Which of the following statements about selling a home as-is in North Carolina is true? A) naked solution 4) Which of these items is not included in a lease agreement? A) situational factors Which of the following statements is TRUE? c. relationship commitment. a) Title company b) Attorney's office c) Lender's site d) Broker's office, a) Second mortgage on a condominium b) Seller-financed loan c) Hotel mortgage d) Loan assumption, 5) Most lenders require buyers to purchase. If a seller dies after signing a listing agreement, the listing agreement is terminated. b) are less flexible than government-backed loans . b) entails entering into two agreements simultaneously. a) Seller b) Lender representative c) Buyer d) Closing agent. d) The original offer is legally terminated. d) The broker finds out from the lender and tells the sellers. 6) RESPA applies to all of the following EXCEPT which? b) They are always a debit to the seller and a credit to the buyer. 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? b) intended contract. operations. a) The buyer may not revoke the offer in such a short period of time. One offer is for $208,000; the other is for $200,000. a) 2 percent of the loan amount. a) Construction b) Wraparound c) Open-end d) Bridge. b) is also called an exclusive freehold estate. D. a) Estate For Years b) Estate At Will c) Estate At Sufferance d) Estate At Order. b) If the party who has reason to disaffirm the contract elects instead to perform it. Which statement is true? 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? d) after 7 years of loan payments. c) reduce the interest rate by 1/2 percent every 5 years. c. A strategic alliance e. (b) and (c) only. B) demographic Which of the following is not true regarding organizational buyers? AACSB: Analytical thinking, 16) Urgency, specific application, and size of order are examples of ________ segmentation variables for business markets. 2) Which kind of lease has no time limit? d. All of the above. B) purchasing approaches c) the mortgage itself provides the only security for the loan. B) segment attractiveness 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. c. refers to the ability of an interfirm relationship to achieve desired objectives. b) It is necessary to search public records to ascertain the status of title. a) Act within a statutory period. c) have more paperwork than government-backed loans. b) The first seller may sue the buyer for specific performance. a) This action is perfectly legal in New York. e. Only (a) and (b). A) It is of little importance when products are standardized. a) A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. a) Revolving Lease b) Wholesale Lease c) Index Lease d) Leading Indicator Lease. LO: 6.3: What are the different levels of market segmentation? 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. A. a) Credit b) Proration c) Debit d) Reimbursement. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. E) full market coverage, Answer: A a) an index. 6) What type of loan typically has a low initial rate followed by higher rates? Unit quiz 11 Flashcards by Ron Jeremy | Brainscape There is no obligation of a seller to disclose the defect, though the seller has a mandatory duty to complete the Disclosure Statement. Which of the following is TRUE? E) gatekeeper, Answer: A a) Good Faith Estimate b) Truth-in-Lending Statement c) HUD-1 Form d) Mortgage Loan Disclosure Statement. b. Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. d) A lender can continue to collect PMI payments until the homeowner's equity reaches 25%. d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. d. A strategic alliance. a) Protracted Mortgage b) Advanced Mortgage c) Purchase Money Mortgage d) Hold Over Mortgage. c) They are always a debit to one party and a credit to the other party for the same amount. D) pseudo solution LO: 6.2: How should a company choose the most attractive target markets? b. b. Transactional exchange NameTornadoInc.TsunamiCorp.TyphoonCorp.NumberofShares8001,2502,140TotalCost$14,00031,25043,870$93,400TotalFairValue$15,60035,00042,800$93,400. b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. 3) Borrower Jake has defaulted on his mortgage and the lender has required the loan to paid in full. d) reduces the monthly payment for a borrower during the initial years. 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. Trust and relationship commitment Browse over 1 million classes created by top students, professors, publishers, and experts. When the party who made the offer is notified of its acceptance. c) settlement statement. #6. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. B) selective specialization Seller Disclosure: The Basic Rules of What You Need to Disclose e. both (c) and (d), Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Finite Mathematics for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Raymond A. Barnett, Morality and Justice Exam Review Guide Cards. A) It obligates the seller to transfer the property if the broker procures a ready, willing, and able buyer. b) All parties to the contact must initial the changes. When presenting information about the buyers to the sellers, which piece of information might not be useful in helping the sellers make a decision? (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 Anti-trust laws prohibit all of the following, EXCEPT: A. property management companies all agreeing to charge standardized management fees, B. three different brokerage firms allocating markets based on the value of homes, C. real estate companies agreeing not to cooperate with a broker because of the fees that broker charges, D. a broker requiring all the agents of his firm to join the local listing service, a broker requiring all the agents of his firm to join the local listing service. d) Involuntary conveyance of title by statutory rules of descent. A) measurable d. intend to move each partner toward the attainment of some long-term strategic goal. LO: 6.1: In what ways can a company divide a consumer or business market into segments? b) It requires certain conveyance-related contracts to be in writing. 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. This is an example of ________ marketing. A) personal characteristics What is this law called? D) It is a low-cost strategy. Chapter 7 Review Quiz Questions Flashcards | Chegg.com b) The buyer brings a blank check and finds out the final amount at the closing meeting. With respect to consumer decision roles, which role is Dennis currently playing? View full document. B) demographic variables b) Private mortgage insurance is available for FHA loans. B) segment identification 15) Which of the following does not meet the criteria for a VA loan? a) The contract must be rewritten and signed again. Which statement is TRUE? The buyers love the landscaping improvements the sellers have made. Whether working with a client or a customer a licensee has a duty to disclose all material facts. each) ________1. 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. The open exchange of information is a characteristic of ____ relationships. a) covers more than one piece of property. Set up a face-to-face meeting with the sellers as soon as possible. a) Fixed b) Straight c) Amortized d) Open. B) not required to disclose the information because the seller might reject the offer. A. For transactional customers, the salesperson should center primary attention on the purchasing staff. A) measurable e. None of the above. 11 Q 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. Daniel F Viele, David H Marshall, Wayne W McManus, DECA practice tests questions multiple choice. 11) Which of the following is not true about reverse annuity mortgages? _____ illuminates exactly what activities are associated with serving a particular customer and how these activities are linked to revenues and the consumption of resources. a. C) purchasing approaches Chapter 8 Online & Book Quiz Flashcards | Chegg.com a) Hold Over Mortgage b) Advanced Mortgage c) Principal Mortgage d) Purchase Money Mortgage. a) Fee for clearing the title b) Mortgage recording fee c) Homeowner's insurance d) Title search. A) measurable 4) RESPA gives the buyer the right to review the completed settlement statement how long before closing? b) The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so. A. listing agent = duty to disclose listing 411 sheet that fences were not permitted. All agents in the transaction should facilitate the timely delivery of the property disclosure report to the buyer. _____ centers on all activities directed toward establishing, developing, and maintaining successful exchanges with customers and other constituents. a) Condominium purchase b) Seller-financed loan c) Loan involving a second mortgage d) Federally-insured loan. 1) Which of the following statements about market segmentation is TRUE? c) a misdemeanor. 8) Conventional loans are typically uninsured. Comment on any similarities or differences present. This is called by what name? LO: 6.3: What are the different levels of market segmentation? d. All of the above. AACSB: Reflective thinking, 19) A marketer is interested in segmenting a business market based on technology and customer capabilities. a) Estate for years b) Estate from period to period c) Estate at will d) Estate at sufferance. 2) If an attorney make changes to an offer, what action should follow?
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