a) The buyer may not revoke the offer in such a short period of time. c) 1 percent of the loan amount. Which of the following are goals of customer relationship management (CRM)? In North Carolina, which of the following properties may be considered stigmatized? d. Buying centers. a) Fee for clearing the title b) Broker commission c) Homeowner's insurance d) Transfer taxes. b) In a sublease, the original tenant retains primary responsibility for performance of the original lease contract. 1) Broker Norm prints and completes lease agreements to which he is not a party. 6) RESPA applies to all of the following EXCEPT which? d) after 7 years of loan payments. 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. LO: 6.2: How should a company choose the most attractive target markets? #12. a) Power of Attorney b) Power of Use c) Waiver of Attorney d) Attorney At Use. a) covers more than one piece of property. 14) Ruth must deposit $1,113.45 in to a FHA-backed escrow account. A) demographic variables When business marketers are assessing which of their current customers represent the best opportunities for growth, which of the following factors should be considered? A) measurable a) Apportionments b) Debits & Credits c) Terms of Payment d) Exclusions. 6) Paul's loan payment is the same amount each month. b) every three years. d) it may also restrict some uses. 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. The buyers family is pressuring them to purchase this home. a. Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. Ricardo does not tell the listing agent anything about a fence. a) Seller b) Lender representative c) Buyer d) Closing agent. c. refers to the ability of an interfirm relationship to achieve desired objectives. E) Step 7-marketing-mix strategy, Answer: D b) will be a credit to the buyer. d) 10 percent of the loan amount. 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. Which of the following statements about buyer-seller relationships is(are) true? e. (a) and (b) only, For transactional customers, the business marketer should: a) Right of first refusal b) First right to buy c) Right to resend d) Right to counteroffer. a) If neither party agrees to the terms. 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. Why is it important to talk to the sellers about the buyers? 15) The loan origination fee on a VA loan cannot exceed. a) Proceeds from tax exempt mortgage revenue bonds. Which statement is TRUE of a listing agreement? d) carry prepayment penalties, while government-backed loans do not. b) a class 3 felony. B) A segment is unattractive if buyers possess strong or growing bargaining power. a. invest resources to build operational linkages and information-sharing mechanisms for the relationship. 1) What is the underlying tenet of a contract agreement? a) estates at will. 2) Which kind of lease has no time limit? Effective machine life is only determined by the durability of the machine. b. 5. Eventually Sam convinces a co-worker, Wanda Wish, to purchase his home. a) Map coordinates b) Deed map c) Street address d) Survey map. LO: 6.1: In what ways can a company divide a consumer or business market into segments? d) states that a lawyer can rescind the contract terms within 10 days of contract approval. 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. What should Jake do? Newlyweds are an example of a(n) ________ segment. C) loyalty status a) Act within a statutory period. 3) Mary has remained in her apartment two weeks past her move-out date, without any payment. c) is subordinate to a first mortgage. Diff: 2 a) After a cooling period b) After both parties have signed it c) After it is performed d) After the parties agree to their respective promises. c) The apartment can be decontrolled. a) voidable. a) Gross b) Periodic c) Net d) Graduated. B) split loyals They do not limit the ability of a firm from setting company policies as to fees, rates or geographical areas. D. Since buyer didn't have agent, it's his responsibility to check about fences. d) It is a bilateral agreement. a) All parties to the contact must sign the changes. Which statement is true? 15) Which of the following does not meet the criteria for a VA loan? With respect to consumer decision roles, which role is Dennis currently playing? Diff: 2 than for trading securities? 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. The seller and the buyer must be informed of the situation and agree in writing to the broker's representing both of them. d. all of the above Diff: 3 C) segment profitability Buyer purchases the house and later learns that he cannot erect a fence. 7) A prospective homebuyer submits a signed offer to buy a house with the condition that the seller pays financing points at closing. c) The maximum purchase price of the property cannot exceed $250,000. c. marketing plan A home for sale awaits prospective buyers on October 27, 2022, in Hollywood, Florida. a. relates to the longevity of the relationship between a buyer and seller E) consumer motivation, Answer: E B) demographic variables D) differentiable 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) for a buyer who plans to own the property for a short time and believes the property will appreciate during that time. Buyers and sellers experience unexploited gains from trade b. 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. C) allowing consumers to gravitate toward product brands b) All parties to the contact must initial the changes. C) maximum solution d) were paid in advance. #1. C) product specialization 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. 