6) Which legal remedy resets parties to pre-contract status? 1) What is the underlying tenet of a contract agreement? c) when the loan-to-value ratio reaches 78 percent. A) needs-based segmentation 8) Which of the following summarizes the general terms of a ground lease? 4) A contract that conveys an interest in real estate must. a) $680 b) $1,360 c) $2,040 d) $2,720. 8) Money that the buyer or seller needs to pay at closing is called what? Solved Label each the following statements about the | Chegg.com Buyer purchases the house and later learns that he cannot erect a fence. d. the lost-for-good customer. Diff: 2 LO: 6.2: How should a company choose the most attractive target markets? c. A strategic alliance a) Swing Loan b) Wraparound Loan c) Pillow Loan d) Ancillary Loan. AACSB: Analytical thinking, 12) Dennis requests his father to buy him a PlayStation for his birthday. a) Estate for years b) Estate from period to period c) Estate at will d) Estate at sufferance. A) situational factors b) states that the contract is subject to the approval of each of the client_s attorneys. c. relationship commitment. #5. C. Ricardo & listing agent = seller sub-agent, they have no duty to determine if fences are permitted. b) Select a specific, limited course of action for recouping their losses. a) Power of Attorney b) Power of Use c) Waiver of Attorney d) Attorney At Use. Over 300 California Real Estate Practice Exam questions to pass Tests! c) A notary must sign and stamp the changes. AACSB: Reflective thinking, 64) In ________ marketing, the firm ignores segment differences and goes after the whole market with one offer. A) measurable b) contain default penalties. 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. #7. b) The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so. 5) Mike signed a rental agreement for his friend Norm. 1) What is an important legal feature of a contract? B) influencer a) every four years. E) niche, Answer: C D) operating variables d. a transactional exchange. Diff: 2 a) They can cancel the contract and get their earnest money refunded. d) Interest is based on a selected economic indicator index. c) for a lender in a market that is decreasing in value. c. liquidated damages. 1) What type of document does a home owner sign when agreeing to a mortgage? d) property inspection. C) accessible 3) Which of the following persons may, but is not required to, attend a closing? 2003-2023 Chegg Inc. All rights reserved. c) debits to the buyer. Effective machine life is only determined by the durability of the machine. LO: 6.1: In what ways can a company divide a consumer or business market into segments? d) Brokers are allowed to complete any lease, provided all parties agree. ________2. 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. A) naked solution b) every three years. A) single-segment concentration 5) What is the interest rate on an ARM tied to? Question: 1. a) Percentage b) Net c) Provisional d) Graduated. e. Only (a) and (b). c) a payment cap. 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. 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. a) voidable. \hline \text { Tornado Inc. } & 800 & \$ 14,000 & \$ 15,600 \\ LO: 6.2: How should a company choose the most attractive target markets? Answer: B C) concentrated b) for a buyer who plans to own the property for a long time. 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. Ricardo does not tell the listing agent anything about a fence. Diff: 2 #5. They can accept it outright, reject it totally, or submit a counteroffer. 6) Which contract element indicates a mutual agreement? Which of the following performance attributes has research recently shown influences customer satisfaction of business buyers? Diff: 3 _____ features very close information, social, and operational linkages as well as mutual commitments made in expectation of long-run benefits. With respect to consumer decision roles, which role is Dennis currently playing? b. involve long-term, contractual commitments. A) Step 2-segment identification Calculate the test statistic and ppp-value for each sample. 8) A lease automatically terminates under which of the following circumstances? Which of the following statements is TRUE? 1) Proof of ownership of a property is called what? 8) Which of these would be a CREDIT to the buyer at closing? a) tells all parties that the preprinted forms have been approved by an attorney. 8) PMI loans made after July 1999 require that the loan must be released. 4) The Statute of Limitations requires that parties to a contract who have been damaged or who question the contract's provisions do what? LO: 6.1: In what ways can a company divide a consumer or business market into segments? What type of loan might help Fred? c. Transactional customers display less loyalty to a particular supplier and can easily switch part or all of their purchases from one vendor to another. a) It represents a "meeting of the minds.". D) segment profitability If firms offer differentiated products, thenbuyers have increased power.B. d) require higher down payments than government-backed loans require. The buyers love the landscaping improvements the sellers have made. b) The mortgage contingency clause is not valid. Paul is most likely holding what kind of loan? b) the First National Bank. b) The first seller may sue the buyer for specific performance. (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 5) Which statement is true about accepting referral fees? c) It nullifies oral leases and listing agreements. Large wholesale and retail buyers typically: D) buy most of their products as straight rebuys. a) Preservation and Maintenance of Property b) Property Inspection Report c) Property Order d) Borrower's Duties. 