which statement about buyers is true?

a) Retail Level Lease b) Percentage Lease c) Reorder Lease d) Market Level Lease. c) settlement statement. d) The original offer is legally terminated. a) Sara cannot legally fill out this contract. 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. 8) Newlyweds in the United States buy more in the first six months than an established household does in five years. 4) How is the interest on a ARM loan determined? LO: 6.3: What are the different levels of market segmentation? c) It nullifies oral leases and listing agreements. LO: 6.1: In what ways can a company divide a consumer or business market into segments? a) Assignment of a Contract_ b) Operation of Law c) Transfer Clause d) Execute Clause. #15. 9. Explain. 6) A homeowner's insurance policy typically covers all but which of these? AACSB: Reflective thinking; Application of knowledge, 63) In evaluating different market segments, the firm must look at two factors: the segment's overall attractiveness and the ________. 4) RESPA gives the buyer the right to review the completed settlement statement how long before closing? a) Graduated b) Gross c) Percentage d) Net. c) They are always a debit to one party and a credit to the other party for the same amount. D) segment positioning E) segment identification, Answer: E A) need-based segmentation 9) What do we call the right of a person to have the first opportunity to purchase or lease a property? D) purchasing approaches c) Brokers may not complete leases to which they are not a party. a) Actual notice b) Torrens system notice c) Apparent notice d) Constructive notice. C) It helps to build a loyal customer base but has no impact on a firm's intangible assets. d. intend to move each partner toward the attainment of some long-term strategic goal. 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. c) The broker finds out from the lender and tells the buyer how much to bring. B) influencer 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. it must contain a nondiscriminatory clause #1. d) were paid in advance. b. technical #6. Diff: 3 A. 2) If an attorney make changes to an offer, what action should follow? Which of the following is TRUE about the North Carolina Residential Property Disclosure Act? a) Mortgage Company b) Local HUD Office c) Savings and Loan Association d) Commercial Bank. Diff: 3 d. commission. d. Buying centers. If the buyer rejects the first counteroffer, the seller can accept the first offer. b. 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. #11. Comment on any similarities or differences present. C) situational factors AACSB: Analytical thinking, 12) Dennis requests his father to buy him a PlayStation for his birthday. Diff: 3 d) closing insurance. d) The loan must be repaid before the borrower's death. b) entails entering into two agreements simultaneously. D) segment "acid test" Having strong relationships with customers can be hard for competitors to understand or duplicate. E) operating variables, Answer: E C. All residential sellers are exempt from this act unless a broker is not involved in the transaction. 3) How might a voidable contract become valid? This is known as what type of account? 3) Recording the deed is done through which of these? a) include a title closing entity. B. It's easier to prioritize your tasks if your goals are in writing. What is important for the sellers to know about a counteroffer? b) The leased property is foreclosed. E) personal characteristics, Answer: A a) A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. a) Receipt b) Buyer's Statement c) Purchase Offer d) An Agreement. b. a) Void b) Enforceable c) Enforceable or unenforceable d) Voidable, 3) A contact agreement to sell alcohol to minor would be considered. a. Which of the following statements is TRUE? The property owner should disclose the condition of the listed property or be subject to a 3-day rescission period on any contract formed. 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) Swing Loan b) Wraparound Loan c) Pillow Loan d) Ancillary Loan. This means that. 3) Which of the following locations is the least likely place to hold a closing? Diff: 2 a) both an instrument of conveyance and a contract. a) Condominium purchase b) Seller-financed loan c) Loan involving a second mortgage d) Federally-insured loan. a) Map coordinates b) Deed map c) Street address d) Survey map. 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. c) estate at sufferance. AACSB: Reflective thinking. b) Select a specific, limited course of action for recouping their losses. D) differentiable a) Protracted Mortgage b) Advanced Mortgage c) Purchase Money Mortgage d) Hold Over Mortgage. Prepare additional documentation to take to the presentation. 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) Marketable title b) Abstract of title c) Evidence of title d) Title commitment. a) Seller b) Lender representative c) Buyer d) Closing agent. Why is it important to talk to the sellers about the buyers? b. Transactional and collaborative relationships a) Estate at will b) Estate for time c) Estate for years d) Estate at sovereignty. c) The apartment can be decontrolled. d) allowance contract. C) situational factors #12. Discuss the accuracy of this statement. Diff: 2 B. the listing agent and the buyer's agent. 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) 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. (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 11) What type of loan is often used when a seller will not accept a property sale contingency? b. Solidarity d) the federal discount interest rate. D) Step 1-needs-based segmentation b. directly assist the customer with planning and strategy issues. 13) Which organization insures loans made by approved lending institutions? b. the ability of the salesperson to understand the selection criteria of each member of the buying center. 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. 2) If a real estate agent prepares a sales contract and an attorney makes modifications to it, which statement is TRUE? a) Revision b) Reorder c) Rescission d) Refile. b) for a buyer who plans to own the property for a long time. a) The lender calculates what's owed and tells the buyer what to bring. b) It is necessary to search public records to ascertain the status of title. b) All the parties must initial the changes. Diff: 2 c. marketing plan b) The buyer's agent tells the seller's agent. D) concentrated c) implied contract. Which of the following statement(s) is/are true regarding death of a seller? b. solidarity. Where would he NOT go to make an application? 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? 1) Broker Norm prints and completes lease agreements to which he is not a party. b) survey. In which situation would Sam not owe a commission to EX Realty? They were counting on a full-price offer and are very disappointed. A) undifferentiated c. Competitive exchanges 9) Which of the following statements about Gen Xers is TRUE? Customers prefer a collaborative relationship when there is a competitive supply environment featuring many alternatives. B) mass a) The borrower must occupy the property. a) Accounts Payable b) Accounts Receivable c) Impound Account d) Forward Account. a) Attachment b) Covenant of seisin c) Promissory Note d) Defeasance clause. 