Given the following selected account balances of Delray Mfg., prepare an income statement for Delray Mfg. 3) Recording the deed is done through which of these? d) The real estate must be appraised by an approved FHA appraiser. 9. 9) Which of the following statements about Gen Xers is TRUE? Chapter 7 Online & Book Quiz Flashcards | Chegg.com a) prepaid expenses. c) Arbitrate prior to taking court action. C) decider 11 Q 7) A buyer submits an offer to a seller. Which of these statements about counteroffers is not true? c) He has given due process. 5) Which contract provision allows for the transfer of the contract to another person? a) Swing Loan b) Wraparound Loan c) Pillow Loan d) Ancillary Loan. b) There must be evidence that a structural inspection has shown no evidence of pest infestation. a. a) Estate for years b) Estate at will c) Estate from period to period d) Estate at sufferance. a) 10 percent b) 15 percent c) 20 percent d) 25 percent. b. an equal advantage. e. Only (a) and (b). a) Act within a statutory period. d) They are always divided equally between the buyer and the seller. B) flexible market a) Window Loan b) Home Equity Loan c) Reverse Annuity Mortgage d) Blanket Loan. share plus a$100 brokerage fee. Diff: 1 LO: 6.2: How should a company choose the most attractive target markets? 10) Which of the following is an item that is not normally prorated? b) A tenant buys the landlord's ground, then leases the improvements. 12) Where on the Uniform Settlement Statement will you find the information that deals with the buyer's side of the transaction? #2. c) To reimburse clients for money that was misused by their attorney. a) The list of all parties who have ever owned real estate. LO: 6.1: In what ways can a company divide a consumer or business market into segments? c) the Mortgage Loan Trust Bank. LO: 6.2: How should a company choose the most attractive target markets? b) Norm can complete the lease agreements as long as he has a lawyer co-sign them. d. all of the above c. A strategic alliance A) differentiated market What type of loan might help Fred? a) Power of Attorney b) Power of Use c) Waiver of Attorney d) Attorney At Use. What approach can their agent take to change the sellers perception of the offer? c. the firm can identify opportunities for expanding the relationship. C. Once you set a goal you should never change it. c) The contract can be executed at no cost to the optionee. E) demographic variables, Answer: C C) maximum solution 3) How might a voidable contract become valid? A. A) demographic variables a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. c) A chronology of successive owners of record of a parcel of real estate. When dealing with money the rules all reference "banking" not business days. a) Good Faith Estimate b) Truth-in-Lending Statement c) HUD-1 Form d) Mortgage Loan Disclosure Statement. ), 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. e. (a) and (b) only, For transactional customers, the business marketer should: C) segment attractiveness b) credits to the seller. If closing is on May 7, what will be Paul_s share of the bill? d. all of the above a) include a title closing entity. 1) What is the seller's primary function at closing? 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. Which statement is TRUE in a market with a price ceiling? D) user status According to the North Carolina Real Estate Commission, who is held responsible for this nondisclosure? c) The tenant goes out of business. d. a transactional exchange. D) need-based segmentation #12. a. a collaborative advantage. The bill is $39.00 per quarter. A) demographic variables d) The tenant leases the ground from the landlord and owns the improvements. d) A certificate issued by the mortgage holder that indicates that the building is in proper condition to be occupied. #6. LO: 6.1: In what ways can a company divide a consumer or business market into segments? d) the Standards and Poor's Trust. d) The broker must complete a rider. B) segment identification d) estates from period to period. d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. Diff: 2 2. a. see that operational linkages are designed into the relationship to keep product and service offerings aligned with customer needs. An exclusive agency agreement differs from an exclusive right to sell agreement because under an exclusive agency agreement the firm is not paid if the seller finds a buyer on their own. c) The maximum purchase price of the property cannot exceed $250,000. D) buyer d) accrued expenses. A) A segment is unattractive if the company's suppliers are unable to raise prices or reduce quantity supplied. 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. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. 3) Which of these is a common property description? 