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. D) concentrated 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. The process of obtaining commitment occurs only toward the end of any sales call. e. (a) and (b) only. 3) Recording the deed is done through which of these? Meet with the buyers lender to ensure theyre getting a good deal. a. d) A certificate issued by the mortgage holder that indicates that the building is in proper condition to be occupied. it must contain a nondiscriminatory clause #1. A) attitude 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. b. technical a) Actual notice b) Torrens system notice c) Apparent notice d) Constructive notice. 6) Broker Amanda prepares a sales contract, collects the earnest money and deposits it in her business account. a) To enter a property in the Torrens system, a court action must first clear title. C) purchasing approaches E) operating variables, Answer: A a) Estate at will b) Estate for time c) Estate for years d) Estate at sovereignty. E) Their needs are usually harder to define than for final consumers. c. liquidated damages. B) situational factors 8) Which of these would be a CREDIT to the buyer at closing? If a check was provided NCREC allows BIC's and firms to start counting the 3 days from the acceptance of a contract. ________2. Last year his rent went up 4% based on a 4% increase in the wholesale price index. Diff: 1 This is known as what type of account? 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%. 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. Paul is most likely holding what kind of loan? #14. E) segment "acid test", Answer: C a) Capacity to Contract b) Capacity of Age c) Legal Capacity d) Capacity to Render. c) A landlord's obligation to provide the tenant with reasonable privacy and freedom from interference. 13) What type of account holds property insurance, taxes, and Mutual Mortgage Insurance in escrow? a. industry bandwidth A) It makes the company almost bulletproof to competitors' actions. a) increase the interest rate as the principal declines. c. Relationship marketing c) record the transaction. d) enforceable contract. b) It is necessary to search public records to ascertain the status of title. d) The broker finds out from the lender and tells the sellers. b) There must be evidence that a structural inspection has shown no evidence of pest infestation. E) gatekeeper, Answer: A Its important that sellers realize that a counteroffer is actually a rejection of the original offer, and by submitting one, they are giving the buyers an easy out if they want one. a) Sara cannot legally fill out this contract. 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. c) Brokers may not complete leases to which they are not a party. A purchase offer is a binding contract between the buyer, the seller and their agents. D. Goals must be realistic if you hope to accomplish them. 6) What type of loan typically has a low initial rate followed by higher rates? b. involve long-term, contractual commitments. d) The original offer is legally terminated. 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. A) macrosegmentation C) differentiated 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. 4) RESPA gives the buyer the right to review the completed settlement statement how long before closing? What must be enforced for this contract to be binding? When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? B) conducting VALS tests d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. 9) Which of these would be a CREDIT to the seller at closing? The rate of commission to be lawfully charged in a real estate transaction is set by: #12. LO: 6.3: What are the different levels of market segmentation? d. commission. c) will be a debit to the seller. B) microsegmentation Licensees may not allow their own individual disputes over commissions and fees to adversely affect the transaction. b) after 5 years of loan payments. 3) Which statement best defines a Certificate of Occupancy? Which of the following statements is true of obtaining commitment from a buyer? 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. a. close A) personal characteristics c) He has given due process. 1) Which of the following statements about market segmentation is TRUE? e. both (c) and (d), Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Finite Mathematics for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Raymond A. Barnett, Morality and Justice Exam Review Guide Cards. c) A chronology of successive owners of record of a parcel of real estate. 8) PMI loans made after July 1999 require that the loan must be released. c) The maximum purchase price of the property cannot exceed $250,000. b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. d) A sublease conveys the entire leasehold interest. Answer: A What action has Bill taken regarding his lease requirement? a) It represents a "meeting of the minds.". c) the mortgage itself provides the only security for the loan. B) not required to disclose the information because the seller might reject the offer. c) It is not voidable. a) through verbal agreements. c) excusable. What actions can the sellers take regarding the purchase offer? d. Collaborative exchanges. \end{array} b) If the party who has reason to disaffirm the contract elects instead to perform it. 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). 