10 of 10 All of the following are true statements about goals except which one? e. None of the above. 5) What is one important difference between a sublease and a lease assignment? 5) Which of the following is one of the purposes of the Lawyers' Fund? Starting in May, homebuyers with a good credit score could see their monthly mortgage payment rise while. 2) Jim signed a six months lease. B) Step 3-segment attractiveness c) debits to the buyer. Diff: 2 A) individual AACSB: Reflective thinking, 66) General Motors, a leading American multinational automaker, sells cars for every purpose, budget, and personality. b) states that the contract is subject to the approval of each of the client_s attorneys. Marketing Management chapter 1 practice test Flashcards - Easy Notecards 14) Which of the following is NOT an FHA loan requirement? NameTornadoInc.TsunamiCorp.TyphoonCorp.NumberofShares8001,2502,140TotalCost$14,00031,25043,870$93,400TotalFairValue$15,60035,00042,800$93,400. d) pay the purchase price for the property. b. a) $12.87 b) $15.91 c) $23.22 d) $25.74. c) open. c) A chronology of successive owners of record of a parcel of real estate. d. A strategic alliance. 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. LO: 6.3: What are the different levels of market segmentation? Which is true of a valid listing agreement in NC? The contract was not approved by the local Real Estate Board nor the Bar Association. b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. The cost and fair value of this portfolio on December 31, 2014, was as follows: NameNumberofSharesTotalCostTotalFairValueTornadoInc.800$14,000$15,600TsunamiCorp.1,25031,25035,000TyphoonCorp.2,14043,87042,800$93,400$93,400\begin{array}{lrrr} b) neither an instrument of conveyance nor contract. d) Involuntary conveyance of title by statutory rules of descent. Extra Flashcards | Quizlet a) Pest inspection b) Insurance premium paid in advance c) Soil test d) Survey. b) are less flexible than government-backed loans . a. Transactional exchanges 9) Which contract provision makes previous promises null and void? Assume that its cost of goods manufactured is $534,390. Customers emphasize a collaborative orientation when the purchase decision is not complex. The history of the listing activities, information about the buyers and then the offer itself. a) Tax map b) Survey c) Street address d) Subdivision plat map. 7) A prospective homebuyer submits a signed offer to buy a house with the condition that the seller pays financing points at closing. C) differentiable A buyer representation agreement is employed contract between a buyer and a broker .it is a single agency agreement in which the broker agrees to represent a buyer in purchasing property Click the card to flip 1 / 44 Flashcards Learn Test Match Created by gowergurl Terms in this set (44) 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. c) valid but unenforceable contract. 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. 6) Pampers divides its market demographically on the basis of ________ into prenatal, new baby, baby, toddler, and preschooler. Which of the following is not characteristic of the manufacturing sector in the United States? d) The loan must be repaid before the borrower's death. A) measurable d. Margin analysis, Relationship efficacy E) actionable, Answer: B Diff: 2 According to the North Carolina Real Estate Commission, what should the broker do about the earnest money? They can accept it outright, reject it totally, or submit a counteroffer. 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. A valid listing agreement may be terminated for any of the following reasons, EXCEPT: A. sale of the property B. expiration of the individual listing agent's license C. agreement of the parties D. destruction of the premises expiration of the individual listing agent's license a) Margin b) Index c) Payment cap d) Rate cap. a) Fire b) Flood c) Theft d) Explosion. a. c. The supply of goods is sold by the sellers with the lowest costs. D) operating variables AACSB: Analytical thinking, 20) A marketer is interested in segmenting a business market on ________ if the marketer's variables are loyalty and attitudes toward risk. a. Responsiveness of the supplier in meeting the firm's needs. 9) What is the real estate transfer tax based on? c. A strategic alliance d) The landlord cancels the lease. a) It represents a "meeting of the minds.". a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. 7) Money that the buyer or seller receives at closing is called what? \end{array} c. The current share of the wallet the firm has attained. a) Gross b) Periodic c) Net d) Graduated. A) attitude a) A parol contract b) A six-month lease c) A two-year lease d) An executory contract. &&\underline{\underline{\$ 93,400}}&\underline{\underline{\$ 93,400}} Which part contains the product and service elements that all segment members value? D) personal characteristics Which of the following is not true regarding organizational buyers? d. Collaborative exchanges. a) will be paid in arrears. e. the number of organizations in a straight rebuy situation. When making your presentation, what topics should you cover? b) after 5 years of loan payments. c. the firm can identify opportunities for expanding the relationship. C) concentrated a) Fixed Rate Loans b) Bump Loans c) Adjustable Rate Loans d) Retracted Loans. A) measurable b) All parties to the contact must initial the changes. LO: 6.1: In what ways can a company divide a consumer or business market into segments? a) Amanda has illegally commingled the earnest money with her own money. Diff: 1 b. 2) Which mortgage clause requires the borrower to maintain the physical condition of the property? 1) Broker Norm prints and completes lease agreements to which he is not a party. 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. D. Buyers must receive the completed disclosure report no later than the beginning of the due diligence period. 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. 