a) Receipt b) Buyer's Statement c) Purchase Offer d) An Agreement. Then present the $208,000 offer. Diff: 2 E) niche, Answer: C b) will be a credit to the buyer. a. industry bandwidth E) It treats all buyers the same and, therefore, lowers promotion costs. Jerry agreed to what type of lease? 4) In which contract provision would the length of the lease be outlined? b) He has given notice. Transactions that are almost, if not entirely, void of a close, collaborative relationship: Diff: 2 #1. c. refers to the ability of an interfirm relationship to achieve desired objectives. 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. An offer or counteroffer can be withdrawn at any time before it has been accepted. 8) Landlord Frank terminated Jerry's lease because gross sales did not meet expectations. 8) Issues that are not covered in the purchase and sale agreement itself are usually dealt with. 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. b) contain default penalties. 1) What is the underlying tenet of a contract agreement? E) personal characteristics, Answer: A A property owner lists a property for sale with a broker. 1) Which type of lease has no automatic renewal? D) user status d) She can use this contract as long as it contains an attorney review clause. AACSB: Analytical thinking, 18) A marketer is interested in segmenting a business market on ________ if the marketer intends to segment the market based on industries and geographical areas to serve. Hurricane Inc. purchased a portfolio of available-for-sale securities in 2014, its first year of Diff: 2 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. a) It's an accepted offer; therefore a valid contract. a) Margin b) Index c) Payment cap d) Rate cap. Which of the following statement(s) is/are true regarding death of a seller? C) guerrilla B) segment identification AACSB: Analytical thinking, 22) When marketers present flexible market offerings to all members of a business segment, their offerings consist of two parts. b. involve long-term, contractual commitments. b. What type of loan is Steve getting? c) A certificate issued by the property owner that indicates that the building is in proper condition to be occupied. What type of lease does Jim have? share plus a$100 brokerage fee. a) The lender makes payments to the borrower. The buyers are interested in another property. According to the North Carolina Real Estate Commission, who is held responsible for this nondisclosure? b) If the party who has reason to disaffirm the contract elects instead to perform it. When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? d) void. LO: 6.2: How should a company choose the most attractive target markets? d) Brokers are allowed to complete any lease, provided all parties agree. For example, ________ can show the firm which brands are most competitive with its own. These criteria illustrate which of the following major segmentation variables? A) differentiated market This means that. A The buyers' family is pressuring them to purchase this home. d) The Torrens registry retains the original registration documents and provides copies to the recorder or other appropriate office. 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. a) Proceeds from tax exempt mortgage revenue bonds b) Private investors c) HUD funding d) Proceeds from state sales taxes. 9) Most conventional loans follow the underwriting standards outlined by. b. Value-added exchange 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. b) void. 1) Prospecting for buyers is easier than prospecting for sellers. e. none of the above, From the customer's perspective, relationship quality centers on: D) segment positioning c) the mortgage itself provides the only security for the loan. 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. 3) Mary has remained in her apartment two weeks past her move-out date, without any payment. In which situation would Sam not owe a commission to EX Realty? a) The borrower must occupy the property. b) The apartment can be converted to a rent-controlled apartment. When business marketers are assessing which of their current customers represent the best opportunities for growth, which of the following factors should be considered? E) operating variables, Answer: E c) valid but unenforceable contract. A) marketer resources A) It obligates the seller to transfer the property if the broker procures a ready, willing, and able buyer. d) It eliminates fraud in real estate contracts. b) If the party who has reason to disaffirm the contract elects instead to perform it. The buyer's primary function at closing is to. a) Fixed b) Straight c) Amortized d) Open. 9) Bill has informed his landlord that he will be moving in 30 days. b. a) Freddie Mac and Fannie Mae. b) Preservation and Maintenance of Property. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. LO: 6.2: How should a company choose the most attractive target markets? NameTornadoInc.TsunamiCorp.TyphoonCorp.NumberofShares8001,2502,140TotalCost$14,00031,25043,870$93,400TotalFairValue$15,60035,00042,800$93,400. C) loyalty status c) It is not voidable. c) It nullifies oral leases and listing agreements. 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. E) horizontal market, Answer: B b) The bundle of rights linked to the recorded title to a parcel. 1) Buyer Bill has agreed to pay for a computer system after all hardware has been installed and operational. a) legal. Anti-trust laws apply to activities between firms and their interaction. 6) RESPA applies to all of the following EXCEPT which? Present the $200,000 first and recommend rejection. B) segment identification AACSB: Analytical thinking; Application of knowledge, 69) All of the following are benefits of following the ________ approach to target market selection: a strong knowledge of the segment's needs, a strong market presence, operating economies through specializing in production, distribution, and promotion. Answer: A Answer: B c) Interest is determined by a combination of fixed loans and outstanding loans. What does the phrase the law of agency is a common-law doctrine mean? 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) Estate for years b) Estate at will c) Estate from period to period d) Estate at sufferance. A) personal characteristics c) will be a debit to the seller. 11) Which of the following is not true about reverse annuity mortgages? 2) Mark gets a home loan and the lender will charge him 3 points at closing. D) switchers a. the sensitivity of the salesperson in understanding how business conditions affect the industry within which the buying firm operates. a) Mark can insist that the landlord lower the rent. a) Receipt b) Contract for sale c) Agreement d) Purchase offer. C) accessible 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. This is an opportunity to assure the sellers that these buyers will appreciate and care for the home. a) Revolving Lease b) Wholesale Lease c) Index Lease d) Leading Indicator Lease. LO: 6.3: What are the different levels of market segmentation? How are unrealized gains and losses treated differently for available-for-sale securities 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. If a check was provided NCREC allows BIC's and firms to start counting the 3 days from the acceptance of a contract. d) It is permissible in amounts under $50. a. do not involve the exchange of money. 