2) Prospecting for sellers is easier than prospecting for buyers. A. a boycott of a discount brokerage's listings, B. agreement with competitors to set commission rates, C. refusal to place advertisements in a local paper that accepts ads from for sale by owners, D. a firm's raising of it's own commission rates, A firm's raising of it's own commission rates. A) differentiated market If a seller changes the terms of the offer to purchase, he has created a counteroffer. C. If buyers can easily switch firms, then buyers have increased power. C) rigid market c. The current share of the wallet the firm has attained. 7) What contract provision shows a division of expenses between buyers and sellers? c) A sublease does not convey any of the leasehold interest. c) for a lender in a market that is decreasing in value. 2) Jim signed a six months lease. Browse over 1 million classes created by top students, professors, publishers, and experts. b) for a buyer who plans to own the property for a long time. 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: 9. The $20,000 is what type of mortgage? A. c) when the loan-to-value ratio reaches 78 percent. d. a transactional exchange. 13) Which organization insures loans made by approved lending institutions? Which statement is TRUE? d. all of the above d) The original offer is legally terminated. #5. 1) Which of the following statements about market segmentation is TRUE? 68) Volkswagen concentrates on the small-car market and Porsche on the sports car market. 1) What is another term used to describe a promissory note? _____ exists when one party has confidence in a partner's reliability and integrity. 10) Steve has an existing loan with Sunray Bank and has applied for a second loan. 11) The dimensions in the VALS framework are consumer resources and ________. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. 12) Where on the Uniform Settlement Statement will you find the information that deals with the buyer's side of the transaction? 4) In which contract provision would the length of the lease be outlined? Given the following selected account balances of Delray Mfg., prepare an income statement for Delray Mfg. B) segment identification Customer profitability 5) Which contract provision allows for the transfer of the contract to another person? b) via handwritten notes. d. satisfaction with the salesperson. Business marketers track customer loyalty and retention because: Using the continuum of working relationships, the industry bandwidth refers to: D. The interest payment is always smaller then the amount allocated to the principal. b) She can fill out the contract but she cannot collect the earnest money deposit. #5. a) Title fees b) Taxes c) Rent d) Utilities. \hline \text { Tornado Inc. } & 800 & \$ 14,000 & \$ 15,600 \\ 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} A) situational factors 2) If an attorney make changes to an offer, what action should follow? \text { Typhoon Corp. } & 2,140 & \underline{~~43,870} & \underline{~~42,800}\\ A) A segment is unattractive if the company's suppliers are unable to raise prices or reduce quantity supplied. a. a) expressed contact. 9) PMI loans made after July 1999 are now regulated by Federal law. Which of the following statements is(are) true? A) undifferentiated B) It can help create jobs in the economy by increasing demand for goods and services. 6) Which of the following contracts must be in writing to be enforceable? E) full market coverage, Answer: A Trust View full document. a) Two calendar days b) One business week c) One calendar week d) One business day, a) Buyer b) Seller c) The buyer and the lender d) The buyer and the seller. 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. (Assume it is not a leap year and the day of closing belongs to the seller. 6) Which contract element indicates a mutual agreement? E) segment "acid-test", Answer: D What type of lease did Jim sign? create, study and share online flash cards. 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. This is called by what name? A. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. 6) Pampers divides its market demographically on the basis of ________ into prenatal, new baby, baby, toddler, and preschooler. These criteria illustrate which of the following major segmentation variables? #2. c) The contract becomes unenforceable. These would be examples of what is called ________. a) Tax map b) Survey c) Street address d) Subdivision plat map. a) Inherently long-term leases b) Inherently short-term leases c) Tax advantage limitations d) Reduction in finance options. b) This mortgage type is popular among the elderly. Diff: 2 b) void. 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? b) It could be a violation of state licensing laws. What type of contract does Bill hold? b) the gross national product. B) purchasing approaches c) include all outstanding liens against the property. 9) When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? a) The list of all parties who have ever owned real estate. 3) A contract which neither party can enforce is called. What type of loan might help Fred? 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. Set up a face-to-face meeting with the sellers as soon as possible. 9) Most conventional loans follow the underwriting standards outlined by. b. solidarity. b) It is necessary to search public records to ascertain the status of title. a. All agents in the transaction should facilitate the timely delivery of the property disclosure report to the buyer. 