c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. Newlyweds are an example of a(n) ________ segment. Prior to being shown any house, the buyer tells Ricardo it is essential he have a fence erected around the backyard of any house he purchases. d) It eliminates fraud in real estate contracts. Which of these is not a good thing to do when writing a counteroffer? b) All the parties must initial the changes. _____ centers on all activities directed toward establishing, developing, and maintaining successful exchanges with customers and other constituents. 9) Which of the following statements about Gen Xers is TRUE? d) for a seller in a buyer's market. D. Buyers must receive the completed disclosure report no later than the beginning of the due diligence period. 10) Taxes on the property Buyer Alan is purchasing are $3,200 due on December 31. c) record the transaction. operations. Chapter 2: Ethics, Fair Housing And Trust Accounts, Chapter 3: Agency And Other Mandatory Disclosures, Chapter 10: Writing The Offer And Closing The Sale, Chapter 18: Business Sale, Property Management & Leasing. D. When organizational buyers consider changes from one selling firm to another, what are the two main categories of switching costs they consider? B) differentiated 9) What is the real estate transfer tax based on? 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) Fee for clearing the title b) Mortgage recording fee c) Homeowner's insurance d) Title search. b. B) It automatically binds the owner, the broker, and the MLS to its agreed provisions. Which of the following is TRUE about the North Carolina Residential Property Disclosure Act? a. Transactional exchange A patron at a restaurant is agreeing to a(n). e. (a) and (c) only, Business marketing relationships vary in terms of their closeness or degree of collaboration. 5) What is the purpose of the Statute of Frauds? 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. d. a strategic alliance. b. Transactional and collaborative relationships a. the range of relationship strategies (from transactional to collaborative) that are pursued by competing firms. a. Effective machine life is only determined by the durability of the machine. A) needs-based segmentation B) buyer-readiness stage c. an arm's length transaction. a) Act within a statutory period. #5. a) PMI Federal Act b) Homeowners Protection Act c) RESPA d) Interest Payment Act. A) single-segment concentration c) allows for contract approval by a third party lawyer hired by the broker. a) will be paid in arrears. Then present the $208,000 offer. d. A strategic alliance d) were paid in advance. a) The lender calculates what the buyer owes and then tells the sellers what they will receive. Where would he NOT go to make an application? 2) Which kind of lease has no time limit? 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. c) the mortgage itself provides the only security for the loan. Ricardo had a duty to determine if fences were permitted even though the listing information sheet did not indicate anything regarding fences. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. 3) Which statement best defines the concept of "quiet enjoyment? Diff: 2 D) It is a low-cost strategy. Chapter 8 Online & Book Quiz Flashcards | Chegg.com Sample Final Exam for California Real Estate Practice Questions with no a) for a buyer who plans to own the property for a short time and believes the property will appreciate during that time. A) niche b. 12) Where on the Uniform Settlement Statement will you find the information that deals with the buyer's side of the transaction? a) Statement of Limits b) Clear Statement of Term c) Clear Notice of Terms d) Order of Terms. 5) Which of the following is one of the purposes of the Lawyers' Fund? c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. E) segment identification, Answer: E e. Only (a) and (b). Which of the following statements about selling a home as-is in North Carolina is true? C) segment profitability 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} The agent can tell Ben and Blanche that the $200,000 offer represents 96% of their asking price. B) substantial a) Right of Purchase b) Right to Rescind c) Right to Deed Access d) Right of Redemption. b) the gross national product. a) Prior deed b) Copy of property tax bill c) Prior title insurance policy d) Seller's credit report. a) The lender calculates what the buyer owes and then tells the sellers what they will receive. c) The landlord leases the ground floor of the building to a commercial tenant. b) 5 percent of the loan amount. c) the Mortgage Loan Trust Bank. Product quality. Which of the following statements about transactional relationships is(are) true? D) pseudo solution 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? Which of the following are goals of customer relationship management (CRM)? a) They can cancel the contract and get their earnest money refunded. They were counting on a full-price offer and are very disappointed. b) will be a credit to the buyer. c. Buyers prefer collaborative relationships when the purchase decision is not complex. Customers prefer a collaborative relationship when there is a competitive supply environment featuring many alternatives. 1) Which type of lease has no automatic renewal? c. marketing plan A. E) operating variables, Answer: E A) situational factors c) It is forbidden under any circumstances. In North Carolina, which of the following properties may be considered stigmatized? LO: 6.2: How should a company choose the most attractive target markets? C. The same amount will go towards the principal every month. a) Credit report b) Homeowner's insurance premium c) Earnest money deposit d) Home inspection. 9) Most conventional loans follow the underwriting standards outlined by. D) differentiable 3) How might a voidable contract become valid? b) survey. What type of loan is Steve getting? 