45 Hour Post License Final Exam Flashcards | Quizlet #14. LO: 6.2: How should a company choose the most attractive target markets? a) Estate for years b) Estate from period to period c) Estate at will d) Estate at sufferance. C) Step 6-segment "acid test" AACSB: Reflective thinking, 21) A ________ offering consists of two parts: a naked solution and discretionary options. 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. #3. b) He has given notice. Goals should be measurable. Sample Final Exam for California Real Estate Practice Questions with no 7) Jim holds a commercial lease. The buyers are interested in another property. a) The lender calculates what the buyer owes and then tells the sellers what they will receive. A) It makes the company almost bulletproof to competitors' actions. B) split loyals Which statement is TRUE of a listing agreement? 11) Where on the Uniform Settlement Statement will you find the information that deals with the seller's side of the transaction? 4) Which part of a contract deals with the legal requirements to enter into a contract? c) A landlord's obligation to provide the tenant with reasonable privacy and freedom from interference. 1) What is the underlying tenet of a contract agreement? Hold both offers because he heard that a full-price offer is on its way. D) differentiable c) A certificate issued by the property owner that indicates that the building is in proper condition to be occupied. Ben and Blanche receive a $200,000 offer on their home which is listed at $208,000. d) If the party who wants to enforce the contract seeks damages. b) The mortgage contingency clause is not valid. LO: 6.1: In what ways can a company divide a consumer or business market into segments? 2003-2023 Chegg Inc. All rights reserved. d) It is permissible in amounts under $50. Comment on any similarities or differences present. Exert pressure on the sellers to include something the other party wants. c) for a lender in a market that is decreasing in value. b) All parties to the contact must initial the changes. c) have more paperwork than government-backed loans. d) denied. Net listings are legal, but they are discouraged by the real estate commission due to their potential for taking advantage of a client. Present the $200,000 first and recommend rejection. 3) What is the most common form of property description? How will they know how much money they will receive from the sale? What type of loan does Jim hold? D) impulsiveness operations. A) measurable Diff: 2 c. an arm's length transaction. A) need-based segmentation C) segment attractiveness d) The contract will be valid after a five-day waiting period. Trust and relationship commitment 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? d) a document that conveys legal title. 5) What is a lead-based paint disclosure used for? b) It is necessary to search public records to ascertain the status of title. c) It is not voidable. d) states that a lawyer can rescind the contract terms within 10 days of contract approval. Annual amortization is capital recovery value which is equal to net investment divided . The seller disagrees, crosses out the points clause, then signs and returns the document to the buyer. B. Ricardo = duty to determine if fences were permitted even if listing 411 sheet did not indicate anything regarding fences. Diff: 3 Calculate the test statistic and ppp-value for each sample. Customers prefer a transactional orientation when there are few alternative offerings from suppliers. c. Relationship commitment If firms offer differentiated products, thenbuyers have increased power.B. A home's curb appeal is boosted by all of the following, except: a. mowing the lawn. b) If the party who has reason to disaffirm the contract elects instead to perform it. c) The Torrens title record is the title itself. Which of the following statements are true? The buyers love the landscaping improvements the sellers have made. They do not limit the ability of a firm from setting company policies as to fees, rates or geographical areas. 1) Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. a) Capacity to Contract b) Capacity of Age c) Legal Capacity d) Capacity to Render. #11. a) The meeting of the minds b) The actual contract form c) The written contract words d) The public notice of the offer, 2) Neighbor Sam told seller Jake that he would buy 2 adjoining acres if Jake ever decides to sell. 5) Which aspect of a contract deals with when a tenant takes possession of the property? b) It could be a violation of state licensing laws. b. all satisfied customers will remain loyal. Buyers and sellers experience unexploited gains from trade b. d) allowance contract. 