c) have more forms than government-backed loans. c. relationship commitment. 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) $12.87 b) $15.91 c) $23.22 d) $25.74. Value can be defined as the _____ benefits received by a customer firm in exchange for the price paid for a product offering. Ch1 bonus questions 1. C) A segment is attractive when there are actual or potential substitutes for the product. c) It's still an offer. a) Protracted Mortgage b) Advanced Mortgage c) Purchase Money Mortgage d) Hold Over Mortgage. 5. D) differentiable 4) In which contract provision would the length of the lease be outlined? c) when the loan-to-value ratio reaches 78 percent. a) The lender makes payments to the borrower. Browse over 1 million classes created by top students, professors, publishers, and experts. a) Estate at will b) Estate for time c) Estate for years d) Estate at sovereignty. b. technical The home is listed at $210,000. 9) Which of these would be a CREDIT to the seller at closing? Calculate the test statistic and ppp-value for each sample. D) differentiable E) virtual solution. LO: 6.3: What are the different levels of market segmentation? LO: 6.3: What are the different levels of market segmentation? A) measurable a) legal. Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. c) Sara can use a binder but not a sales contract. AACSB: Analytical thinking, 65) In ________ marketing, the firm operates in several market segments and designs different products for each segment. E) full market coverage, Answer: A b) All parties to the contact must initial the changes. d) The original offer is legally terminated. d) The loan must be repaid before the borrower's death. a) covers more than one piece of property. Buyer purchases the house and later learns that he cannot erect a fence. b. directly assist customers with planning and strategy development. Rewrite whole paragraphs to ensure clarity. They have the right to review the completed settlement statement how long before closing? c. Investments and risk of exposure 7) Money that the buyer or seller receives at closing is called what? a) It invalidates certain oral contracts. b) This mortgage type is popular among the elderly. a) Sara cannot legally fill out this contract. b. Using the continuum of working relationships, the industry bandwidth refers to: 1 Which of the following statements about marketing is true? C) segment profitability a) Condominium purchase b) Seller-financed loan c) Loan involving a second mortgage d) Federally-insured loan. 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. d) It is permissible in amounts under $50. d) estates from period to period. e. (b) and (c) only. a) A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. d) void. 10) Steve has an existing loan with Sunray Bank and has applied for a second loan. than for trading securities? 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. D. The interest payment is always smaller then the amount allocated to the principal. What must be enforced for this contract to be binding? If firms cannot switch suppliers easily, thenbuyers have decreased power. C) purchasing approaches 4) What form does RESPA require to be used for itemizing closing costs? B) It can help create jobs in the economy by increasing demand for goods and services. The $20,000 is what type of mortgage? Eventually Sam convinces a co-worker, Wanda Wish, to purchase his home. Trust and relationship commitment e. None of the above. D. a) Good Faith Estimate b) Truth-in-Lending Statement c) HUD-1 Form d) Mortgage Loan Disclosure Statement. B) substantial 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 . a) Fixed b) Straight c) Amortized d) Open. 10) Which of the following is an item that is not normally prorated? D) niche If a seller signs a sales contract and dies before the closing of the property, the sales contract is terminated. What type of mortgage is Rich requesting? Once an offer has been accepted, the agent should do all of the following except which? The listing agreement is between the client and the firm. a) both an instrument of conveyance and a contract. Relationship commitment e. interfirm cooperation. C) Step 6-segment "acid test" b. distant 2) According to contract law, every valid contract is also what? b) Select a specific, limited course of action for recouping their losses. The difference in assessed fees is about $4,000 . a) Act within a statutory period. C. Once you set a goal you should never change it. c. Relationship marketing A) Step 2-segment identification b) She can fill out the contract but she cannot collect the earnest money deposit. b. all satisfied customers will remain loyal. c) debits to the buyer. a) Executory b) Lateral c) Executed d) Open Option, 2) A patron at a restaurant is agreeing to a(n). 3) Recording the deed is done through which of these? c. marketing plan 15) The loan origination fee on a VA loan cannot exceed. 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: b) are less flexible than government-backed loans . a) Capacity to Contract b) Capacity of Age c) Legal Capacity d) Capacity to Render. c. Delivery reliability. The cost-to-serve the customer. A purchase offer is a binding contract between the buyer, the seller and their agents. Which of these statements about counteroffers is not true? Ricardo does not tell the listing agent anything about a fence. c) a promise note. Jerry agreed to what type of lease? How would Grant_s lease at this time be classified? C) decider d) it may also restrict some uses. 5) Jim has a loan where the entire payment amount goes to the interest owed? 7) How does the buyer know how much money to bring to closing? b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. c) It is forbidden under any circumstances. Exert pressure on the sellers to include something the other party wants. 1) What is another term used to describe a promissory note? 1) Which of the following statements about market segmentation is TRUE? 9) Which of the following is a good example of a unilateral contract? AACSB: Reflective thinking, 64) In ________ marketing, the firm ignores segment differences and goes after the whole market with one offer. c. The current share of the wallet the firm has attained. D) segmented a) tells all parties that the preprinted forms have been approved by an attorney. 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. b) All the parties must initial the changes. #7. 