11) Which of the following is not true about reverse annuity mortgages? Ch1 bonus questions 1. The listing agreement must be in writing at the time of the listing and the buyer brokerage agreement must be in writing prior to the submission of the buyer's offer. AACSB: Reflective thinking. Diff: 2 e. none of the above, From the customer's perspective, relationship quality centers on: c) reduce the interest rate by 1/2 percent every 5 years. Once Ricardo knew the fence was a material issue to the buyer he was bound to take some action. E) niche, Answer: C b. Transactional and collaborative relationships a. do not involve the exchange of money. When the party who made the offer is notified of its acceptance. b. Personalized treatment of the most valuable customers. b. the ability of the salesperson to understand the selection criteria of each member of the buying center. B) influencer c) The tenant goes out of business. If a seller signs a sales contract and dies before the closing of the property, the sales contract is terminated. B) effectiveness of the suppliers c) The borrower pays a fixed rate of interest. b) Private mortgage insurance is available for FHA loans. Which statement is TRUE? There is no obligation of a seller to disclose the defect, though the seller has a mandatory duty to complete the Disclosure Statement. d. Neither (a) nor (b) is true. d. the lost-for-good customer. A patron at a restaurant is agreeing to a(n). 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. A) naked solution 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) Graduated b) Gross c) Percentage d) Net. a) a felony. D) niche 8) Conventional loans are typically uninsured. d) A lender can continue to collect PMI payments until the homeowner's equity reaches 25%. According to the North Carolina Real Estate Commission, who is held responsible for this nondisclosure? b) The leased property is foreclosed. d) contain a legal description of the property. b) credits to the seller. d. a strategic alliance. A) situational factors d) Interest is based on a selected economic indicator index. If the loan is for $68,000, what will Mark be assessed in points? b. directly assist customers with planning and strategy development. B) flexible market 2) Establishing and communicating the distinctive benefit(s) of the company's market offering for each target segment is called ________. c) Amanda must deposit the money in the Lawyers' Fund. 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. c) homeowner's insurance. #13. b) All the parties must initial the changes. b) A certificate issued by a HUD that indicates that the building is in proper condition to be occupied. Which of the following is TRUE? Then present the $208,000 offer. 1) What is an important legal feature of a contract? 3) How might a voidable contract become valid? 5) What is a lead-based paint disclosure used for? B) It diversifies the firm's risk. Price discrimination is indistinguishable from dumping. c) Arbitrate prior to taking court action. 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) It represents a "meeting of the minds." D. Buyers must receive the completed disclosure report no later than the beginning of the due diligence period. The open exchange of information is a characteristic of ____ relationships. B The buyer normally has the right to inspect the goods before the buyer accepts or pays for them. Today, when a buyer can't specify all of the details of what it will need in the future, the relationship with a supplier is most likely to involve: Close buyer-seller relationships have many advantages for a firm, but one key disadvantage is: B) long-term commitments to another organization reduce flexibility for a firm. d. All of the above. No temporary differences existed at the beginning of the year, and the tax rate is 40%. D) market specialization C) operating variables Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. Who typically presents an offer to the sellers? D) socio-economic infrastructure a. AACSB: Analytical thinking, 16) Urgency, specific application, and size of order are examples of ________ segmentation variables for business markets. LO: 6.3: What are the different levels of market segmentation? Diff: 1 a) The landlord sells the ground to another, then leases it back. 11) If a seller prepaid an insurance policy of $2,100 and the closing is set for March 15, using the 12-month/30-day method, what will the buyer owe the seller? a) an index. #6. The buyers are interested in another property. c. relationship commitment. A) needs-based segmentation d) every two years. Which of the following statements about transactional relationships is(are) true? A counteroffer by a seller to a buyer turns the seller from offeree to offeror. Calculate the test statistic and ppp-value for each sample. 5) Which of the following is one of the purposes of the Lawyers' Fund? b) the First National Bank. A crosstabulation of type of customer (regular or promotional) versus net sales. B. Diff: 3 During this interim period, Grant makes monthly rent payments and the owner accepts them. At this point, assuming all other contract validity items are in order, what is the status of the offer? 2) If a real estate agent prepares a sales contract and an attorney makes modifications to it, which statement is TRUE? Relationship marketing c) The contract can be executed at no cost to the optionee. a) In an assignment, responsibility for the original lease is transferred completely to the assignee.
Caustic Arrow Deadeye,
Mclaurin Funeral Home Clayton, Nc Obituaries,
Articles W