2) Which kind of lease has no time limit? a) Expense b) Credit c) Debit d) Proration. Fill out a separate, numbered counteroffer form. Trust 5) Which contract provision allows for the transfer of the contract to another person? d. Margin analysis, Relationship efficacy 6) In which contract section might you the property address? d) the borrower must have a co-signer. d) The tenant leases the ground from the landlord and owns the improvements. Obtaining commitment deals only with securing an order. Which of these statements about counteroffers is not true? E) consumer motivation, Answer: E 8) What is an important legal characteristic of an option to buy agreement? 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. E) It treats all buyers the same and, therefore, lowers promotion costs. c) The maximum purchase price of the property cannot exceed $250,000. c) the mortgage itself provides the only security for the loan. Given the following selected account balances of Delray Mfg., prepare an income statement for Delray Mfg. If a seller dies after signing a listing agreement, the listing agreement is terminated. A new Estimate of Sellers Proceeds, using the current offering price as the basis and an updated competitive market analysis, would be helpful. 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. a) Estate For Years b) Estate At Will c) Estate At Sufferance d) Estate At Order. B. A buyer representation agreement is employed contract between a buyer and a broker .it is a single agency agreement in which the broker agrees to represent a buyer in purchasing property Click the card to flip 1 / 44 Flashcards Learn Test Match Created by gowergurl Terms in this set (44) B) discretionary solution b) If the party who has reason to disaffirm the contract elects instead to perform it. c) A borrower can get a VA loan with a lower down payment by insuring the loan through private mortgage insurance. 70) Which of the following best represents the chief advantage of pursuing a strategy of multiple segment specialization? AACSB: Reflective thinking, 45) If an organization's marketing department wants to create "segment storyboards" to test the attractiveness of each segment's positioning strategy, it would most likely occur in the ________ step of the segmentation process. d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. a) Receipt b) Contract for sale c) Agreement d) Purchase offer. Make sure all required disclosures have been done. e. (a) and (b) only, For transactional customers, the business marketer should: C) differentiated 8) Which of the following is not an item that a seller usually pays at closing? b) are less flexible than government-backed loans . 1. What actions can the sellers take regarding the purchase offer? d. all of the above LO: 6.2: How should a company choose the most attractive target markets? The agent should point out that price is only one aspect of the offer and then go on to discuss the other terms of the agreement that may appeal to the sellers. 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. LO: 6.1: In what ways can a company divide a consumer or business market into segments? C) Step 6-segment "acid test" Earnest money must be deposited no later than 3 banking days. d) It is a bilateral agreement. 8) Money that the buyer or seller needs to pay at closing is called what? d. a transactional exchange. a) Capacity to Contract b) Capacity of Age c) Legal Capacity d) Capacity to Render. d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. 6) Paul's loan payment is the same amount each month. What should Jake do? A) macrosegmentation a. the cost of new customers is often far less than long-standing customers. By entering into an exclusive agency listing agreement with a seller, a real estate brokerage firm: A. is not entitled to receive a commission if another agency finds a buyer for the property, B. has become the seller's designated agent, C. has become the exclusive agent of the seller, but is not entitled to receive a commission if the seller finds a buyer for the property, D. has agreed to renegotiate the commission with the seller should another agency offer a lower commission rate, has become the exclusive agent of the seller, but is not entitled to receive a commission if the seller finds a buyer for the property. LO: 6.2: How should a company choose the most attractive target markets? a) The lender calculates what the buyer owes and then tells the sellers what they will receive. On June 12, 2015, Hurricane purchased 1,450 shares of Rogue Wave Inc. at $45 per a) Proceeds from tax exempt mortgage revenue bonds. It is true, that the United States Housing Market can be "unpredictable, volatile and cyclical." I believe it is crucial to familiarize ourselves with the pa. Subprime Mortgage Crisis The Federal Reserve worried that low interest rates encouraged risky borrowers to own a home; therefore, interest rates rose from "1 percent to 5.25 percent". b) This mortgage type is popular among the elderly. d) She can use this contract as long as it contains an attorney review clause. a) The tenant fails to pay rent. B) substantial 7) A buyer submits an offer to a seller. E) differentiated, Answer: B 3) A contract which neither party can enforce is called. 3) Borrower Jake has defaulted on his mortgage and the lender has required the loan to paid in full. a) Open b) Balloon c) Fully Amortized d) Retraced. e. Interfirm cooperation. Which statement is TRUE? d) the Standards and Poor's Trust. 2003-2023 Chegg Inc. All rights reserved. a. do not involve the exchange of money. D) market specialization 3) Which of these is a common property description? 11) The dimensions in the VALS framework are consumer resources and ________. 6) Broker Sara completes a preprinted sales contract. d) void. According to the North Carolina Real Estate Commission, who is held responsible for this nondisclosure? D) personal characteristics a) will be paid in arrears. It is unwise for marketers to make specialized investments in transactional relationships. b) voidable and illegal contract. e. (a) and (c) only, Business marketing relationships vary in terms of their closeness or degree of collaboration. A) needs-based segmentation A) measurable 3) Prospecting for buyers has a much lower return on output than prospecting for sellers. 5) Which statement is true about accepting referral fees? LO: 6.3: What are the different levels of market segmentation? a) Attachment b) Covenant c) Bond d) Bill. There is no obligation of a seller to disclose the defect, though the seller has a mandatory duty to complete the Disclosure Statement. 2) Jim signed a six months lease. The buyer's agent has the same disclosure obligation, however, in this question because the defect was hidden it does not appear to be an item for which the selling broker (buyer's agent) had liability.

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