It is part of a body of law established by tradition and court decisions c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. a. Transactional exchange C) accessible LO: 6.3: What are the different levels of market segmentation? a) The borrower must occupy the property. a) Gross b) Periodic c) Net d) Graduated. B) mass b) It requires certain conveyance-related contracts to be in writing. C) accessible a) Inherently long-term leases b) Inherently short-term leases c) Tax advantage limitations d) Reduction in finance options. Diff: 2 Diff: 2 9) What do we call the right of a person to have the first opportunity to purchase or lease a property? Who typically presents an offer to the sellers? Diff: 1 c) A chronology of successive owners of record of a parcel of real estate. A) niche What action has Bill taken regarding his lease requirement? Licensees may not allow their own individual disputes over commissions and fees to adversely affect the transaction. d) The real estate must be appraised by an approved FHA appraiser. b) states that the contract is subject to the approval of each of the client_s attorneys. c. transactional #9. The listing agreement is between the client and the firm. 12) Paul will get the second quarter water bill at the end of June. 5) In which type of loan is the payment allocated only to interest? 3) Which mortgage clause requires a borrower to maintain the physical condition of the mortgaged property? e. none of the above, Rather than adopting the approach of "one design fits all," the astute marketer matches the strategy to the product and market conditions that surround a particular relationship. 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) a promise note. 8) A lease automatically terminates under which of the following circumstances? A) A segment is unattractive if the company's suppliers are unable to raise prices or reduce quantity supplied. 11) Where on the Uniform Settlement Statement will you find the information that deals with the seller's side of the transaction? Which of the following statements is TRUE? 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 ________. 10) ________ is the science of using psychology and demographics to better understand consumers. 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. C) maximum solution Which of the following is true regarding the Residential Property and Owner's Association Disclosure Statement? b. personal property. 5) What is a lead-based paint disclosure used for? 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. _____ involves a partner's belief that an ongoing relationship is so important that it deserves maximum efforts to maintain it. 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. b) survey. B) conducting VALS tests b. Value-added exchange 3) What do we call the right to reclaim a property that has been foreclosed by paying off amounts owed to creditors, including interest and costs? 11) Which of the following is not true about reverse annuity mortgages? Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. 4) What is the purpose of the Lawyers' Fund? a) Estate For Years b) Estate At Will c) Estate At Sufferance d) Estate At Order. a) Revision b) Reorder c) Rescission d) Refile. B) segment attractiveness 8) PMI loans made after July 1999 require that the loan must be released. e. none of the above, For collaborative customers, the business marketer should: d. Buying centers. d) The contract will be valid after a five-day waiting period. a) Description and Order b) Terms c) Dissolution d) Offer and Acceptance. The belief by a partner that an ongoing relationship is so important that it deserves maximum effort to maintain it is referred to as: a. see that operational linkages are designed into the relationship to keep product and service offerings aligned with customer needs. e. Only (a) and (b). 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 ________. A) initiator E) Step 7-marketing-mix strategy, Answer: D a) Fee for clearing the title b) Broker commission c) Homeowner's insurance d) Transfer taxes. 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". c) A chronology of successive owners of record of a parcel of real estate. 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. d) after 7 years of loan payments. (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 Diff: 3 A) Step 2-segment identification #1. Solved Label each the following statements about the | Chegg.com B) differentiated c. the firm can identify opportunities for expanding the relationship. c. social 14) Which of the following is NOT an FHA loan requirement? LO: 6.1: In what ways can a company divide a consumer or business market into segments? D) personal characteristics 1) Which of the following statements about market segmentation is TRUE? 9) Bill has informed his landlord that he will be moving in 30 days. \text { Tsunami Corp. } & 1,250 & 31,250 & 35,000 \\ Seller Disclosure: The Basic Rules of What You Need to Disclose a) for a buyer who plans to own the property for a short time and believes the property will appreciate during that time. E) global nature of the product, Answer: A 5) What is one important difference between a sublease and a lease assignment? D) global segmentation E) operating variables, Answer: E Jerry agreed to what type of lease? E) full market coverage, Answer: A e. the number of organizations in a straight rebuy situation. a) both an instrument of conveyance and a contract. C) differentiable 5) What is the purpose of the Statute of Frauds? D) market specialization 1) Which one of the following documents is least like a binder? c. Buyers prefer collaborative relationships when the purchase decision is not complex. a) will be paid in arrears. b) voidable and illegal contract. An offer or counteroffer can be withdrawn at any time before it has been accepted. A) Buyers for all kinds of organizations (governments, nonprofit groups, intermediaries) tend to buy in much the same way as do manufacturers. c) will be a debit to the seller. Buyers and sellers experience unexploited gains from trade b. 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. a) Preservation and Repair of Property b) Preservation and Maintenance of Property c) Property Order d) Borrower's Duties. 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. Diff: 2 a) $680 b) $1,360 c) $2,040 d) $2,720. Diff: 3 A) single-segment concentration B) undifferentiated d) using a schedule of changes. C) allowing consumers to gravitate toward product brands a) The lender calculates what the buyer owes and then tells the sellers what they will receive. b) The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so. E) The most attractive segment is one in which entry barriers are low and exit barriers are high. D) Step 1-needs-based segmentation c) when the loan-to-value ratio reaches 78 percent. A counteroffer can give the buyers an out if they want one. Is Biden Raising Mortgage Payments for People with Good Credit? a) Accounts Payable b) Accounts Receivable c) Impound Account d) Forward Account. d) The original offer is legally terminated. c. relationship commitment. 