8) A lease automatically terminates under which of the following circumstances? E) antiloyals, Answer: B a) Description and Order b) Terms c) Dissolution d) Offer and Acceptance. Regardless of how the seller completes the form, the licensee has a duty to disclose all material facts so the liability rests with the listing agent. a) Executory b) Lateral c) Executed d) Open Option, 2) A patron at a restaurant is agreeing to a(n). c) open. d) pay the purchase price for the property. ________2. D) purchasing approaches Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. The Residential Property Disclosure Report should be provided to buyers in a timely fashion. E) segment "acid test", Answer: C AACSB: Analytical thinking, 50) If your assignment was to create a value proposition and product-price positioning strategy for each segment, based on the segment's unique customer needs and characteristics, you would be in which of the following steps of the segmentation process? c. Investments and risk of exposure Which of the following statements is(are) true? The buyers love the landscaping improvements the sellers have made. B) demographic variables C) situational factors Diff: 2 a. c) The sellers must give them an extension to secure the loan. a) Amanda has illegally commingled the earnest money with her own money. 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 . d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. 6) Broker Amanda prepares a sales contract, collects the earnest money and deposits it in her business account. 7) What kind of lease contains a recapture clause? a. a collaborative advantage. Which of the following statements is true of buyerpower?A. a) Title fees b) Taxes c) Rent d) Utilities. c. liquidated damages. D) market specialization a) In an assignment, responsibility for the original lease is transferred completely to the assignee. d. Buying centers. b) It requires certain conveyance-related contracts to be in writing. a) Good Faith Estimate b) Truth-in-Lending Statement c) HUD-1 Form d) Mortgage Loan Disclosure Statement. b. Solidarity c) The contract can be executed at no cost to the optionee. E) full market coverage, Answer: A E) short-term segmentation, Answer: A The sellers make no warranties for the property but must answer truthfully if asked about defects. Does it make sense for a corporation to repurchase its own stock? \end{array} b) In a sublease, the original tenant retains primary responsibility for performance of the original lease contract. 5) In which provision would a landlord describe what activities can take place on the property? C) Small manufacturers tend to have formal buying procedures and guidelines. b) The buyer's agent tells the seller's agent. 1) Which of the following statements about market segmentation is TRUE? a) One calendar week b) One business day c) Two calendar days d) One business week. LO: 6.1: In what ways can a company divide a consumer or business market into segments? 1) Proof of ownership of a property is called what? 4) When Nike attempts to get close to its customers at the local level by sponsoring local school teams and providing shoes, equipment, and clothing to many of them, Nike is using which of the following marketing formats? d) 10 percent of the loan amount. d) If the party who wants to enforce the contract seeks damages. c) He has given due process. B. the listing agent and the buyer's agent. The bill is $39.00 per quarter. C) rigid market b) 5 percent of the loan amount. 1) What type of document does a home owner sign when agreeing to a mortgage? Be sure all requested inspections have been ordered. a) a 1 percent down payment. A. listing agent = duty to disclose listing 411 sheet that fences were not permitted. c) 1 percent of the loan amount. The buyers love the landscaping improvements the sellers have made. 8) Money that the buyer or seller needs to pay at closing is called what? c. The supply of goods is sold by the sellers with the lowest costs. 6) In which contract section might you the property address? #11. d. Neither (a) nor (b) is true. 10) Which loan covers the period of time between the end of one mortgage and the beginning of another? a) Estate For Years b) Estate At Will c) Estate At Sufferance d) Estate At Order. b. the number of competitors in the particular industry. d. a strategic alliance. The property owner should disclose the condition of the listed property or be subject to a 3-day rescission period on any contract formed. 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. a. relates to the longevity of the relationship between a buyer and seller D) concentrated A(n) _____ represents the products, services, ideas, and solutions that a business marketer offers to advance the performance goals of the customer organization. AACSB: Analytical thinking; Application of knowledge, 13) Mothers-to-be are potential users who will turn into heavy users of infant products and services. d) reduces the monthly payment for a borrower during the initial years. C) It creates synergy between markets. 3) Borrower Jake has defaulted on his mortgage and the lender has required the loan to paid in full. A counteroffer can give the buyers an out if they want one. d) The broker finds out from the lender and tells the sellers. a) It is common business practice. c) The apartment can be decontrolled. c) Brokers may not complete leases to which they are not a party. a) when the loan-to-value ratio reaches 50 percent. Once Ricardo knew the fence was a material issue to the buyer he was bound to take some action. 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. a) both an instrument of conveyance and a contract. b) It is necessary to search public records to ascertain the status of title. This takes a positive view of the price. A) situational factors d. All of the above. c) The landlord leases the ground floor of the building to a commercial tenant. d) The real estate must be appraised by an approved FHA appraiser. Diff: 2 4) The Statute of Limitations requires that parties to a contract who have been damaged or who question the contract's provisions do what? Which statement is true about prospecting for buyers? b) is also called an exclusive freehold estate. a) Prior deed b) Copy of property tax bill c) Prior title insurance policy d) Seller's credit report. #15. 3) Prospecting for buyers has a much lower return on output than prospecting for sellers. d) for a seller in a buyer's market. d) It is a bilateral agreement. 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. D. Goals must be realistic if you hope to accomplish them. 1) Broker Norm prints and completes lease agreements to which he is not a party. c. are one-time exchanges of value between two parties with no prior or subsequent interaction. 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. 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.
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