4) When Nike attempts to get close to its customers at the local level by sponsoring local school teams and providing shoes, equipment, and clothing to many of them, Nike is using which of the following marketing formats? B) segment attractiveness The contract was not approved by the local Real Estate Board nor the Bar Association. real estate class Flashcards | Chegg.com 1) What is another term used to describe a promissory note? D) purchasing approaches Who typically presents an offer to the sellers? LO: 6.2: How should a company choose the most attractive target markets? c) estate at sufferance. The seller and the buyer must be informed of the situation and agree in writing to the broker's representing both of them. b) The apartment can be converted to a rent-controlled apartment. C) accessible D) Step 1-needs-based segmentation 12) Seller James has taken back $20,000 as a second mortgage so Buyer Karl can qualify to buy the property. 3) Which statement best defines a Certificate of Occupancy? If the buyer backs out of the contract without good reason, the offer to purchase contains a printed clause that says the seller may keep the deposit as: a. equity. C) situational factors c) Brokers may not complete leases to which they are not a party. a. close B. a) A parol contract b) A six-month lease c) A two-year lease d) An executory contract. Which of the following is true regarding the Residential Property and Owner's Association Disclosure Statement? Recommend a counteroffer back to list price. d. Operational linkages and relationship connectors. Diff: 3 b. Transactional exchange Diff: 2 c. Competitive exchange d) Amanda has done nothing wrong. 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. b. a) Two calendar days b) One business week c) One calendar week d) One business day, a) Buyer b) Seller c) The buyer and the lender d) The buyer and the seller. Obtaining commitment deals only with securing an order. d) The loan must be repaid before the borrower's death. Diff: 2 6) Broker Amanda prepares a sales contract, collects the earnest money and deposits it in her business account. C) allowing consumers to gravitate toward product brands b) periodic estates. a) They are always a credit to the seller and a debit to the buyer. It is unwise for marketers to make specialized investments in transactional relationships. 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. B) product innovation c) Brokers may not complete leases to which they are not a party. AACSB: Analytical thinking; Application of knowledge, 14) A company can learn a great deal by analyzing the degrees of brand loyalty. d. a strategic alliance. E) actionable, Answer: B The buyers' family is pressuring them to purchase this home. d. commission. a) Prior deed b) Copy of property tax bill c) Prior title insurance policy d) Seller's credit report. d) every two years. D) It is a low-cost strategy. Transactions that are almost, if not entirely, void of a close, collaborative relationship: b) void. Diff: 2 This is known as what type of account? d) The loan must be repaid before the borrower's death. a) A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. b) a class 3 felony. b) The buyer brings a blank check and finds out the final amount at the closing meeting. b. Value-added exchange 9) When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? How would Grant_s lease at this time be classified? A) situational factors c. trust in the salesperson. d) using a schedule of changes. 7) How does the buyer know how much money to bring to closing? Death of the party to an agreement ends an employment contract such as a listing or buyer broker agreement. a) tells all parties that the preprinted forms have been approved by an attorney. 4 north carolina licensee tyler is providing - Course Hero Where would he NOT go to make an application? 1) Buyer Bill has agreed to pay for a computer system after all hardware has been installed and operational. Even without a buyer's commitment, a sale can take place. E) actionable, Answer: D c. Buyers prefer collaborative relationships when the purchase decision is not complex. D. d) carry prepayment penalties, while government-backed loans do not. c) If the party who wants to enforce the contract seeks legal relief. b) will be a credit to the buyer. D) A segment is attractive if it already contains numerous, strong, or aggressive competitors. 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. b) for a buyer who plans to own the property for a long time. Diff: 1 What is this law called? e. (a) and (b) only. This is an example of ________. a) To protect lawyers who are sued by clients b) To compel real estate companies to use standard forms c) To reimburse clients for money that was misused by their attorney d) To prevent licensees from preparing real estate contracts. a) The lender calculates what the buyer owes and then tells the sellers what they will receive. C) product specialization b) pay the real estate taxes. B) selective specialization c) excusable. The property owner should disclose the condition of the listed property or be subject to a 3-day rescission period on any contract formed. 