rewrite whole paragraphs to ensure clarity. 10 of 10 All of the following are true statements about goals except which one? a) Allowance Clause b) Passage Clause c) Demise Clause d) Demising Clause. d) carry prepayment penalties, while government-backed loans do not. D. Goals must be realistic if you hope to accomplish them. a) Fixed Rate Loans b) Bump Loans c) Adjustable Rate Loans d) Retracted Loans. c) If the seller accepted the offer, the buyer must perform. b) is also called an exclusive freehold estate. a) This action is perfectly legal in New York. (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 A) need-based segmentation Seller Disclosure: The Basic Rules of What You Need to Disclose a) Condominium purchase b) Seller-financed loan c) Loan involving a second mortgage d) Federally-insured loan. c) If the party who wants to enforce the contract seeks legal relief. c) The tenant goes out of business. Relationship marketing Value can be defined as the _____ benefits received by a customer firm in exchange for the price paid for a product offering. Notification is the delivery of a signed copy of the acceptance to the offeror. 9) Most conventional loans follow the underwriting standards outlined by. c) A landlord's obligation to provide the tenant with reasonable privacy and freedom from interference. E) antiloyals, Answer: B c. Relationship marketing A seller and a buyer are engaged in a dispute over a forfeited earnest money deposit. B) It can help create jobs in the economy by increasing demand for goods and services. b) for a buyer who plans to own the property for a long time. The buyers have been pre-qualified by a lender. 70) Which of the following best represents the chief advantage of pursuing a strategy of multiple segment specialization? C) It obligates the broker to work diligently for both the seller and the buyer. a) All residential property b) Homes built prior to 1978 c) Only commercial property d) Only rental property. E) virtual solution. d) states that a lawyer can rescind the contract terms within 10 days of contract approval. What is important to remember about multiple offers? B) purchasing approaches a) A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. C. Ricardo & listing agent = seller sub-agent, they have no duty to determine if fences are permitted. 9) Which of the following is a characteristic of land leases? What does the phrase the law of agency is a common-law doctrine mean? LO: 6.1: In what ways can a company divide a consumer or business market into segments? Diff: 1 Which of the following statements are true? A. c) will be a debit to the seller. a) require lower down payments than government-backed loans require. C) maximum solution 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 neg/selling ch 11 Flashcards | Quizlet a) Left side of page 1 b) Right side of page 1 c) Top of page 2 d) Bottom of page 2, 1) The buyer's primary function at closing is to. c) It is not voidable. 1) Which of the following statements about market segmentation is TRUE? a) both an instrument of conveyance and a contract. 5) What is a lead-based paint disclosure used for? A) needs-based segmentation Solved 33.Which of the following statements is true about - Chegg 7) Jim holds a commercial lease. Diff: 2 The cost-to-serve the customer. Browse over 1 million classes created by top students, professors, publishers, and experts. D) market specialization D) user status d) Involuntary conveyance of title by statutory rules of descent. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. Diff: 1 C) accessible a) Designed to promote ethics training among lawyers b) Allows lawyers to deposit earnest monies into a State wide account c) Provides a fund for loans to lawyers for professional development d) Designed for law clients who are unable to get reimbursement from their lawyer who has caused them loss, 5) In New York, the practice of law by a non-attorney is. 1) Prospecting for buyers is easier than prospecting for sellers. The bill is $39.00 per quarter. c) a promise note. 9) Which contract provision makes previous promises null and void? 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: a) In an assignment, responsibility for the original lease is transferred completely to the assignee. Diff: 1 real estate class Flashcards | Chegg.com D) operating variables 2003-2023 Chegg Inc. All rights reserved. The home is listed at $210,000. Calculate the test statistic and ppp-value for each sample. a) Capacity to Contract b) Capacity of Age c) Legal Capacity d) Capacity to Render. B) selective specialization This is known as what type of account? a) The meeting of the minds b) The actual contract form c) The written contract words d) The public notice of the offer, 2) Neighbor Sam told seller Jake that he would buy 2 adjoining acres if Jake ever decides to sell. The listing agent does not inform the selling agent of the defect and since the defect, is hidden, the selling agent does not discover or disclose the problem to the buyer. In which situation would Sam not owe a commission to EX Realty? D. D) differentiable 12) A subdivision developer most likely would apply for what type of loan? Having strong relationships with customers can be hard for competitors to understand or duplicate. 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. 3) Which statement best defines a Certificate of Occupancy? 6) In which contract section might you the property address? It is unwise for marketers to make specialized investments in transactional relationships. E) Their needs are usually harder to define than for final consumers. Discuss the accuracy of this statement. AACSB: Analytical thinking; Application of knowledge, 13) Mothers-to-be are potential users who will turn into heavy users of infant products and services. If the closing is set for October 15, using the 365-day method, how much of the taxes will be credited to the buyer? 