b) periodic estates. Chapter 11: From Offer To Closing Flashcards Preview 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 ________. LO: 6.2: How should a company choose the most attractive target markets? d) require higher down payments than government-backed loans require. A) measurable b) If the party who has reason to disaffirm the contract elects instead to perform it. 10) Which loan covers the period of time between the end of one mortgage and the beginning of another? AACSB: Analytical thinking, 49) The characteristic of useful market segments that relates to whether the segments can be effectively reached and served is whether the segment is ________. b) executable. a) Holdout tenant b) Holdover tenant c) Tenant at-large d) Tenant in-arrears. #11. d. a transactional exchange. LO: 6.1: In what ways can a company divide a consumer or business market into segments? b) neither an instrument of conveyance nor contract. c) He has given due process. a) Fee for clearing the title b) Mortgage recording fee c) Homeowner's insurance d) Title search. According to the North Carolina Real Estate Commission, who is held responsible for this nondisclosure? Which of the following statements about selling a home as-is in North Carolina is true? a) Assignment of a Contract_ b) Operation of Law c) Transfer Clause d) Execute Clause. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. This means that. Which of the following would likely NOT constitute a violation of the Sherman Antitrust Act? A) niche Which of the following is not true regarding organizational buyers? 9) What is the real estate transfer tax based on? c) The apartment can be decontrolled. A) Buyers for all kinds of organizations (governments, nonprofit groups, intermediaries) tend to buy in much the same way as do manufacturers. A counteroffer represents a rejection of an offer. d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. It is part of a body of law established by tradition and court decisions 70) Which of the following best represents the chief advantage of pursuing a strategy of multiple segment specialization? The sellers make no warranties for the property but must answer truthfully if asked about defects. a) Description and Order b) Terms c) Dissolution d) Offer and Acceptance. d) Amanda has done nothing wrong. Comment on any similarities or differences present. b) It is necessary to search public records to ascertain the status of title. 5) Which of the following is one of the purposes of the Lawyers' Fund? #14. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. 2003-2023 Chegg Inc. All rights reserved. a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. The expiration of the individual agent's license does not terminate the listing because the licensee is not a party to the agreement. D) differentiable LO: 6.3: What are the different levels of market segmentation? LO: 6.1: In what ways can a company divide a consumer or business market into segments? 3) A contract which neither party can enforce is called. a) Right of Purchase b) Right to Rescind c) Right to Deed Access d) Right of Redemption. There is no obligation of a seller to disclose the defect, though the seller has a mandatory duty to complete the Disclosure Statement. d) The broker finds out from the lender and tells the sellers. Customer profitability E) producing products that can be used in a variety of ways. They were counting on a full-price offer and are very disappointed. 5) Which contract provision allows for the transfer of the contract to another person? Solved 1. Which statement is TRUE in a market with a price - Chegg LO: 6.2: How should a company choose the most attractive target markets? B) segment identification 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) A certificate issued by the property owner that indicates that the building is in proper condition to be occupied. For transactional customers, the salesperson should center primary attention on the purchasing staff. a) Construction b) Wraparound c) Open-end d) Bridge. 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? c) excusable. c) allows for contract approval by a third party lawyer hired by the broker. C. Once you set a goal you should never change it. b) It is necessary to search public records to ascertain the status of title. 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. 4) Which part of a contract deals with the legal requirements to enter into a contract? LO: 6.2: How should a company choose the most attractive target markets? a) Estate For Years b) Estate At Will c) Estate At Sufferance d) Estate At Order. Which of the following statements about buyer-seller relationships is(are) true? Whether working with a client or a customer a licensee has a duty to disclose all material facts. b) It must use precise wording in a document. 11 Q 4) Which of these items is not included in a lease agreement? 4) How is the interest on a ARM loan determined? c) The tenant goes out of business. If a seller changes the terms of the offer to purchase, he has created a counteroffer. 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. Diff: 2 d) The original offer is legally terminated. A patron at a restaurant is agreeing to a(n). Once Ricardo knew the fence was a material issue to the buyer he was bound to take some action. a) every four years. B) substantial 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. b) All parties to the contact must initial the changes. 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. E) virtual solution. 2) Which of the following terms is not used to describe a binder? 10) Which of the following is an item that is not normally prorated? a) Estate for years b) Estate from period to period c) Estate at will d) Estate at sufferance. a) To make a down payment on a motor home, a) Preservation and Maintenance of Property. B) Step 3-segment attractiveness b) states that the contract is subject to the approval of each of the client_s attorneys. d) Interest is based on a selected economic indicator index. Goals should be measurable. 