5) When the Modern Museum of Art separated its consumers by whether they were culture-oriented or outdoor-oriented for its new exhibit on art that used natural materials, they were using ________ segmentation. b) Private mortgage insurance is available for FHA loans. A. listing agent = duty to disclose listing 411 sheet that fences were not permitted. The buyer's primary function at closing is to. b) pay the real estate taxes. A) situational factors c) To reimburse clients for money that was misused by their attorney. 11) What type of loan is often used when a seller will not accept a property sale contingency? c. Total cost of ownership a) Mortgage Company b) Local HUD Office c) Savings and Loan Association d) Commercial Bank. A valid listing agreement may be terminated for any of the following reasons, EXCEPT: B. expiration of the individual listing agent's license, expiration of the individual listing agent's license. 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. b. involve long-term, contractual commitments. 3) The process of selecting one or more market segments to enter is called market ________. When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? 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. d) a document that conveys legal title. Which of these is not a good thing to do when writing a counteroffer? A) single-segment concentration #1. All multiple offers must be presented at the same time; if you know of an offer that is coming in, you must tell the sellers at the time you present the current offer; if you know of any verbal offers, share that information with the sellers also. What actions can the sellers take regarding the purchase offer? 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) How is the interest on a ARM loan determined? 12) Where on the Uniform Settlement Statement will you find the information that deals with the buyer's side of the transaction? C) personal characteristics B) product innovation B) It is a process of evaluating each segment's attractiveness and selecting one or more to enter. b) a class 3 felony. d) require higher down payments than government-backed loans require. each) ________1. 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. Achieving customer retention. d) pay the purchase price for the property. d) enforceable contract. A The buyer has the right to inspect the goods only if the buyer purchases them on layaway. View full document. a) for a buyer who plans to own the property for a short time and believes the property will appreciate during that time. a) The borrower must occupy the property. a) They are always a credit to the seller and a debit to the buyer. B. It's easier to prioritize your tasks if your goals are in writing. E) segment identification, Answer: E c. an arm's length transaction. c) will be a debit to the seller. AACSB: Analytical thinking, 51) For a segment to meet the ________ criterion of usefulness, the marketer must be able to formulate effective programs for attracting and serving the segments. a) Credit b) Proration c) Debit d) Reimbursement. If a seller changes the terms of the offer to purchase, he has created a counteroffer. Present the $200,000 first and recommend rejection. b) All parties to the contact must initial the changes. 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. The belief by a partner that an ongoing relationship is so important that it deserves maximum effort to maintain it is referred to as: Fill out a separate, numbered counteroffer form. e. (a) and (b) only, For transactional customers, the business marketer should: d) contain a legal description of the property. Diff: 1 What does the phrase the law of agency is a common-law doctrine mean? C) concentrated c) The apartment can be decontrolled. c) settlement statement. a) a survey of the property. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. e. none of the above. a) Amanda has illegally commingled the earnest money with her own money. c. Both (a) and (b) are true. The buyers are interested in another property. E) niche, Answer: C a. trust. E) actionable, Answer: B 2003-2023 Chegg Inc. All rights reserved. This is known as what type of account? 5) What is the purpose of the Statute of Frauds? C. If buyers can easily switch firms, then buyers have increased power. 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. A) demographic variables 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) Preservation and Maintenance of Property b) Property Inspection Report c) Property Order d) Borrower's Duties. E) producing products that can be used in a variety of ways. chapter 6 marketing Flashcards | Quizlet B) purchasing approaches LO: 6.2: How should a company choose the most attractive target markets? a) He has provided an advance order of moving. a) voidable. #6. d) It is a bilateral agreement. 1) Buyer Bill has agreed to pay for a computer system after all hardware has been installed and operational. a) a felony. c) a misdemeanor. c. transactional 4 north carolina licensee tyler is providing - Course Hero When business marketers are assessing which of their current customers represent the best opportunities for growth, which of the following factors should be considered? 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. #1. Which of the following statement(s) is/are true regarding death of a seller? Which of the following statements about transactional relationships is(are) true? If the loan is for $68,000, what will Mark be assessed in points? b) will be a credit to the buyer. 9) When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? D) A segment is attractive if it already contains numerous, strong, or aggressive competitors. Which statement is TRUE? A) attitude a) Fee for clearing the title b) Mortgage recording fee c) Homeowner's insurance d) Title search. 1) What is the underlying tenet of a contract agreement? 2) Jim signed a six months lease. 9) Most conventional loans follow the underwriting standards outlined by. 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. Buying centers. b) decrease the interest rate as the principal declines. a) include a title closing entity. \hline \text { Tornado Inc. } & 800 & \$ 14,000 & \$ 15,600 \\ AACSB: Reflective thinking, 21) A ________ offering consists of two parts: a naked solution and discretionary options. B) segment identification \text { Typhoon Corp. } & 2,140 & \underline{~~43,870} & \underline{~~42,800}\\ Explain. Question: 1. E) operating variables, Answer: E 9) How does a borrower use private mortgage insurance? 