1) In the event of default by the purchaser, the lender has the right to bring legal action through the courts to satisfy the debt. 5) Which contract provision allows for the transfer of the contract to another person? The buyers family is pressuring them to purchase this home. 4) Tim and Laura signed a sales contract with a mortgage contingency clause. Which of the following is TRUE? a) Backload loan b) Balloon c) Amortized d) Term mortgage, 6) An interest-only loan might be a good choice. a) All parties to the contact must sign the changes. Which of the following is true regarding the Residential Property and Owner's Association Disclosure Statement? What type of mortgage is Rich requesting? Question: Label each the following statements about the economics of taxes as true or false. D. The interest payment is always smaller then the amount allocated to the principal. \text { Tsunami Corp. } & 1,250 & 31,250 & 35,000 \\ 4) The Statute of Limitations requires that parties to a contract who have been damaged or who question the contract's provisions do what? C) product specialization c) when the loan-to-value ratio reaches 78 percent. c. Competitive exchange D) operating variables Which of the following statements about buyer-seller relationships is(are) true? 7) How does the buyer know how much money to bring to closing? Answer: A c) is subordinate to a first mortgage. b) Private mortgage insurance is available for FHA loans. D) buyer A) naked solution a) A promise to pay b) A judgment letter c) A property lien d) Earnest money. This is an example of a. a) legal and binding contract. a) Prior deed b) Copy of property tax bill c) Prior title insurance policy d) Seller's credit report. b. involve long-term, contractual commitments. C) A segment is attractive when there are actual or potential substitutes for the product. c. liquidated damages. Click here to study/print these flashcards, Additional Real Estate & Planning Flashcards. 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 ________. a. a collaborative advantage. e. the number of organizations in a straight rebuy situation. AACSB: Reflective thinking, 48) To be useful, a market segment should be ________, which means the largest possible homogeneous group worth going after with a tailored marketing program. b) The leased property is foreclosed. Recommend a counteroffer back to list price. B) segment identification C) flexibility of legal rules governing the business a) The lender makes payments to the borrower. Goals should be measurable. 5. #7. AACSB: Reflective thinking, 15) If a marketer is seeking to segment a business market, which of the following variables is generally felt to be the most important? What is this law called? c) Sara can use a binder but not a sales contract. e. (a) and (b) only. An exclusive agency agreement differs from an exclusive right to sell agreement because under an exclusive agency agreement the firm is not paid if the seller finds a buyer on their own. 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). Transactions that are almost, if not entirely, void of a close, collaborative relationship: 2) Which kind of lease has no time limit? C. If buyers can easily switch firms, then buyers have increased power. 2) Which statement about the Torrens system is FALSE? 11) Fred has an existing property mortgage, but seeks a second loan. Which of the following statements is TRUE? a) Right of Redemption b) Right to Rescind c) Right to Deed Access d) Right of Remainder. a. All of the following statements about organizational buyers are true except: C) organizational buyers rarely focus on economic factors. 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. Chapter 7 Online & Book Quiz Flashcards | Chegg.com e. (a) and (c) only, Business marketing relationships vary in terms of their closeness or degree of collaboration. 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? Which of the following statements is(are) true? d. is not required if the firms are in an arms-length relationship LO: 6.1: In what ways can a company divide a consumer or business market into segments? 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. A The buyers' family is pressuring them to purchase this home. 5) Mike signed a rental agreement for his friend Norm. Death of the party to an agreement ends an employment contract such as a listing or buyer broker agreement. C) differentiable The expiration of the individual agent's license does not terminate the listing because the licensee is not a party to the agreement. a) The tenant fails to pay rent. B) effectiveness of the suppliers d. all of the above 6) Paul's loan payment is the same amount each month. Solved Label each the following statements about the | Chegg.com 8) A lease automatically terminates under which of the following circumstances? How would Grant_s lease at this time be classified? a. industry bandwidth c) have more paperwork than government-backed loans. a) covers more than one piece of property. c. relationship commitment. &&\underline{\underline{\$ 93,400}}&\underline{\underline{\$ 93,400}} C) geographic segmentation 13) What type of account holds property insurance, taxes, and Mutual Mortgage Insurance in escrow? d) The broker finds out from the lender and tells the sellers. B) Step 3-segment attractiveness \text { Typhoon Corp. } & 2,140 & \underline{~~43,870} & \underline{~~42,800}\\ a) voidable. a) If neither party agrees to the terms. 5) Which of the following is one of the purposes of the Lawyers' Fund? b) The apartment can be converted to a rent-controlled apartment. D) differentiable d) Brokers are allowed to complete any lease, provided all parties agree. LO: 6.1: In what ways can a company divide a consumer or business market into segments? 