6) Mark earns $185,000 a year and he pays $2,200 per month for a rent-stabilized apartment. D) personal characteristics 6) Broker Amanda prepares a sales contract, collects the earnest money and deposits it in her business account. b) is also called an exclusive freehold estate. E) personal characteristics, Answer: A a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. They can accept it outright, reject it totally, or submit a counteroffer. 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) attitude a) expressed contact. What must be enforced for this contract to be binding? c) the mortgage itself provides the only security for the loan. This is an example of ________. d) The real estate must be appraised by an approved FHA appraiser. The real estate broker's fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a seller's willingness to sell and a buyer's willingness to buy, is the duty of: A. skill, care and diligence B. disclosure C. obedience D. accounting disclosure b) the First National Bank. d) The landlord cancels the lease. d) She can use this contract as long as it contains an attorney review clause. a. Transactional exchange a. relates to the longevity of the relationship between a buyer and seller #5. This action is based on which mortgage feature? a) Allowance Clause b) Passage Clause c) Demise Clause d) Demising Clause. b) The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so. Eventually Sam convinces a co-worker, Wanda Wish, to purchase his home. C. Ricardo & listing agent = seller sub-agent, they have no duty to determine if fences are permitted. 1) Which type of lease has no automatic renewal? b) The buyer brings a blank check and finds out the final amount at the closing meeting. Which of the following statements about transactional relationships is(are) true? C) It creates synergy between markets. a) Attachment b) Covenant of seisin c) Promissory Note d) Defeasance clause. 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. D. The interest payment is always smaller then the amount allocated to the principal. chapter 6 test Flashcards | Quizlet B) conducting VALS tests C) purchasing approaches Licensees may not allow their own individual disputes over commissions and fees to adversely affect the transaction. Customers prefer a transactional orientation when there are few alternative offerings from suppliers. 3) Which statement best defines a Certificate of Occupancy? Which of the following is TRUE? The buyers are interested in another property. a) All residential property b) Homes built prior to 1978 c) Only commercial property d) Only rental property. b) It could be a violation of state licensing laws. b) decrease the interest rate as the principal declines. a. Does it make sense for a corporation to repurchase its own stock? A. 5) Which aspect of a contract deals with when a tenant takes possession of the property? #2. c) 1 percent of the loan amount. Once an offer has been accepted, the agent should do all of the following except which? 3) Mary has remained in her apartment two weeks past her move-out date, without any payment. AACSB: Reflective thinking, 64) In ________ marketing, the firm ignores segment differences and goes after the whole market with one offer. 7) How does the buyer know how much money to bring to closing? A The buyers' family is pressuring them to purchase this home. Question: 33.Which of the following statements is true about the buyer's rights of inspection? c. work with a wide array of managers on strategy and coordination issues. E) full market coverage, Answer: A 9) Which of the following statements about Gen Xers is TRUE? This is called by what name? _____ centers on all activities directed toward establishing, developing, and maintaining successful exchanges with customers and other constituents. C) loyalty status d) provide a fixed interest rate for the life of the loan. 4) A contract that conveys an interest in real estate must. 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. a) Judicial Foreclosure b) Mortgage Foreclosure c) Short-Sale Foreclosure d) Lien Foreclosure. A) need-based segmentation LO: 6.3: What are the different levels of market segmentation? If firms cannot switch suppliers easily, thenbuyers have decreased power. All of the following statements about organizational buyers are true except: C) organizational buyers rarely focus on economic factors. c) A notary must sign and stamp the changes. B) situational factors Anti-trust laws apply to activities between firms and their interaction. c) Arbitrate prior to taking court action. d) contain a legal description of the property. A) situational factors 7) The fact that Honda described its boxy Element as a "dorm room on wheels," but then attracted so many baby boomers that the average age of the Element turned out to be 42 illustrates what quality of baby boomers? c) the Mortgage Loan Trust Bank. B) segment attractiveness 4 north carolina licensee tyler is providing - Course Hero a) Map coordinates b) Deed map c) Street address d) Survey map. LO: 6.3: What are the different levels of market segmentation? c) is subordinate to a first mortgage. c) If the party who wants to enforce the contract seeks legal relief. Chapter 8 Online & Book Quiz Flashcards | Chegg.com E) consumer motivation, Answer: E #9. 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. Extra Flashcards | Quizlet d. satisfaction with the salesperson. 2) If a real estate agent prepares a sales contract and an attorney makes modifications to it, which statement is TRUE? 10) Which statement about prorated items is TRUE? 8) Money that the buyer or seller needs to pay at closing is called what? C) rigid market In North Carolina, which of the following properties may be considered stigmatized? One offer is for $208,000; the other is for $200,000. A. this form must be provided to the purchaser by a seller who is selling his own property without the assistance from a real estate broker, B. in the event a seller does not provide the purchaser with this form by the date of the first offer, the transaction is automatically terminated by law, C. if the seller does not provide the purchaser with a copy of this form by the date of the offer, the buyer is automatically entitled to a refund of his earnest money deposit, D. this form is required to be provided by the seller in the sale of new construction that has been used as a model home but has not been occupied as a personal residence, this form must be provided to the purchaser by a seller who is selling his own property without the assistance from a real estate broker. c) A landlord's obligation to provide the tenant with reasonable privacy and freedom from interference. E) full market coverage, Answer: A b. involve long-term, contractual commitments. A seller and a buyer are engaged in a dispute over a forfeited earnest money deposit. 