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which statement about buyers is true?

    which statement about buyers is true?

    b) neither an instrument of conveyance nor contract. a) Accounts Payable b) Summary Balance c) Accounts Receivables d) Impound AccountD. c. liquidated damages. 9) What is the real estate transfer tax based on? This is an example of ________. d) The broker finds out from the lender and tells the sellers. c) have more forms than government-backed loans. Eventually Sam convinces a co-worker, Wanda Wish, to purchase his home. b) pay the real estate taxes. b) The buyer's agent tells the seller's agent. c. Delivery reliability. C) situational factors The buyers love the landscaping improvements the sellers have made. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. c. relationship commitment. B) microsegmentation c) If the party who wants to enforce the contract seeks legal relief. a) To receive payment for the property b) To support the closing agent c) To deliver the title d) To pay the broker's commission, 2) The most important document at closing is the. A seller and a buyer are engaged in a dispute over a forfeited earnest money deposit. b. directly assist the customer with planning and strategy issues. E) actionable, Answer: B If a seller changes the terms of the offer to purchase, he has created a counteroffer. #7. a) increase the interest rate as the principal declines. Diff: 3 15) The loan origination fee on a VA loan cannot exceed. A purchase offer is a binding contract between the buyer, the seller and their agents. E) virtual solution. 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. d. the cost of serving established customers usually increases. d) the borrower must have a co-signer. Obtaining commitment deals only with securing an order. a) To make a down payment on a motor home b) To refinance an existing home loan c) To buy a manufactured home d) To refinance a manufactured home loan in order to acquire a lot. a) The tenant fails to pay rent. a) The potential buyer, the optionee, is obligated to buy the property once the option agreement is completed. C) Step 6-segment "acid test" According to the North Carolina Real Estate Commission, who is held responsible for this nondisclosure? _____ illuminates exactly what activities are associated with serving a particular customer and how these activities are linked to revenues and the consumption of resources. b) the gross national product. Diff: 2 4) How is the interest on a ARM loan determined? b) A tenant buys the landlord's ground, then leases the improvements. 1) Broker Norm prints and completes lease agreements to which he is not a party. b. technical C) guerrilla Large wholesale and retail buyers typically: D) buy most of their products as straight rebuys. b) It requires certain conveyance-related contracts to be in writing. Diff: 1 b) Select a specific, limited course of action for recouping their losses. b) credits to the seller. 2) Mark gets a home loan and the lender will charge him 3 points at closing. 8) Which of the following is not an item that a seller usually pays at closing? d) The loan must be repaid before the borrower's death. a) Seller b) Lender representative c) Buyer d) Closing agent. 8) A lease automatically terminates under which of the following circumstances? 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. Trust 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. 9) Which contract provision makes previous promises null and void? #15. b. directly assist customers with planning and strategy development. &&\underline{\underline{\$ 93,400}}&\underline{\underline{\$ 93,400}} a) To make a down payment on a motor home, a) Preservation and Maintenance of Property. a) Gross b) Periodic c) Net d) Graduated. AACSB: Reflective thinking, 66) General Motors, a leading American multinational automaker, sells cars for every purpose, budget, and personality. #10. 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. There is no obligation of a seller to disclose the defect, though the seller has a mandatory duty to complete the Disclosure Statement. d) estates from period to period. a) deliver the title. d) Wait a statutory period before they may take legal action. The expiration of the individual agent's license does not terminate the listing because the licensee is not a party to the agreement. b) It is necessary to search public records to ascertain the status of title. 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 A) situational factors Which of the following are goals of customer relationship management (CRM)? Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. AACSB: Reflective thinking, 15) If a marketer is seeking to segment a business market, which of the following variables is generally felt to be the most important? C. Ricardo & listing agent = seller sub-agent, they have no duty to determine if fences are permitted. LO: 6.2: How should a company choose the most attractive target markets? LO: 6.3: What are the different levels of market segmentation? _____ features very close information, social, and operational linkages as well as mutual commitments made in expectation of long-run benefits. #5. c) Brokers may not complete leases to which they are not a party. d) provide a fixed interest rate for the life of the loan. b) contain default penalties. b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. 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. b. the ability of the salesperson to understand the selection criteria of each member of the buying center. #2. e. (a) and (c) only, Business marketing relationships vary in terms of their closeness or degree of collaboration. Which of the following statements is true of buyerpower?A. Which of the following statements is(are) true? A) Step 2-segment identification Which part contains the product and service elements that all segment members value? Which of the following statements about transactional relationships is(are) true? What type of mortgage is Rich requesting? #1. d) reduces the monthly payment for a borrower during the initial years. #5. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. D. b. Value-added exchange 1) Which one of the following documents is least like a binder? Jerry agreed to what type of lease? C) Small manufacturers tend to have formal buying procedures and guidelines. 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. a) Receipt b) Contract for sale c) Agreement d) Purchase offer. c) Amanda must deposit the money in the Lawyers' Fund. 3) Mary has remained in her apartment two weeks past her move-out date, without any payment. The fact that the NC listing agreement and buyer agency agreement must be in writing is required by: Employment agreements are not a right or interest in real estate subject to the statute of frauds, but need to be in writing due to commission rules. 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. Prepare additional documentation to take to the presentation. Resources are allocated to their most efficient uses. b) The buyer's agent tells the seller's agent. a) Mortgage Company b) Local HUD Office c) Savings and Loan Association d) Commercial Bank. b. Collaborative relationships are less likely to involve operational linkages between the buying and selling firms. share plus a$100 brokerage fee. c. Relationship marketing 4) What form does RESPA require to be used for itemizing closing costs? a) legal. However, the client and the firm can agree to extend the listing period by mutual agreement and a properly executed addendum. This is an example of ________ marketing. 8) Money that the buyer or seller needs to pay at closing is called what? d) contain a legal description of the property. C) accessible a) Left side of page 1 b) Right side of page 1 c) Top of page 2 d) Bottom of page 2, 1) The buyer's primary function at closing is to. c) debits to the buyer. a) Condominium purchase b) Seller-financed loan c) Loan involving a second mortgage d) Federally-insured loan. B) flexible market c) the Mortgage Loan Trust Bank. When does a purchase offer become a legal contract? a) Sara cannot legally fill out this contract. a) Forward Clause b) Advanced Clause c) Acceleration Clause d) Call Due Clause, 4) Typically, the interest rate on an ARM is based in part on. D. Goals must be realistic if you hope to accomplish them. A counteroffer can give the buyers an out if they want one. b. personal property. c) A chronology of successive owners of record of a parcel of real estate. 1) What is an important legal feature of a contract? d) denied. b. the number of competitors in the particular industry. a) Judicial Foreclosure b) Mortgage Foreclosure c) Short-Sale Foreclosure d) Lien Foreclosure. 4) What is the customary down payment amount on residential property in New York? 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. E) segment identification, Answer: E 5) In which type of loan is the payment allocated only to interest? B. It's easier to prioritize your tasks if your goals are in writing. 6) Paul's loan payment is the same amount each month. c. Investments and risk of exposure B) It diversifies the firm's risk. B) selective specialization When making your presentation, what topics should you cover? B) segment identification Relationship commitment Daniel F Viele, David H Marshall, Wayne W McManus, DECA practice tests questions multiple choice. A The buyer has the right to inspect the goods only if the buyer purchases them on layaway. 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) It eliminates fraud in real estate contracts. B) influencer 7) Money that the buyer or seller receives at closing is called what? Diff: 2 b) The buyer brings a blank check and finds out the final amount at the closing meeting. A) It makes the company almost bulletproof to competitors' actions. Diff: 2 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. It is part of a body of law established by tradition and court decisions c) a promise note. b) title insurance. b) He has given notice. a) a survey of the property. a. 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. B) effectiveness of the suppliers 4) Which of these items is not included in a lease agreement? E) niche, Answer: C 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. d) subject to review by a panel of peers. b. 10 of 10 All of the following are true statements about goals except which one? #11. AACSB: Reflective thinking. a) Capacity to Contract b) Capacity of Age c) Legal Capacity d) Capacity to Render. D) impulsiveness Ricardo does not tell the listing agent anything about a fence. a. a) when the loan-to-value ratio reaches 50 percent. a) The borrower must occupy the property. d) every two years. A counteroffer by a seller to a buyer turns the seller from offeree to offeror. E) short-term segmentation, Answer: A When dealing with money the rules all reference "banking" not business days. AACSB: Reflective thinking. C) maximum solution 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%. a) The landlord sells the ground to another, then leases it back. A) demographic variables 5) Jim has a loan where the entire payment amount goes to the interest owed? Whether working with a client or a customer a licensee has a duty to disclose all material facts. a. a collaborative advantage. C) segment attractiveness 1) Proof of ownership of a property is called what? 6) Which contract element indicates a mutual agreement? 