c) the mortgage itself provides the only security for the loan. Which of the following are goals of customer relationship management (CRM)? 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. a) They are always a credit to the seller and a debit to the buyer. C) operating variables a) Interest Only b) Balloon c) Amortized d) Adjustable rate. What can be said about Norm's actions? B) segment attractiveness A) company's objectives and resources c. Relationship marketing 13) What type of account holds property insurance, taxes, and Mutual Mortgage Insurance in escrow? #11. 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. Answer: A Hurricane Inc. purchased a portfolio of available-for-sale securities in 2014, its first year of 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. 3) Recording the deed is done through which of these? a) This action is perfectly legal in New York. A) differentiated market Calculate the test statistic and ppp-value for each sample. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. 4) Which of these items is not included in a lease agreement? D) switchers a) Holdout tenant b) Holdover tenant c) Tenant at-large d) Tenant in-arrears. The home is listed at $210,000. These criteria illustrate which of the following major segmentation variables? B. It's easier to prioritize your tasks if your goals are in writing. 1) Which of the following statements about market segmentation is TRUE? AACSB: Reflective thinking. A. How will they know how much money they will receive from the sale? At this point, assuming all other contract validity items are in order, what is the status of the offer? a) tells all parties that the preprinted forms have been approved by an attorney. 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. What type of mortgage is Rich requesting? b) credits to the seller. 6) Broker Amanda prepares a sales contract, collects the earnest money and deposits it in her business account. If a seller dies after signing a listing agreement, the listing agreement is terminated. c) implied contract. 43) Which of the following statements is TRUE about the five forces identified by Michael Porter that determine the intrinsic long-run attractiveness of a market or market segment? Diff: 2 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) Estate For Years b) Estate At Will c) Estate At Sufferance d) Estate At Order. D) segment profitability a) It is common business practice. b) It requires certain conveyance-related contracts to be in writing. D) buyer Which of the following are reasons for business marketers to employ relationship marketing activities? Which of the following statements is TRUE? 4) The Statute of Limitations requires that parties to a contract who have been damaged or who question the contract's provisions do what? b. personal property. D) niche E) operating variables, Answer: E 5) Mike signed a rental agreement for his friend Norm. Solved 1. Which statement is TRUE in a market with a price - Chegg Which of the following statements is true of buyerpower?A. 8) Money that the buyer or seller needs to pay at closing is called what? d) The broker finds out from the lender and tells the sellers. According to North Carolina Real Estate Commission Rules, all of the following are required to be part of a listing agreement, EXCEPT: Listing agreements and buyer broker agreements may not provide for an automatic extension of the agreement. d) Wait a statutory period before they may take legal action. d) 10 percent of the loan amount. AACSB: Analytical thinking, 12) Dennis requests his father to buy him a PlayStation for his birthday. 9) How does a borrower use private mortgage insurance? c. A strategic alliance Diff: 3 a) Gross b) Periodic c) Net d) Graduated. a. a) Wraparound Loan b) Bridge Loan c) Swing Loan d) Ancillary Loan. Two hours later, the buyer finds a better house, calls the first seller, and withdraws the offer. c. the firm can identify opportunities for expanding the relationship. operations. Present the $200,000 first and recommend rejection. d. all of the above LO: 6.3: What are the different levels of market segmentation? E) Step 7-marketing-mix strategy, Answer: D 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. 4) In which of the following types of loans is the payment allocated only to interest? b. solidarity. d. All of the above. B) selective specialization a) deliver the title. b) a 3 percent down payment. 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. E) demographic variables, Answer: C B) The basic aspects of business customer buying behavior tend to be quite similar in the U.S. and in international markets. D) impulsiveness C) A segment is attractive when there are actual or potential substitutes for the product. c) The Torrens title record is the title itself. A) need-based segmentation When dealing with money the rules all reference "banking" not business days. d) The landlord cancels the lease. A) initiator LO: 6.2: How should a company choose the most attractive target markets? 