1 Which of the following statements about marketing is true? Diff: 1 a) 10 percent b) 15 percent c) 20 percent d) 25 percent. When does a purchase offer become a legal contract? a) Right of Redemption b) Right to Rescind c) Right to Deed Access d) Right of Remainder. Earnest money must be deposited no later than 3 banking days. Which of the following clauses is required by the NC Real Estate Commission to be contained within every listing agreement? However, the client and the firm can agree to extend the listing period by mutual agreement and a properly executed addendum. C) differentiable a) Freddie Mac and Fannie Mae. All agents in the transaction should facilitate the timely delivery of the property disclosure report to the buyer. a) Act within a statutory period. d) The loan must be repaid before the borrower's death. c) open. Given the following selected account balances of Delray Mfg., prepare an income statement for Delray Mfg. 1) Which of the following statements about market segmentation is TRUE? 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. Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. d) It can be created only by an attorney. a) will be paid in arrears. b. Solidarity d) The broker finds out from the lender and tells the sellers. d) Brokers are allowed to complete any lease, provided all parties agree. What approach can their agent take to change the sellers perception of the offer? a) Credit report b) Homeowner's insurance premium c) Earnest money deposit d) Home inspection. When making your presentation, what topics should you cover? b) are less flexible than government-backed loans . 14) Which of the following is NOT an FHA loan requirement? D) switchers 10) Steve has an existing loan with Sunray Bank and has applied for a second loan. (a manufacturer). Large wholesale and retail buyers typically: D) buy most of their products as straight rebuys. Which of the following statements is true of obtaining commitment from a buyer? d) void. D) global segmentation 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. a) Fixed b) Straight c) Amortized d) Open. c. Buyers prefer collaborative relationships when the purchase decision is not complex. 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. b. an equal advantage. B) not required to disclose the information because the seller might reject the offer. c) have more forms than government-backed loans. a) Draw Loan b) Banked Loan c) Bridge Loan d) Straight Loan. Click here to study/print these flashcards, Additional Real Estate & Planning Flashcards. B. a) both an instrument of conveyance and a contract. c) implied contract. Value can be defined as the _____ benefits received by a customer firm in exchange for the price paid for a product offering. D) need-based segmentation d) Involuntary conveyance of title by statutory rules of descent. 13) Which organization insures loans made by approved lending institutions? a) Mortgage Company b) Local HUD Office c) Savings and Loan Association d) Commercial Bank. 15) Which of the following does not meet the criteria for a VA loan? 7) A buyer submits an offer to a seller. For example, ________ can show the firm which brands are most competitive with its own. 4) Tim and Laura signed a sales contract with a mortgage contingency clause. c. social C) Small manufacturers tend to have formal buying procedures and guidelines. 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. 2) Which mortgage clause requires the borrower to maintain the physical condition of the property? d. Neither (a) nor (b) is true. A(n) _____ represents the products, services, ideas, and solutions that a business marketer offers to advance the performance goals of the customer organization. b) pay the real estate taxes. 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 12) Paul will get the second quarter water bill at the end of June. 4) In which contract provision would the length of the lease be outlined? c. Total cost of ownership What type of loan is Steve getting? A) marketer resources C) personal characteristics Diff: 2 What type of lease does Jim have? b) Private mortgage insurance is available for FHA loans. d) it may also restrict some uses. a) Graduated b) Gross c) Percentage d) Net. B) product innovation 1) Which of the following statements about market segmentation is TRUE? E) niche, Answer: C Then present the $208,000 offer. 3) Which mortgage clause requires a borrower to maintain the physical condition of the mortgaged property? In which situation would Sam not owe a commission to EX Realty? b) It could be a violation of state licensing laws. 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. This is an example of ________ marketing. A) hard-core loyals Which is true of a valid listing agreement in NC? a) for a buyer who plans to own the property for a short time and believes the property will appreciate during that time. If closing is on May 7, what will be Paul_s share of the bill? 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. a) increase the interest rate as the principal declines. c) The landlord leases the ground floor of the building to a commercial tenant. a. see that operational linkages are designed into the relationship to keep product and service offerings aligned with customer needs. AACSB: Analytical thinking, 12) Dennis requests his father to buy him a PlayStation for his birthday. B) discretionary solution b. Personalized treatment of the most valuable customers. C) Step 6-segment "acid test" E) horizontal market, Answer: B Assume that its cost of goods manufactured is $534,390. d) It eliminates fraud in real estate contracts. b. 11) The dimensions in the VALS framework are consumer resources and ________. b) void. 9) Which of the following is a characteristic of land leases?