5) What is the interest rate on an ARM tied to? b) The first seller may sue the buyer for specific performance. a) Mark can insist that the landlord lower the rent. AACSB: Reflective thinking, 64) In ________ marketing, the firm ignores segment differences and goes after the whole market with one offer. d) Brokers are allowed to complete any lease, provided all parties agree. How are unrealized gains and losses treated differently for available-for-sale securities a) voidable. C) differentiable Chapter 2: Ethics, Fair Housing And Trust Accounts, Chapter 3: Agency And Other Mandatory Disclosures, Chapter 10: Writing The Offer And Closing The Sale, Chapter 18: Business Sale, Property Management & Leasing. 7) Jim holds a commercial lease. A) measurable c. Total cost of ownership Make sure all required disclosures have been done. Which of the following clauses is required by the NC Real Estate Commission to be contained within every listing agreement? it must contain a nondiscriminatory clause #1. b) The leased property is foreclosed. LO: 6.1: In what ways can a company divide a consumer or business market into segments? a) Marketable title b) Abstract of title c) Evidence of title d) Title commitment. The buyers have been pre-qualified by a lender. e. interfirm cooperation. All agents in the transaction should facilitate the timely delivery of the property disclosure report to the buyer. Two hours later, the buyer finds a better house, calls the first seller, and withdraws the offer. C) shifting loyals a) The buyer may not revoke the offer in such a short period of time. If closing is on May 7, what will be Paul_s share of the bill? a. see that operational linkages are designed into the relationship to keep product and service offerings aligned with customer needs. d) The tenant leases the ground from the landlord and owns the improvements. If the dispute cannot be resolved the firm should allow the transaction to close and then bring a lawsuit against the seller for the commission, but the brokerage cannot hold the transaction between the parties hostage. C) allowing consumers to gravitate toward product brands 2) Establishing and communicating the distinctive benefit(s) of the company's market offering for each target segment is called ________. d) accrued expenses. b. c) when the loan-to-value ratio reaches 78 percent. 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? What approach can their agent take to change the sellers perception of the offer? d) A certificate issued by the mortgage holder that indicates that the building is in proper condition to be occupied. c. Buyers prefer collaborative relationships when the purchase decision is not complex. LO: 6.2: How should a company choose the most attractive target markets? D) examining the demographics section of the handbook of marketing b) This mortgage type is popular among the elderly. E) demographic variables, Answer: C a) Actual notice b) Torrens system notice c) Apparent notice d) Constructive notice. d) allowance contract. 3) A contract which neither party can enforce is called. AACSB: Reflective thinking, 21) A ________ offering consists of two parts: a naked solution and discretionary options. 9) When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? d. all of the above A) attitude a. close d) require higher down payments than government-backed loans require. A counteroffer represents a rejection of an offer. 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. 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. c) is subordinate to a first mortgage. b) entails entering into two agreements simultaneously. b) are less flexible than government-backed loans . 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. A) initiator b) The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so. C) situational factors 7) How does the buyer know how much money to bring to closing? 68) Volkswagen concentrates on the small-car market and Porsche on the sports car market. c) The landlord leases the ground floor of the building to a commercial tenant. A potential buyer can make an issue a material fact by asking about or expressing their intentions. d) it may also restrict some uses. At this point, assuming all other contract validity items are in order, what is the status of the offer? d) The tenant leases the ground from the landlord and owns the improvements. a) It invalidates certain oral contracts. C) consumer maturity 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. C) accessible 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: 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. If a seller dies after signing a listing agreement, the listing agreement is terminated. A. A property owner lists a property for sale with a broker. 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) using preprinted riders. 8) PMI loans made after July 1999 require that the loan must be released. b. distant a) Power of Attorney b) Power of Use c) Waiver of Attorney d) Attorney At Use. One offer is for $208,000; the other is for $200,000. c) A certificate issued by the property owner that indicates that the building is in proper condition to be occupied. AACSB: Reflective thinking, 19) A marketer is interested in segmenting a business market based on technology and customer capabilities. b) after 5 years of loan payments. 6) A homeowner's insurance policy typically covers all but which of these? 7) What kind of lease contains a recapture clause? When the party who made the offer is notified of its acceptance. a) A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. 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. a) The lender calculates what the buyer owes and then tells the sellers what they will receive. Customers prefer a transactional orientation when there are few alternative offerings from suppliers. The bill is $39.00 per quarter. a) Credit b) Proration c) Debit d) Reimbursement. 