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. D) differentiable Prior to being shown any house, the buyer tells Ricardo it is essential he have a fence erected around the backyard of any house he purchases. c) the Mortgage Loan Trust Bank. D) accessible d) The loan must be repaid before the borrower's death. b. 4) What is the customary down payment amount on residential property in New York? b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. Diff: 2 Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. This action is based on which mortgage feature? Units 11-15 Flashcards D) personal characteristics b) The apartment can be converted to a rent-controlled apartment. D) A segment is attractive if it already contains numerous, strong, or aggressive competitors. This means that. It is part of a body of law established by tradition and court decisions 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. b. distant 1) Which of the following documents is not one that will be needed at closing? Even without a buyer's commitment, a sale can take place. LO: 6.3: What are the different levels of market segmentation? A) measurable #1. 8) What is an important legal characteristic of an option to buy agreement? C) consumer maturity B) buyer-readiness stage c) the mortgage itself provides the only security for the loan. Answer: B Diff: 2 AACSB: Reflective thinking, 21) A ________ offering consists of two parts: a naked solution and discretionary options. 2) Establishing and communicating the distinctive benefit(s) of the company's market offering for each target segment is called ________. D) segmented a) It invalidates certain oral contracts. D. a) A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. a) expressed contact. a. close Diff: 3 d) The loan must be repaid before the borrower's death. For transactional customers, the salesperson should center primary attention on the purchasing staff. share plus a$100 brokerage fee. a) covers more than one piece of property. 6) Paul's loan payment is the same amount each month. Diff: 1 13) Al is seeking an FHA loan. a. b. the number of competitors in the particular industry. Be sure all requested inspections have been ordered. The seller disagrees, crosses out the points clause, then signs and returns the document to the buyer. 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. Chapter 11: From Offer To Closing Flashcards Preview 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. c. trust in the salesperson. c. marketing plan They will owe a balloon payment at the end of the loan term. 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. b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. c) when the loan-to-value ratio reaches 78 percent. b) are less flexible than government-backed loans . 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. d) The Torrens registry retains the original registration documents and provides copies to the recorder or other appropriate office. a) Description and Order b) Terms c) Dissolution d) Offer and Acceptance. d) carry prepayment penalties, while government-backed loans do not. e. Only (a) and (b). The Residential Property Disclosure Report should be provided to buyers in a timely fashion. c) settlement statement. e. (a) and (b) only, For transactional customers, the business marketer should: B) mass a) $12.87 b) $15.91 c) $23.22 d) $25.74. The buyers love the landscaping improvements the sellers have made. b. is created by interactions at the top levels of the two firms involved in a relationship 8) Newlyweds in the United States buy more in the first six months than an established household does in five years. c. Both (a) and (b) are true. 9) Which of these would be a CREDIT to the seller at closing? D) segment positioning The contract was not approved by the local Real Estate Board nor the Bar Association. The buyers have been pre-qualified by a lender. Seller Disclosure: The Basic Rules of What You Need to Disclose Browse over 1 million classes created by top students, professors, publishers, and experts. What action has Bill taken regarding his lease requirement? Resources are allocated to their most efficient uses. chapter 6 marketing Flashcards | Quizlet 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) measurable 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) 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. a. a collaborative advantage. 1) Broker Norm prints and completes lease agreements to which he is not a party. 4 north carolina licensee tyler is providing - Course Hero b) All the parties must initial the changes. Set up a face-to-face meeting with the sellers as soon as possible. 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. d) Brokers are allowed to complete any lease, provided all parties agree. The $20,000 is what type of mortgage? b) It requires certain conveyance-related contracts to be in writing. B. b) It could be a violation of state licensing laws. LO: 6.2: How should a company choose the most attractive target markets? 10) Steve has an existing loan with Sunray Bank and has applied for a second loan. According to the North Carolina Real Estate Commission, what should the broker do about the earnest money? d) enforceable contract. 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. d) Interest is based on a selected economic indicator index. LO: 6.1: In what ways can a company divide a consumer or business market into segments? 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) demographic variables Diff: 2 12) Paul will get the second quarter water bill at the end of June. Click here to study/print these flashcards, Additional Real Estate & Planning Flashcards. LO: 6.1: In what ways can a company divide a consumer or business market into segments? 