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) The escrow agent will subtract the seller_s total debits from the total credits and arrive at what the seller will receive at closing. 1) Proof of ownership of a property is called what? a. Transactional exchange They do not try to get a loan, and when the deadline for loan approval draws near, they tell their agent they couldn't get a loan. e. none of the above, From the customer's perspective, relationship quality centers on: c) The landlord leases the ground floor of the building to a commercial tenant. \text { Tsunami Corp. } & 1,250 & 31,250 & 35,000 \\ The agent can tell Ben and Blanche that the $200,000 offer represents 96% of their asking price. d) It's an invalid offer. 13) Al is seeking an FHA loan. C) segment attractiveness a) If neither party agrees to the terms. 5) In which type of loan is the payment allocated only to interest? Which of the following statements about collaborative relationships is(are) true? Answer: A a) Accounts Payable b) Accounts Receivable c) Impound Account d) Forward Account. During this interim period, Grant makes monthly rent payments and the owner accepts them. a) It's an accepted offer; therefore a valid contract. 8) Issues that are not covered in the purchase and sale agreement itself are usually dealt with. c) a payment cap. What type of contract does Bill hold? Answer: B Question: Label each the following statements about the economics of taxes as true or false. Which of the following are reasons for business marketers to employ relationship marketing activities? Which statement is true? a) The lender calculates what the buyer owes and then tells the sellers what they will receive. a) Right of Redemption b) Right to Rescind c) Right to Deed Access d) Right of Remainder. b) It is necessary to search public records to ascertain the status of title. All agents in the transaction should facilitate the timely delivery of the property disclosure report to the buyer. Once there is a valid and enforceable sales contract, death of the parties does not end that agreement. D) segment positioning B) substantial The seller disagrees, crosses out the points clause, then signs and returns the document to the buyer. Newlyweds are an example of a(n) ________ segment. C) differentiable b) They are always a debit to the seller and a credit to the buyer. A. What should Jake do? b) Interest is determined by the debt-to-loan ratio. 10) ________ is the science of using psychology and demographics to better understand consumers. 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. What type of loan does Jim hold? a) All parties to the contact must sign the changes. 3) Which statement best defines a Certificate of Occupancy? 11) The dimensions in the VALS framework are consumer resources and ________. 7) What kind of lease contains a recapture clause? b) states that the contract is subject to the approval of each of the client_s attorneys. Solved 1. Which statement is TRUE in a market with a price - Chegg a) 10 percent b) 15 percent c) 20 percent d) 25 percent. a. a. do not involve the exchange of money. b) Norm can complete the lease agreements as long as he has a lawyer co-sign them. A company reports pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only$7 million. d) denied. b) A tenant buys the landlord's ground, then leases the improvements. 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. share plus a$100 brokerage fee. c. The supply of goods is sold by the sellers with the lowest costs. Resources are allocated to their most efficient uses. A home's curb appeal is boosted by all of the following, except: a. mowing the lawn. A) It is of little importance when products are standardized. B) substantial (Assume it is not a leap year and the day of closing belongs to the seller. AACSB: Analytical thinking, 18) A marketer is interested in segmenting a business market on ________ if the marketer intends to segment the market based on industries and geographical areas to serve. 1) What is the seller's primary function at closing? Which of the following performance attributes has research recently shown influences customer satisfaction of business buyers? D) examining the demographics section of the handbook of marketing a) every four years. 3) How might a voidable contract become valid? a. Projected profit margins. a) Map coordinates b) Deed map c) Street address d) Survey map. d) She can use this contract as long as it contains an attorney review clause. a) both an instrument of conveyance and a contract. A property owner lists a property for sale with a broker. 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? d) The real estate must be appraised by an approved FHA appraiser. d. Operational linkages and relationship connectors. #6. A patron at a restaurant is agreeing to a(n). d) after 7 years of loan payments. a) prepaid expenses. This takes a positive view of the price. a) Prior deed b) Copy of property tax bill c) Prior title insurance policy d) Seller's credit report. E) consumer motivation, Answer: E b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. c) The Torrens title record is the title itself. D) personal characteristics 5) Mike signed a rental agreement for his friend Norm. LO: 6.3: What are the different levels of market segmentation? a) Marketable title b) Abstract of title c) Evidence of title d) Title commitment. c) A sublease does not convey any of the leasehold interest. B) effectiveness of the suppliers 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. b) The apartment can be converted to a rent-controlled apartment. b) every three years. Which statement is true about prospecting for buyers? Which of the following would likely NOT constitute a violation of the Sherman Antitrust Act? Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. LO: 6.1: In what ways can a company divide a consumer or business market into segments? b) neither an instrument of conveyance nor contract. D) switchers Then present the $208,000 offer. 2) Which mortgage clause requires the borrower to maintain the physical condition of the property? In which situation would Sam not owe a commission to EX Realty? d) closing insurance. Which of the following is not characteristic of the manufacturing sector in the United States? c. always-a-share customers. d) pay the purchase price for the property.
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