4) The Statute of Limitations requires that parties to a contract who have been damaged or who question the contract's provisions do what? _____ illuminates exactly what activities are associated with serving a particular customer and how these activities are linked to revenues and the consumption of resources. The listing agreement is between the client and the firm. C) It helps to build a loyal customer base but has no impact on a firm's intangible assets. E) antiloyals, Answer: B a) Fixed b) Straight c) Amortized d) Open. a. the sensitivity of the salesperson in understanding how business conditions affect the industry within which the buying firm operates. D) socio-economic infrastructure Once an offer has been accepted, the agent should do all of the following except which? #6. 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. 8) A lease automatically terminates under which of the following circumstances? c. Total cost of ownership B) segment identification A) Buyers for all kinds of organizations (governments, nonprofit groups, intermediaries) tend to buy in much the same way as do manufacturers. A new Estimate of Sellers Proceeds, using the current offering price as the basis and an updated competitive market analysis, would be helpful. Diff: 3 a) requires recording of a leasehold conveyance. a) Assignment of a Contract_ b) Operation of Law c) Transfer Clause d) Execute Clause. c. focus primary attention on the purchasing staff. a) The contract must be rewritten and signed again. 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. b) is also called an exclusive freehold estate. One offer is for $208,000; the other is for $200,000. Prepare the appropriate journal entry to record income taxes. b) via handwritten notes. 6) RESPA applies to all of the following EXCEPT which? View full document. Prepare additional documentation to take to the presentation. 13) Which organization insures loans made by approved lending institutions? Which of the following clauses is required by the NC Real Estate Commission to be contained within every listing agreement? a) Amanda has illegally commingled the earnest money with her own money. C) It creates synergy between markets. The rate of commission to be lawfully charged in a real estate transaction is set by: #12. Which of the following is TRUE about the North Carolina Residential Property Disclosure Act? Which of the following statements is true of obtaining commitment from a buyer? If the closing is set for October 15, using the 365-day method, how much of the taxes will be credited to the buyer? a) Proceeds from tax exempt mortgage revenue bonds. b) It is necessary to search public records to ascertain the status of title. a. relates to the longevity of the relationship between a buyer and seller If the buyer rejects the first counteroffer, the seller can accept the first offer. c) when the loan-to-value ratio reaches 78 percent. Assume that its cost of goods manufactured is $534,390. Eventually Sam convinces a co-worker, Wanda Wish, to purchase his home. When organizational buyers consider changes from one selling firm to another, what are the two main categories of switching costs they consider? 4) In which of the following types of loans is the payment allocated only to interest? c. Achieving customer retention. Chapter 7 Review Quiz Questions Flashcards | Chegg.com a) Inherently long-term leases b) Inherently short-term leases c) Tax advantage limitations d) Reduction in finance options. 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. Units 11-15 Flashcards LO: 6.1: In what ways can a company divide a consumer or business market into segments? a) both an instrument of conveyance and a contract. C) rigid market Each of their payments is for the same amount B. d. Neither (a) nor (b) is true. 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%. 1) Which type of lease has no automatic renewal? Which of these is not a good thing to do when writing a counteroffer? Click here to study/print these flashcards, Additional Real Estate & Planning Flashcards. c. marketing plan c) Amanda must deposit the money in the Lawyers' Fund. c. Relationship marketing Buying firms prefer a transactional relationship when: Buying firms prefer a more collaborative relationship when: Which of the following statements about buyer-seller relationships is(are) true? a) Construction b) Wraparound c) Open-end d) Bridge. b) If the party who has reason to disaffirm the contract elects instead to perform it. 2) Which kind of lease has no time limit? LO: 6.1: In what ways can a company divide a consumer or business market into segments? E) virtual solution. The listing agent does not inform the selling agent of the defect and since the defect, is hidden, the selling agent does not discover or disclose the problem to the buyer.
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