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. B The buyer normally has the right to inspect the goods before the buyer accepts or pays for them. a. the sensitivity of the salesperson in understanding how business conditions affect the industry within which the buying firm operates. 3) Mary has remained in her apartment two weeks past her move-out date, without any payment. a. the range of relationship strategies (from transactional to collaborative) that are pursued by competing firms. c. Relationship commitment 3) Which of these is a common property description? A. it must contain a nondiscriminatory clause, B. it may be oral up to presentation of the first offer, C. it requires the seller to sell if a full price offer is made by a buyer, D. it can contain an automatic renewal clause if both parties agree to it in writing, it must contain a nondiscriminatory clause. This is an example of ________ marketing. Relationship marketing However, the client and the firm can agree to extend the listing period by mutual agreement and a properly executed addendum. A) Buyers for all kinds of organizations (governments, nonprofit groups, intermediaries) tend to buy in much the same way as do manufacturers. a) Margin b) Index c) Payment cap d) Rate cap. What action has Fred taken? Which of the following statements about buyer-seller relationships is(are) true? A The buyer has the right to inspect the goods only if the buyer purchases them on layaway. a) Act within a statutory period. A The buyers' family is pressuring them to purchase this home. a) will be paid in arrears. A) needs-based segmentation AACSB: Analytical thinking, 50) If your assignment was to create a value proposition and product-price positioning strategy for each segment, based on the segment's unique customer needs and characteristics, you would be in which of the following steps of the segmentation process? a) Percentage b) Net c) Provisional d) Graduated. A continuing dialogue with customers. A) situational factors 4) Tim and Laura signed a sales contract with a mortgage contingency clause. a) Revision b) Reorder c) Rescission d) Refile. a) Allowance Clause b) Passage Clause c) Demise Clause d) Demising Clause. A) attitude b. value proposition a. LO: 6.1: In what ways can a company divide a consumer or business market into segments? 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. d. all of the above #10. A) needs-based segmentation 6) Buyers Jim and Jan are closing on a home later this month. Ben and Blanche receive a $200,000 offer on their home which is listed at $208,000. Prepare additional documentation to take to the presentation. A company reports pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only$7 million. c) Arbitrate prior to taking court action. When business marketers are assessing which of their current customers represent the best opportunities for growth, which of the following factors should be considered? 6) In which contract section might you the property address? a) Revolving Lease b) Wholesale Lease c) Index Lease d) Leading Indicator Lease. e. (a) and (b) only. d) They are always divided equally between the buyer and the seller. 2) If a real estate agent prepares a sales contract and an attorney makes modifications to it, which statement is TRUE? Is Biden Raising Mortgage Payments for People with Good Credit? b) The leased property is foreclosed. 7) A buyer submits an offer to a seller. Death of the party to an agreement ends an employment contract such as a listing or buyer broker agreement. a) require lower down payments than government-backed loans require. Price discrimination is indistinguishable from dumping. All agents in the transaction should facilitate the timely delivery of the property disclosure report to the buyer. Which of the following statements is(are) true? b) the First National Bank. LO: 6.2: How should a company choose the most attractive target markets? Procurement officer, supply manager, purchasing agent, and buyer are titles for an organization's: A modified rebuy would be most likely when: B) a car producer is developing a sportier car which will require wider tires. A home for sale awaits prospective buyers on October 27, 2022, in Hollywood, Florida. What does the phrase the law of agency is a common-law doctrine mean? d) The broker must complete a rider. b) It must use precise wording in a document. 11 Q d) the federal discount interest rate. Chapter 8 Online & Book Quiz Flashcards | Chegg.com AACSB: Analytical thinking; Application of knowledge, 67) Marketers usually identify niches by ________. c) valid but unenforceable contract. The buyers have been pre-qualified by a lender. Product quality. AACSB: Reflective thinking. B) split loyals Buyer purchases the house and later learns that he cannot erect a fence. Diff: 2 d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. D) segment "acid test" Rewrite whole paragraphs to ensure clarity. c) reduce the interest rate by 1/2 percent every 5 years. d. all of the above 3) Borrower Jake has defaulted on his mortgage and the lender has required the loan to paid in full. C firms that sell differentiated products often have - Course Hero C) Step 6-segment "acid test" Earnest money deposits, when paid in the form of a personal