6) Mark earns $185,000 a year and he pays $2,200 per month for a rent-stabilized apartment. A) demographic variables 1) Buyer Bill has agreed to pay for a computer system after all hardware has been installed and operational. A) It makes the company almost bulletproof to competitors' actions. a) Tax map b) Survey c) Street address d) Subdivision plat map. a) After a cooling period b) After both parties have signed it c) After it is performed d) After the parties agree to their respective promises. If a seller signs a sales contract and dies before the closing of the property, the sales contract is terminated. At this point, assuming all other contract validity items are in order, what is the status of the offer? b) survey. B) selective specialization _____ centers on all activities directed toward establishing, developing, and maintaining successful exchanges with customers and other constituents. a) Graduated b) Gross c) Percentage d) Net. b) All parties to the contact must initial the changes. A counteroffer represents a rejection of an offer. Ricardo is showing the buyer a house as seller sub-agent. b) Private mortgage insurance is available for FHA loans. b) It's an invalid contract. d) provide a fixed interest rate for the life of the loan. \end{array} 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) voidable and illegal contract. b) He has given notice. E) It treats all buyers the same and, therefore, lowers promotion costs. a) Attachment b) Covenant c) Bond d) Bill. The home is listed at $210,000. c) He has given due process. c) Arbitrate prior to taking court action. b) A tenant buys the landlord's ground, then leases the improvements. B) flexible market a) an index. c. The current share of the wallet the firm has attained. A purchase offer is a binding contract between the buyer, the seller and their agents. Which of the following clauses is required by the NC Real Estate Commission to be contained within every listing agreement? c. are one-time exchanges of value between two parties with no prior or subsequent interaction. a) covers more than one piece of property. D) pseudo solution b. Transactional exchange Once there is a valid and enforceable sales contract, death of the parties does not end that agreement. 4) What is the customary down payment amount on residential property in New York? d) Amanda has done nothing wrong. a) It represents a "meeting of the minds." 9) Bill has informed his landlord that he will be moving in 30 days. What is important to remember about multiple offers? Seller Disclosure: The Basic Rules of What You Need to Disclose #10. There is no obligation of a seller to disclose the defect, though the seller has a mandatory duty to complete the Disclosure Statement. 6) Broker Amanda prepares a sales contract, collects the earnest money and deposits it in her business account. d) The tenant leases the ground from the landlord and owns the improvements. 2) Mark gets a home loan and the lender will charge him 3 points at closing. Diff: 1 c. focus primary attention on the purchasing staff. 2) Establishing and communicating the distinctive benefit(s) of the company's market offering for each target segment is called ________. a) Accounts Payable b) Accounts Receivable c) Impound Account d) Forward Account. Transactions that are almost, if not entirely, void of a close, collaborative relationship: a) Mark can insist that the landlord lower the rent. a) Amanda has illegally commingled the earnest money with her own money. These would be examples of what is called ________. When the party who made the offer is notified of its acceptance. c) have more paperwork than government-backed loans. d. Neither (a) nor (b) is true. E) antiloyals, Answer: B LO: 6.2: How should a company choose the most attractive target markets? AACSB: Reflective thinking, 21) A ________ offering consists of two parts: a naked solution and discretionary options. c. Investments and risk of exposure 8) Landlord Frank terminated Jerry's lease because gross sales did not meet expectations. Which of the following is not characteristic of the manufacturing sector in the United States? 5) What is a lead-based paint disclosure used for? How would Grant_s lease at this time be classified? d. commission. A property owner lists a property for sale with a broker. The buyers family is pressuring them to purchase this home. A licensee has just discovered a roofing leak in one of his current listings even though the seller has indicated no representation on the Residential Property Disclosure Statement. d. the cost of serving established customers usually increases. 68) Volkswagen concentrates on the small-car market and Porsche on the sports car market. a) Fixed b) Straight c) Amortized d) Open. B) segment attractiveness b) The apartment can be converted to a rent-controlled apartment. Which of the following statements is(are) true? 10 of 10 All of the following are true statements about goals except which one? Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. Extra Flashcards | Quizlet Which of the following statements about buyer-seller relationships is(are) true? b) pay the real estate taxes. D) segmented #8. c) the Mortgage Loan Trust Bank. 14) Which of the following is NOT an FHA loan requirement? b) The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so. The buyers have been pre-qualified by a lender. In North Carolina, which of the following properties may be considered stigmatized? d) The Torrens registry retains the original registration documents and provides copies to the recorder or other appropriate office. D. D) segment positioning 7) A buyer submits an offer to a seller. 8) Conventional loans are typically uninsured. 13) Which organization insures loans made by approved lending institutions? chapter 6 test Flashcards | Quizlet