a) Marketable title b) Abstract of title c) Evidence of title d) Title commitment. d. A strategic alliance. b) They are always a debit to the seller and a credit to the buyer. 2) Which of the following terms is not used to describe a binder? 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. Make sure all required disclosures have been done. Chapter 7 Review Quiz Questions Flashcards | Chegg.com The buyers are interested in another property. AACSB: Reflective thinking, 64) In ________ marketing, the firm ignores segment differences and goes after the whole market with one offer. AACSB: Analytical thinking, 17) In segmenting its markets, an aluminum company first looked at which end-use market to serve: automobile, residential, or beverage containers. Which of the following statements about collaborative relationships is(are) true? This is an example of ________. 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 c. Relationship commitment E) The most attractive segment is one in which entry barriers are low and exit barriers are high. b) All parties to the contact must initial the changes. If firms offer differentiated products, thenbuyers have increased power.B. C) shifting loyals d) The real estate must be appraised by an approved FHA appraiser. AACSB: Analytical thinking; Application of knowledge, 14) A company can learn a great deal by analyzing the degrees of brand loyalty. a) Right of Redemption b) Right to Rescind c) Right to Deed Access d) Right of Remainder. Goals should be measurable. A) demographic variables When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? 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. 9) Which of the following is a characteristic of land leases? a. c) If the seller accepted the offer, the buyer must perform. The home is listed at $210,000. Assume that its cost of goods manufactured is $534,390. D) buyer a) Percentage b) Net c) Provisional d) Graduated. than for trading securities? What can be said about Norm's actions? LO: 6.3: What are the different levels of market segmentation? c. Investments and risk of exposure a) Act within a statutory period. a) Fixed b) Straight c) Amortized d) Open. d) Designed for law clients who are unable to get reimbursement from their lawyer who has caused them loss. The buyers family is pressuring them to purchase this home. D) accessible a. Transactional exchanges d. all of the above 5) Which of the following is one of the purposes of the Lawyers' Fund? The buyers' family is pressuring them to purchase this home. According to the North Carolina Real Estate Commission, who is held responsible for this nondisclosure? c) settlement statement. What type of lease did Jim sign? D) impulsiveness A. listing agent = duty to disclose listing 411 sheet that fences were not permitted. d) The broker must complete a rider. Diff: 2 C) situational factors b) If the party who has reason to disaffirm the contract elects instead to perform it. Be sure all requested inspections have been ordered. Diff: 3 d) The broker finds out from the lender and tells the sellers. c) The maximum purchase price of the property cannot exceed $250,000. LO: 6.3: What are the different levels of market segmentation? a) requires recording of a leasehold conveyance. Marketing Management chapter 1 practice test Flashcards - Easy Notecards a) A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. 2) Fred reclaimed a foreclosed property by paying off owed amounts, including interest and costs? B) undifferentiated Is Biden Raising Mortgage Payments for People with Good Credit? They do not limit the ability of a firm from setting company policies as to fees, rates or geographical areas. A) macrosegmentation d) She can use this contract as long as it contains an attorney review clause. B) substantial What type of loan might help Fred? a) covers more than one piece of property. c) To reimburse clients for money that was misused by their attorney. Customers prefer a collaborative relationship when there is a competitive supply environment featuring many alternatives. Product quality. E) virtual solution. a) Freddie Mac and Fannie Mae. a) Right of first refusal b) First right to buy c) Right to resend d) Right to counteroffer. a) Estate for years b) Estate from period to period c) Estate at will d) Estate at sufferance. a. Transactional exchange When presenting information about the buyers to the sellers, which piece of information might not be useful in helping the sellers make a decision? D) global segmentation b) The apartment can be converted to a rent-controlled apartment. b. involve long-term, contractual commitments. 10) Which of the following is an item that is not normally prorated? Diff: 1 A home's curb appeal is boosted by all of the following, except: a. mowing the lawn. c) using preprinted riders. d) Interest is based on a selected economic indicator index. d) it may also restrict some uses. C) situational factors Which of the following performance attributes has research recently shown influences customer satisfaction of business buyers? 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. D) It is a low-cost strategy. 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. #6. 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) situational factors Each of their payments is for the same amount B. B) demographic C) accessible d. satisfaction with the salesperson. ), a) The seller's share of $2,533.38 b) The buyer's share of $666.62 c) The seller's share of $2,525.76 d) The buyer's share of $674.24. Solved Label each the following statements about the | Chegg.com E) purchasing approaches, Answer: B d. The supply of goods is bought by the buyers with the highest willingness to pay ANS 2. a) Seller b) Lender representative c) Buyer d) Closing agent. E) Their needs are usually harder to define than for final consumers. All of the following statements about organizational buyers are true except: C) organizational buyers rarely focus on economic factors. Over 300 California Real Estate Practice Exam questions to pass Tests! Newlyweds are an example of a(n) ________ segment. B) segment identification B) It automatically binds the owner, the broker, and the MLS to its agreed provisions. a) The list of all parties who have ever owned real estate. Relationship marketing E) consumer motivation, Answer: E A seller and a buyer are engaged in a dispute over a forfeited earnest money deposit. 