check given on an Offer to Purchase and Contract, must be deposited in an escrow account: A. no later than three banking days after acceptance of contract, B. no later than 72 hours after receipt of money, C. no later than three business days after receipt of the money, D. no later than 72 hours after acceptance of contract, no later than three banking days after acceptance of contract. A) single-segment concentration What is important to remember about multiple offers? If a seller and a listing firm have a commission dispute prior to the closing, the listing firm: A. is not allowed to release any earnest money being held until the commission dispute is settled, B. is to hold up the closing until the dispute is settled, D. cannot release any earnest money until there is a signed release between the seller and buyer. A) Step 2-segment identification They can accept it outright, reject it totally, or submit a counteroffer. 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. E) operating variables, Answer: A 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) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. Customers emphasize a collaborative orientation when the purchase decision is not complex. LO: 6.2: How should a company choose the most attractive target markets? 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. 2) If an attorney make changes to an offer, what action should follow? 10) Which statement about prorated items is TRUE? _____ features very close information, social, and operational linkages as well as mutual commitments made in expectation of long-run benefits. LO: 6.2: How should a company choose the most attractive target markets? 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. Which of the following statement(s) is/are true regarding death of a seller? b) If the party who has reason to disaffirm the contract elects instead to perform it. c. The current share of the wallet the firm has attained. C) Small manufacturers tend to have formal buying procedures and guidelines. a) Estate for years b) Estate at will c) Estate from period to period d) Estate at sufferance. a. Transactional exchange a) deed. ________2. d. All of the above. A counteroffer represents a rejection of an offer. 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. e. (b) and (c) only. #2. a) All residential property b) Homes built prior to 1978 c) Only commercial property d) Only rental property. d) require higher down payments than government-backed loans require. B) It can help create jobs in the economy by increasing demand for goods and services. c) a misdemeanor. 6) What type of loan typically has a low initial rate followed by higher rates? a. trust. A) segment "acid test" e. (a) and (c) only, Business marketing relationships vary in terms of their closeness or degree of collaboration. d) The broker finds out from the lender and tells the sellers. c) excusable. Licensees may not allow their own individual disputes over commissions and fees to adversely affect the transaction. b) Private mortgage insurance is available for FHA loans. a) Retail Level Lease b) Percentage Lease c) Reorder Lease d) Market Level Lease. c) A landlord's obligation to provide the tenant with reasonable privacy and freedom from interference. c) a payment cap. Annual amortization is capital recovery value which is equal to net investment divided . a) $680 b) $1,360 c) $2,040 d) $2,720. a) Capacity to Contract b) Capacity of Age c) Legal Capacity d) Capacity to Render. Here's why: We already know that all sellers have a duty to disclose any "material defects." And while buyers and sellers may disagree on what a material defect is, one of the best ways to . LO: 6.2: How should a company choose the most attractive target markets? e. (a) and (c) only. D) socio-economic infrastructure 10) ________ is the science of using psychology and demographics to better understand consumers. Ricardo does not tell the listing agent anything about a fence. 9) PMI loans made after July 1999 are now regulated by Federal law. c) The landlord leases the ground floor of the building to a commercial tenant. 9) Sellers Glen and Jill are closing on their home sale next week. B) purchasing approaches 13) Which organization insures loans made by approved lending institutions? a) One calendar week b) One business day c) Two calendar days d) One business week. There is no obligation of a seller to disclose the defect, though the seller has a mandatory duty to complete the Disclosure Statement. a) It's an accepted offer; therefore a valid contract. B) It automatically binds the owner, the broker, and the MLS to its agreed provisions. The buyers' family is pressuring them to purchase this home. Which of the following performance attributes has research recently shown influences customer satisfaction of business buyers? LO: 6.3: What are the different levels of market segmentation? If closing is on May 7, what will be Paul_s share of the bill? D) operating variables E) It treats all buyers the same and, therefore, lowers promotion costs. a) every four years. #2. 1) Proof of ownership of a property is called what? b) The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so. Comment on any similarities or differences present. 2) Which statement about the Torrens system is FALSE?
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