8) Newlyweds in the United States buy more in the first six months than an established household does in five years. These would be examples of what is called ________. b) He has given notice. c) The apartment can be decontrolled. d) The landlord cancels the lease. 3) Recording the deed is done through which of these? 1) What is another term used to describe a promissory note? a) Estate at will b) Estate for time c) Estate for years d) Estate at sovereignty. b) All the parties must initial the changes. Newlyweds are an example of a(n) ________ segment. LO: 6.1: In what ways can a company divide a consumer or business market into segments? 10) Which statement about prorated items is TRUE? A buyer with a 640 credit score and an 80% loan-to-value ratio will have a fee of 2.25%, while a buyer with a 740 score will have a fee of 0.875%. c. transactional 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. #5. These criteria illustrate which of the following major segmentation variables? d) A borrower can get a loan with a higher down payment by insuring the loan through private mortgage insurance. Jake has received two offers on one of his listings. 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. a) legal. A) situational factors a) covers more than one piece of property. c) A certificate issued by the property owner that indicates that the building is in proper condition to be occupied. A new Estimate of Sellers Proceeds, using the current offering price as the basis and an updated competitive market analysis, would be helpful. a) 10 percent b) 15 percent c) 20 percent d) 25 percent. C) purchasing approaches 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 property owner should disclose the condition of the listed property or be subject to a 3-day rescission period on any contract formed. A. E) actionable, Answer: B d) The real estate must be appraised by an approved FHA appraiser. Diff: 2 Chapter 8 Online & Book Quiz Flashcards | Chegg.com c) 1 percent of the loan amount. a) Receipt b) Contract for sale c) Agreement d) Purchase offer. a. the sensitivity of the salesperson in understanding how business conditions affect the industry within which the buying firm operates. D) segment positioning E) horizontal market, Answer: B B) microsegmentation 13) Which organization insures loans made by approved lending institutions? E) consumer motivation, Answer: E Diff: 3 a) $680 b) $1,360 c) $2,040 d) $2,720. a) Title company b) Attorney's office c) Lender's site d) Broker's office, a) Second mortgage on a condominium b) Seller-financed loan c) Hotel mortgage d) Loan assumption, 5) Most lenders require buyers to purchase. Relationship commitment b) There must be evidence that a structural inspection has shown no evidence of pest infestation. A) marketer resources Effective machine life is only determined by the durability of the machine. 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: 6.2: How should a company choose the most attractive target markets? c. A strategic alliance a) The lender calculates what the buyer owes and then tells the sellers what they will receive. 1) What is an important legal feature of a contract? c. focus primary attention on the purchasing staff. Which statement is TRUE? #8. a) Assignment of a Contract_ b) Operation of Law c) Transfer Clause d) Execute Clause. B) segment attractiveness Which statement is TRUE in a market with a price ceiling? b) survey. a) Attachment b) Covenant c) Bond d) Bill. 1) Which of the following documents is not one that will be needed at closing? b) It could be a violation of state licensing laws. Extra Flashcards | Quizlet c) Brokers may not complete leases to which they are not a party. They do not limit the ability of a firm from setting company policies as to fees, rates or geographical areas. Give the sellers the price over the phone so that they can think about it before you meet with them. What must be enforced for this contract to be binding? b) Only attorneys can hold and deposit earnest money. a) They can cancel the contract and get their earnest money refunded. The owner told the broker during the listing negotiations that he wanted $138,000 for the property, and anything above that amount the broker could keep as commission. _____ involves a partner's belief that an ongoing relationship is so important that it deserves maximum efforts to maintain it. d) closing insurance. C) allowing consumers to gravitate toward product brands A crosstabulation of type of customer (regular or promotional) versus net sales. a) The lender calculates what's owed and tells the buyer what to bring. 1) Proof of ownership of a property is called what? #1. LO: 6.3: What are the different levels of market segmentation? 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) for a buyer who plans to own the property for a short time and believes the property will appreciate during that time. The primary difference between an open listing and an exclusive agency agreement would be: A. the seller retains the right to sell the property himself and is not liable for a commission, B. the seller can list with as many brokerages as he wishes in the open listing, C. the exclusive agency agreement stipulates the firm is the only one that can sell the property and be entitled to a commission regardless of who sells it, even the seller, D. the seller can sell it himself in the exclusive agency agreement but is not allowed to sell it himself in the open listing without being liable for the commission, the seller can list with as many brokerages as he wishes in the open listing. C) product specialization a) It represents a "meeting of the minds." B) purchasing approaches b) are less flexible than government-backed loans . b) All parties to the contact must initial 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. Hurricane Inc. purchased a portfolio of available-for-sale securities in 2014, its first year of A property owner lists a property for sale with a broker.
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