12) Paul will get the second quarter water bill at the end of June. a) It represents a "meeting of the minds.". Which statement is TRUE? b. technical b) voidable and illegal contract. d) pay the purchase price for the property. Which statement is TRUE? Where would he NOT go to make an application? b. the number of competitors in the particular industry. 9) Which of the following is a good example of a unilateral contract? b. Transactional exchange c) The tenant goes out of business. 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? 8) Money that the buyer or seller needs to pay at closing is called what? AACSB: Analytical thinking, 16) Urgency, specific application, and size of order are examples of ________ segmentation variables for business markets. b. all satisfied customers will remain loyal. d. A strategic alliance #9. Diff: 1 1) Which of the following documents is not one that will be needed at closing? 12) Where on the Uniform Settlement Statement will you find the information that deals with the buyer's side of the transaction? Jerry agreed to what type of lease? 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. On June 12, 2015, Hurricane purchased 1,450 shares of Rogue Wave Inc. at $45 per Value can be defined as the _____ benefits received by a customer firm in exchange for the price paid for a product offering. b) Private mortgage insurance is available for FHA loans. AACSB: Analytical thinking; Application of knowledge, 13) Mothers-to-be are potential users who will turn into heavy users of infant products and services. b) void. d) She can use this contract as long as it contains an attorney review clause. b) 5 percent of the loan amount. A valid listing agreement may be terminated for any of the following reasons, EXCEPT: B. expiration of the individual listing agent's license, expiration of the individual listing agent's license. What type of mortgage is Rich requesting? 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. E) antiloyals, Answer: B D) concentrated c. The current share of the wallet the firm has attained. 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) debits to the buyer. The buyers are interested in another property. d) A sublease conveys the entire leasehold interest. 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. A) undifferentiated 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. LO: 6.2: How should a company choose the most attractive target markets? a) In an assignment, responsibility for the original lease is transferred completely to the assignee. a) Amanda has illegally commingled the earnest money with her own money. AACSB: Reflective thinking, 19) A marketer is interested in segmenting a business market based on technology and customer capabilities. Answer: B 3) Which statement best defines the concept of "quiet enjoyment? C) rigid market 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} Then present the $208,000 offer. If a seller signs a sales contract and dies before the closing of the property, the sales contract is terminated. 3) Which of the following locations is the least likely place to hold a closing? Explain. AACSB: Analytical thinking; Application of knowledge, 67) Marketers usually identify niches by ________. c) will be a debit to the seller. Customers emphasize a collaborative orientation when the purchase decision is not complex. Which statement is true? Which statement is TRUE? Question: 33.Which of the following statements is true about the buyer's rights of inspection? C. If buyers can easily switch firms, then buyers have increased power. E) actionable, Answer: D b. Transactional and collaborative relationships E) differentiated, Answer: B A. it must contain a nondiscriminatory clause, B. it may be oral up to presentation of the first offer, C. it requires the seller to sell if a full price offer is made by a buyer, D. it can contain an automatic renewal clause if both parties agree to it in writing, it must contain a nondiscriminatory clause. The buyers love the landscaping improvements the sellers have made. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. 9) Bill has informed his landlord that he will be moving in 30 days. When business marketers are assessing which of their current customers represent the best opportunities for growth, which of the following factors should be considered? D) differentiable b. c. Buyers prefer collaborative relationships when the purchase decision is not complex. 8) A lease automatically terminates under which of the following circumstances? Diff: 2 a. A(n) _____ represents the products, services, ideas, and solutions that a business marketer offers to advance the performance goals of the customer organization. Diff: 1 Once Ricardo knew the fence was a material issue to the buyer he was bound to take some action. b) neither an instrument of conveyance nor contract. ", a) A tenant's requirement to comply with contract obligations b) A landlord's obligation to provide the tenant with egress c) A landlord's obligation to provide the tenant with reasonable privacy and freedom from interference d) A tenant's requirement to allow access for inspections and repairs. Which of the following statements are true? 8) Which of these would be a CREDIT to the buyer at closing? The open exchange of information is a characteristic of ____ relationships. Sam Seller lists his property with EX Realty. The rate of commission to be lawfully charged in a real estate transaction is set by: #12. 