7) The fact that Honda described its boxy Element as a "dorm room on wheels," but then attracted so many baby boomers that the average age of the Element turned out to be 42 illustrates what quality of baby boomers? a) They are always a credit to the seller and a debit to the buyer. 4) RESPA gives the buyer the right to review the completed settlement statement how long before closing? 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) Wait a statutory period before they may take legal action. a) Estate For Years b) Estate At Will c) Estate At Sufferance d) Estate At Order. The $20,000 is what type of mortgage? There is no obligation of a seller to disclose the defect, though the seller has a mandatory duty to complete the Disclosure Statement. c) is subordinate to a first mortgage. c. work with a wide array of managers on strategy and coordination issues. b) The first seller may sue the buyer for specific performance. A seller and a buyer are engaged in a dispute over a forfeited earnest money deposit. b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. c. Competitive exchanges a) All parties to the contact must sign the changes. b. value proposition c) will be a debit to the seller. Which of the following is true regarding the Residential Property and Owner's Association Disclosure Statement? #9. B) purchasing approaches #1. d) provide a fixed interest rate for the life of the loan. 5) Which statement is true about accepting referral fees? D) global segmentation b) credits to the seller. 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 belief by a partner that an ongoing relationship is so important that it deserves maximum effort to maintain it is referred to as: A home's curb appeal is boosted by all of the following, except: a. mowing the lawn. a) Open b) Balloon c) Fully Amortized d) Retraced. This is an example of ________ marketing. d) carry prepayment penalties, while government-backed loans do not. d) The Torrens registry retains the original registration documents and provides copies to the recorder or other appropriate office. it must contain a nondiscriminatory clause #1. Prepare the appropriate journal entry to record income taxes. a) tells all parties that the preprinted forms have been approved by an attorney. b. directly assist the customer with planning and strategy issues. 2) Which of the following terms is not used to describe a binder? C. All residential sellers are exempt from this act unless a broker is not involved in the transaction. Diff: 2 B. the listing agent and the buyer's agent. 9) When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? d) the borrower must have a co-signer. Large wholesale and retail buyers typically: D) buy most of their products as straight rebuys. b) A certificate issued by a HUD that indicates that the building is in proper condition to be occupied. a) Allowance Clause b) Passage Clause c) Demise Clause d) Demising Clause. Which of the following statements is true of buyerpower?A. 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. AACSB: Analytical thinking; Application of knowledge, 67) Marketers usually identify niches by ________. 68) Volkswagen concentrates on the small-car market and Porsche on the sports car market. chapter 6 marketing Flashcards | Quizlet c) It is forbidden under any circumstances. What is important for the sellers to know about a counteroffer? d. all of the above a) 10 percent b) 15 percent c) 20 percent d) 25 percent. They were counting on a full-price offer and are very disappointed. If a seller changes the terms of the offer to purchase, he has created a counteroffer. Customers prefer a collaborative relationship when there is a competitive supply environment featuring many alternatives. LO: 6.2: How should a company choose the most attractive target markets? LO: 6.2: How should a company choose the most attractive target markets? C) geographic segmentation #7. b) All the parties must initial the changes. e. (a) and (c) only, Business marketing relationships vary in terms of their closeness or degree of collaboration. 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. 3) Prospecting for buyers has a much lower return on output than prospecting for sellers. c) A notary must sign and stamp the changes. B. They will owe a balloon payment at the end of the loan term. A) macrosegmentation 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. c) The Torrens title record is the title itself. b. the ability of the salesperson to understand the selection criteria of each member of the buying center. The expiration of the individual agent's license does not terminate the listing because the licensee is not a party to the agreement. During this interim period, Grant makes monthly rent payments and the owner accepts them. 15) Which of the following does not meet the criteria for a VA loan? C) accessible 2. Give the sellers the price over the phone so that they can think about it before you meet with them. _____ 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 incidence of a tax is determined by which group (buyers or sellers) must write the check to the government. A) undifferentiated A) naked solution e. Only (a) and (b). e. Interfirm cooperation. B) purchasing approaches C) accessible C) situational factors a) The lender calculates what the buyer owes and then tells the sellers what they will receive. A) company's objectives and resources b) She can fill out the contract but she cannot collect the earnest money deposit. d) A lender can continue to collect PMI payments until the homeowner's equity reaches 25%. 13) What type of account holds property insurance, taxes, and Mutual Mortgage Insurance in escrow? 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. Two hours later, the buyer finds a better house, calls the first seller, and withdraws the offer. E) personal characteristics, Answer: A a) Condominium purchase b) Seller-financed loan c) Loan involving a second mortgage d) Federally-insured loan.

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