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) Description of the Address b) Description of the Area c) Description of the Premises d) Rental Location. B) substantial Diff: 1 a) Void b) Enforceable c) Enforceable or unenforceable d) Voidable, 3) A contact agreement to sell alcohol to minor would be considered. d) A sublease conveys the entire leasehold interest. Hold both offers because he heard that a full-price offer is on its way. c) when the loan-to-value ratio reaches 78 percent. d) The contract will be valid after a five-day waiting period. A) macrosegmentation b. Solidarity 10) Which loan covers the period of time between the end of one mortgage and the beginning of another? A) individual 2) Which of the following terms is not used to describe a binder? b) voidable and illegal contract. d. Operational linkages and relationship connectors. AACSB: Analytical thinking; Application of knowledge, 13) Mothers-to-be are potential users who will turn into heavy users of infant products and services. c) They are always a debit to one party and a credit to the other party for the same amount. d. all of the above Product quality. This is an example of a. a) legal and binding contract. A. A) hard-core loyals 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? 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. \text { Name } & \text { Number of Shares } & \text { Total Cost } & \text { Total Fair Value } \\ c) homeowner's insurance. 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. none of the above. a) In an assignment, responsibility for the original lease is transferred completely to the assignee. Diff: 3 b. a. invest resources to build operational linkages and information-sharing mechanisms for the relationship. a) Swing Loan b) Wraparound Loan c) Pillow Loan d) Ancillary Loan. 6) Broker Sara completes a preprinted sales contract. Which statement is true about prospecting for buyers? Diff: 3 a. the range of relationship strategies (from transactional to collaborative) that are pursued by competing firms. C) product specialization a) Holdout tenant b) Holdover tenant c) Tenant at-large d) Tenant in-arrears. c) the mortgage itself provides the only security for the loan. E) micro, Answer: B a) Title fees b) Taxes c) Rent d) Utilities. They have the right to review the completed settlement statement how long before closing? d) for a seller in a buyer's market. a) Open b) Balloon c) Fully Amortized d) Retraced. Exert pressure on the sellers to include something the other party wants. 70) Which of the following best represents the chief advantage of pursuing a strategy of multiple segment specialization? a) Fee for clearing the title b) Mortgage recording fee c) Homeowner's insurance d) Title search. a. e. (a) and (c) only. Projected profit margins. A) company's objectives and resources LO: 6.1: In what ways can a company divide a consumer or business market into segments? B) segment identification d) If the party who wants to enforce the contract seeks damages. C) segment profitability When you believe an offer is both fair and reasonable but it does not meet the sellers asking price, you should: Make no recommendations and let the sellers decide on their own. Diff: 3 a) Use provisions b) Demising clause c) Description of premises d) Alienation clause. Which of the following performance attributes has research recently shown influences customer satisfaction of business buyers? a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. 1) What is the seller's primary function at closing? d) using a schedule of changes. E) segment "acid-test", Answer: D E) actionable, Answer: E E) full market coverage, Answer: A A) It involves changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market. 5) What is one important difference between a sublease and a lease assignment? A) It obligates the seller to transfer the property if the broker procures a ready, willing, and able buyer. 10) Which of the following is an item that is not normally prorated? 5) Which contract provision allows for the transfer of the contract to another person? 1. d) The escrow agent will subtract the total of the buyer_s credits from the total debits and the result is what the buyer needs to bring. b) Only attorneys can hold and deposit earnest money. LO: 6.2: How should a company choose the most attractive target markets? 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. d) Involuntary conveyance of title by statutory rules of descent. b) The apartment can be converted to a rent-controlled apartment. E) antiloyals, Answer: B 11) The dimensions in the VALS framework are consumer resources and ________. E) producing products that can be used in a variety of ways. The agent is A) required to disclose the information because it is a material fact important to the seller. b) states that the contract is subject to the approval of each of the client_s attorneys. c) The borrower pays a fixed rate of interest. a) A promise to pay b) A judgment letter c) A property lien d) Earnest money. A) personal characteristics What can be said about Norm's actions? 6) Buyers Jim and Jan are closing on a home later this month. b) The bundle of rights linked to the recorded title to a parcel. a) $431.62 b) $437.45 c) $1,662.55 d) $1,668.38, 12) Expenses that the seller incurred but have not yet been billed for at the time of closing are. d) carry prepayment penalties, while government-backed loans do not. c. focus primary attention on the purchasing staff. #3. 11) What type of loan is often used when a seller will not accept a property sale contingency? If the loan is for $68,000, what will Mark be assessed in points? 8) What is used to seal a binder agreement?

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