9) Bill has informed his landlord that he will be moving in 30 days. a) The tenant fails to pay rent. a) an index. a) Swing Loan b) Wraparound Loan c) Pillow Loan d) Ancillary Loan. a. Responsiveness of the supplier in meeting the firm's needs. What actions can the sellers take regarding the purchase offer? A counteroffer represents a rejection of an offer. a) a 1 percent down payment. b) In a sublease, the original tenant retains primary responsibility for performance of the original lease contract. a) Map coordinates b) Deed map c) Street address d) Survey map. 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. Diff: 1 b) The mortgage contingency clause is not valid. The listing agreement is between the client and the firm. By targeting mothers-to-be as future heavy users, producers of these products and services are segmenting consumers on the basis of ________. 8) Which of the following is not an item that a seller usually pays at closing? E) Step 7-marketing-mix strategy, Answer: D Death of the party to an agreement ends an employment contract such as a listing or buyer broker agreement. D) user status a) Revision b) Reorder c) Rescission d) Refile. d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. 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. 3) Prospecting for buyers has a much lower return on output than prospecting for sellers. The rate of commission to be lawfully charged in a real estate transaction is set by: #12. B) split loyals b) If the party who has reason to disaffirm the contract elects instead to perform it. Click here to study/print these flashcards, Additional Real Estate & Planning Flashcards. a) expressed contact. E) Their needs are usually harder to define than for final consumers. LO: 6.3: What are the different levels of market segmentation? a) The landlord sells the ground to another, then leases it back. According to the North Carolina Real Estate Commission, who is held responsible for this nondisclosure? 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. C) accessible c) The borrower pays a fixed rate of interest. c) implied contract. Once Ricardo knew the fence was a material issue to the buyer he was bound to take some action. E) niche, Answer: C a) Pest inspection b) Insurance premium paid in advance c) Soil test d) Survey. E) actionable, Answer: D e. none of the above. d) carry prepayment penalties, while government-backed loans do not. d. Collaborative exchange, _____ occur in between the two extremes on the relationship continuum, where the focus of the selling firm shifts from attracting customers to keeping customers. 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. There is no obligation of a seller to disclose the defect, though the seller has a mandatory duty to complete the Disclosure Statement. The bill is $39.00 per quarter. c) when the loan-to-value ratio reaches 78 percent. If a seller signs a sales contract and dies before the closing of the property, the sales contract is terminated. A potential buyer can make an issue a material fact by asking about or expressing their intentions. B) microsegmentation 2) Establishing and communicating the distinctive benefit(s) of the company's market offering for each target segment is called ________. Jerry agreed to what type of lease? B. Ricardo = duty to determine if fences were permitted even if listing 411 sheet did not indicate anything regarding fences. c. work with a wide array of managers on strategy and coordination issues. d) Wait a statutory period before they may take legal action. The Residential Property Disclosure Report should be provided to buyers in a timely fashion. Whether working with a client or a customer a licensee has a duty to disclose all material facts. The sellers make no warranties for the property but must answer truthfully if asked about defects. b) are less flexible than government-backed loans . a) Fee for clearing the title b) Broker commission c) Homeowner's insurance d) Transfer taxes. a) $680 b) $1,360 c) $2,040 d) $2,720. C. All residential sellers are exempt from this act unless a broker is not involved in the transaction. Ben and Blanche receive a $200,000 offer on their home which is listed at $208,000. a. see that operational linkages are designed into the relationship to keep product and service offerings aligned with customer needs. LO: 6.3: What are the different levels of market segmentation? B) segment attractiveness a) All residential property b) Homes built prior to 1978 c) Only commercial property d) Only rental property. 5) What is one important difference between a sublease and a lease assignment? 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. e. None of the above. c. This is an opportunity to assure the sellers that these buyers will appreciate and care for the home. b) A tenant buys the landlord's ground, then leases the improvements. 1) Which of the following statements about market segmentation is TRUE? c. A strategic alliance #15. E) short-term segmentation, Answer: A If firms offer differentiated products, thenbuyers have increased power.B. b) the First National Bank. He does not have to pay off his existing mortgage in order to qualify. 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. Relationship marketing D) Step 1-needs-based segmentation Diff: 1 10) Which of the following is an item that is not normally prorated? LO: 6.2: How should a company choose the most attractive target markets? 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. All agents in the transaction should facilitate the timely delivery of the property disclosure report to the buyer. c) debits to the buyer. Answer: A C. Once you set a goal you should never change it. d) no money down. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. d) Brokers are allowed to complete any lease, provided all parties agree. Which of the following is TRUE? What type of loan might help Fred? e. none of the above, From the customer's perspective, relationship quality centers on: 8) What is used to seal a binder agreement? d) The original offer is legally terminated. Which of the following would likely NOT constitute a violation of the Sherman Antitrust Act? The expiration of the individual agent's license does not terminate the listing because the licensee is not a party to the agreement. c. Total cost of ownership E) segment "acid test", Answer: C B. B) flexible market Transactions that are almost, if not entirely, void of a close, collaborative relationship: 6) Which contract element indicates a mutual agreement? a) A parol contract b) A six-month lease c) A two-year lease d) An executory contract. D) market specialization a) Accounts Payable b) Accounts Receivable c) Impound Account d) Forward Account. Seller Disclosure: The Basic Rules of What You Need to Disclose 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) dividing a segment into subsegments E) actionable, Answer: B D) examining the demographics section of the handbook of marketing Which statement is true? B) selective specialization b) executable. a. trust. 7) A buyer submits an offer to a seller. C) segment profitability a) 2 percent of the loan amount. E) The most attractive segment is one in which entry barriers are low and exit barriers are high. a) include a title closing entity. AACSB: Analytical thinking; Application of knowledge, 14) A company can learn a great deal by analyzing the degrees of brand loyalty. 13) Al is seeking an FHA loan. Trust How would Grant_s lease at this time be classified? d) provide a fixed interest rate for the life of the loan. A) needs-based segmentation To sell to manufacturers, marketers need to understand important characteristics of those firms. _____ illuminates exactly what activities are associated with serving a particular customer and how these activities are linked to revenues and the consumption of resources. Licensees may not allow their own individual disputes over commissions and fees to adversely affect the transaction. 15) The loan origination fee on a VA loan cannot exceed. A) demographic variables b) The buyer's agent tells the seller's agent. a) Gross b) Periodic c) Net d) Graduated. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. c) A landlord's obligation to provide the tenant with reasonable privacy and freedom from interference. E) actionable, Answer: D a) He has provided an advance order of moving. B) effectiveness of the suppliers a) It represents a "meeting of the minds." b) It is necessary to search public records to ascertain the status of title. B) substantial 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. c) A certificate issued by the property owner that indicates that the building is in proper condition to be occupied. e. (a) and (b) only. Present the $200,000 first and recommend rejection. A) It is of little importance when products are standardized. a) It is common business practice. Discuss the accuracy of this statement. E) full market coverage, Answer: A b. An offer or counteroffer can be withdrawn at any time before it has been accepted. What is important to remember about multiple offers? d) The Torrens registry retains the original registration documents and provides copies to the recorder or other appropriate office. 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) It can be created only by an attorney. a) To enter a property in the Torrens system, a court action must first clear title. d) using a schedule of changes. B) Step 3-segment attractiveness c. The supply of goods is sold by the sellers with the lowest costs. 2) Fred reclaimed a foreclosed property by paying off owed amounts, including interest and costs? 2) If an attorney make changes to an offer, what action should follow? a) A listing agreement b) A personal services agreement c) A sale contract d) An option to buy. 11 Q 8) Which of the following summarizes the general terms of a ground lease? a) This action is perfectly legal in New York. c) open. b) a class 3 felony. d) Involuntary conveyance of title by statutory rules of descent. Comment on any similarities or differences present. c) when the loan-to-value ratio reaches 78 percent. 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. c) If the seller accepted the offer, the buyer must perform. 4 north carolina licensee tyler is providing - Course Hero 12) Seller James has taken back $20,000 as a second mortgage so Buyer Karl can qualify to buy the property. 7) Which kind of lease increases at specified intervals? Which part contains the product and service elements that all segment members value? 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. E) gatekeeper, Answer: A They can accept it outright, reject it totally, or submit a counteroffer. 9. 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. Customers prefer a transactional orientation when there are few alternative offerings from suppliers. 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. A) Buyers for all kinds of organizations (governments, nonprofit groups, intermediaries) tend to buy in much the same way as do manufacturers. b) It requires certain conveyance-related contracts to be in writing. b) is also called an exclusive freehold estate. 3) Which statement best defines a Certificate of Occupancy? a) It represents a "meeting of the minds.". c) The sellers must give them an extension to secure the loan. 3) The process of selecting one or more market segments to enter is called market ________. 4) The Statute of Limitations requires that parties to a contract who have been damaged or who question the contract's provisions do what? NameTornadoInc.TsunamiCorp.TyphoonCorp.NumberofShares8001,2502,140TotalCost$14,00031,25043,870$93,400TotalFairValue$15,60035,00042,800$93,400. 6) Paul's loan payment is the same amount each month. 5) Which aspect of a contract deals with when a tenant takes possession of the property? When presenting information about the buyers to the sellers, which piece of information might not be useful in helping the sellers make a decision? 11) What type of loan is often used when a seller will not accept a property sale contingency? Chapter 3 Multiple Choice Flashcards | Quizlet

Bernalillo County Sheriff Candidates 2021, Why Did Captain Mark Howard Leave Below Deck, Styptic Powder Dangers, Is Scott Sincoff Married, Mars In Pisces Man Turn Ons, Articles W