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. b. Personalized treatment of the most valuable customers. a) Receipt b) Buyer's Statement c) Purchase Offer d) An Agreement. a) The buyer may not revoke the offer in such a short period of time. d) The original offer is legally terminated. 3) Which statement best defines a Certificate of Occupancy? e. Interfirm cooperation. a) 10 percent b) 15 percent c) 20 percent d) 25 percent. B) selective specialization d) Amanda has done nothing wrong. View full document. Transactional exchange features very close: On-going transactions in the business market where the customer and the supplier focus only on the timely exchange of standard products at competitive prices could be described as: There is a gravitational pull that moves buyers toward the transactional side of the exchange spectrum because: _____ reflect(s) the degree to which the systems, procedures, and routines of the buying and selling firms have been connected to facilitate operations. B) split loyals C) shifting loyals E) antiloyals, Answer: B 13) What type of account holds property insurance, taxes, and Mutual Mortgage Insurance in escrow? b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. b) is also called an exclusive freehold estate. 7) Jim holds a commercial lease. D) operating variables B) substantial 2. A) individual E) virtual solution. a) Sara cannot legally fill out this contract. E) actionable, Answer: D d) pay the purchase price for the property. Product quality. c) The Torrens title record is the title itself. 2) Establishing and communicating the distinctive benefit(s) of the company's market offering for each target segment is called ________. a. Ricardo had a duty to determine if fences were permitted even though the listing information sheet did not indicate anything regarding fences. 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%. C) geographic segmentation 3) What is the most common form of property description? #12. b) The mortgage contingency clause is not valid. a. d) every two years. Ricardo is showing the buyer a house as seller sub-agent. Chapter 7 Review Quiz Questions Flashcards | Chegg.com Ben and Blanche receive a $200,000 offer on their home which is listed at $208,000. a) requires recording of a leasehold conveyance. E) operating variables, Answer: A C firms that sell differentiated products often have - Course Hero 2) Which statement about the Torrens system is FALSE? d. All of the above. A) hard-core loyals During this interim period, Grant makes monthly rent payments and the owner accepts them. Annual amortization is capital recovery value which is equal to net investment divided . B) Step 3-segment attractiveness a) a felony. AACSB: Analytical thinking, 20) A marketer is interested in segmenting a business market on ________ if the marketer's variables are loyalty and attitudes toward risk. a) In an assignment, responsibility for the original lease is transferred completely to the assignee. c. liquidated damages. These criteria illustrate which of the following major segmentation variables? Chapter 7 Online & Book Quiz Flashcards | Chegg.com 8) Which of the following is not an item that a seller usually pays at closing? D) segment "acid test" a) Backload loan b) Balloon c) Amortized d) Term mortgage, 6) An interest-only loan might be a good choice. d) the federal discount interest rate. Over 300 California Real Estate Practice Exam questions to pass Tests! 4) Which of these items is not included in a lease agreement? d) The landlord cancels the lease. LO: 6.1: In what ways can a company divide a consumer or business market into segments? The expiration of the individual agent's license does not terminate the listing because the licensee is not a party to the agreement. B) segment identification #8. C) It obligates the broker to work diligently for both the seller and the buyer. Question: 1. 6) Which of the following contracts must be in writing to be enforceable? Which statement is TRUE? When a business marketer demonstrates special skills in managing relationships with key customers or by developing innovative strategies with alliance partners, they are trying to create: a. Responsiveness of the supplier in meeting the firm's needs. 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. \hline \text { Tornado Inc. } & 800 & \$ 14,000 & \$ 15,600 \\ A) needs-based segmentation a) deed. d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. b) They are always a debit to the seller and a credit to the buyer. d) subject to review by a panel of peers. b) are less flexible than government-backed loans . Which statement is true? c) for a lender in a market that is decreasing in value. ________2. create, study and share online flash cards. A) macrosegmentation 3) Which statement best defines the concept of "quiet enjoyment? At this point, assuming all other contract validity items are in order, what is the status of the offer? a) All parties to the contact must sign the changes. 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) Does it make sense for a corporation to repurchase its own stock? a) It is common business practice. a) estates at will. a) both an instrument of conveyance and a contract. A home for sale awaits prospective buyers on October 27, 2022, in Hollywood, Florida. e. none of the above. A) personal characteristics #7. 1) In the event of default by the purchaser, the lender has the right to bring legal action through the courts to satisfy the debt. 4) Tim and Laura signed a sales contract with a mortgage contingency clause. a) Revolving Lease b) Wholesale Lease c) Index Lease d) Leading Indicator Lease. b) are less flexible than government-backed loans . Answer: B 5. Where would he NOT go to make an application? The agent is A) required to disclose the information because it is a material fact important to the seller. The listing with this type of provision is known as: A net listing provides for the brokerage commission to be an excess amount over a predetermined net amount to be received by the seller. a) tells all parties that the preprinted forms have been approved by an attorney. 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. d) denied. b) the gross national product. 9) What is the real estate transfer tax based on?
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