8) What is an important legal characteristic of an option to buy agreement? AACSB: Analytical thinking, 65) In ________ marketing, the firm operates in several market segments and designs different products for each segment. 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. A) It makes the company almost bulletproof to competitors' actions. c) when the loan-to-value ratio reaches 78 percent. 5) What is the purpose of the Statute of Frauds? c) allows for contract approval by a third party lawyer hired by the broker. b) Preservation and Maintenance of Property. Who typically presents an offer to the sellers? a) The contract must be rewritten and signed again. a. industry bandwidth 1) What is the seller's primary function at closing? B) situational factors d. Operational linkages and relationship connectors. A. d) a document that conveys legal title. D) market specialization A) situational factors Hold both offers because he heard that a full-price offer is on its way. c. Competitive exchange Trust and relationship commitment b) He has given notice. d) after 7 years of loan payments. c) It's still an offer. The buyer's primary function at closing is to. Relationship commitment Even without a buyer's commitment, a sale can take place. b. C) loyalty status Which statement is TRUE of a listing agreement? c. Total cost of ownership C) product specialization b) Norm can complete the lease agreements as long as he has a lawyer co-sign them. B) selective specialization c) homeowner's insurance. c) The apartment can be decontrolled. Diff: 2 The buyers have been pre-qualified by a lender. 3) The process of selecting one or more market segments to enter is called market ________. 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. What must be enforced for this contract to be binding? 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%. E) actionable, Answer: B Ch1 bonus questions 1. b. directly assist customers with planning and strategy development. b. the ability of the salesperson to understand the selection criteria of each member of the buying center. d) accrued expenses. What should Jake do? a) Interest is based on a yearly prorated amount on the remaining principal. AACSB: Reflective thinking. a) Tax map b) Survey c) Street address d) Subdivision plat map. Fill out a separate, numbered counteroffer form. C) product specialization e. none of the above, For collaborative customers, the business marketer should: LO: 6.3: What are the different levels of market segmentation? 3) Borrower Jake has defaulted on his mortgage and the lender has required the loan to paid in full. A patron at a restaurant is agreeing to a(n). E) Step 7-marketing-mix strategy, Answer: D c. marketing plan d) Interest is based on a selected economic indicator index. A) need-based segmentation Customer profitability e. none of the above, From the customer's perspective, relationship quality centers on: a) The buyer may not revoke the offer in such a short period of time. Diff: 2 d) every two years. Which of the following statements is true of buyerpower?A. E) actionable, Answer: D a) Inherently long-term leases b) Inherently short-term leases c) Tax advantage limitations d) Reduction in finance options. 11) Where on the Uniform Settlement Statement will you find the information that deals with the seller's side of the transaction? If a check was provided NCREC allows BIC's and firms to start counting the 3 days from the acceptance of a contract. E) gatekeeper, Answer: A 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. b) Only attorneys can hold and deposit earnest money. c. Delivery reliability. a) increase the interest rate as the principal declines. LO: 6.1: In what ways can a company divide a consumer or business market into segments? Diff: 3 A. Which is true of a valid listing agreement in NC? A) measurable What type of lease does Jim have? 1) Proof of ownership of a property is called what? a) The lender calculates what's owed and tells the buyer what to bring. a) covers more than one piece of property. it must contain a nondiscriminatory clause #1. C) guerrilla Discuss the accuracy of this statement. c) It is forbidden under any circumstances. 45 Hour Post License Final Exam Flashcards | Quizlet #13. 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. D) examining the demographics section of the handbook of marketing d) Involuntary conveyance of title by statutory rules of descent. Customers prefer a transactional orientation when there are few alternative offerings from suppliers. ________2. Diff: 1 D) personal characteristics d) A lender can continue to collect PMI payments until the homeowner's equity reaches 25%. c) when the loan-to-value ratio reaches 78 percent. Unit quiz 11 Flashcards by Ron Jeremy | Brainscape c. b) It requires certain conveyance-related contracts to be in writing. a) To make a down payment on a motor home, a) Preservation and Maintenance of Property. 1) Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. a. 11) Fred has an existing property mortgage, but seeks a second loan. d) provide a fixed interest rate for the life of the loan. c) is not a binding contract upon 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. C) decider D) personal characteristics B) demographic variables D) segment positioning 2) If an attorney make changes to an offer, what action should follow? B) microsegmentation A company reports pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only$7 million. 6) Broker Sara completes a preprinted sales contract. 4) What is the purpose of the Lawyers' Fund? #2. This is an example of ________ marketing. b) decrease the interest rate as the principal declines. 2) Jim signed a six months lease. 1) Buyer Bill has agreed to pay for a computer system after all hardware has been installed and operational.
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