e. Only (a) and (b). e. (a) and (b) only. 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. All agents in the transaction should facilitate the timely delivery of the property disclosure report to the buyer. 7) Which of the following is not an item that a buyer usually pays at closing? 5) Which statement is true about accepting referral fees? ________2. They can accept it outright, reject it totally, or submit a counteroffer. c. Investments and risk of exposure a) Credit b) Proration c) Debit d) Reimbursement. The $20,000 is what type of mortgage? a) both an instrument of conveyance and a contract. Ricardo is showing the buyer a house as seller sub-agent. b) It's an invalid contract. 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. When presenting information about the buyers to the sellers, which piece of information might not be useful in helping the sellers make a decision? What should Jake do? 12) Paul will get the second quarter water bill at the end of June. E) Their needs are usually harder to define than for final consumers. c) a promise note. Which statement is TRUE in a market with a price ceiling? 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. AACSB: Reflective thinking, 15) If a marketer is seeking to segment a business market, which of the following variables is generally felt to be the most important? LO: 6.3: What are the different levels of market segmentation? a) Accounts Payable b) Accounts Receivable c) Impound Account d) Forward Account. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. c) A certificate issued by the property owner that indicates that the building is in proper condition to be occupied. d) The Torrens registry retains the original registration documents and provides copies to the recorder or other appropriate office. Having strong relationships with customers can be hard for competitors to understand or duplicate. E) It treats all buyers the same and, therefore, lowers promotion costs. 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) after 5 years of loan payments. c) reduce the interest rate by 1/2 percent every 5 years. The cost-to-serve the customer. LO: 6.3: What are the different levels of market segmentation? D) personal characteristics a) Right of Redemption b) Right to Rescind c) Right to Deed Access d) Right of Remainder. c) record the transaction. 1 Which of the following statements about marketing is true? A) measurable ), a) The seller's share of $2,533.38 b) The buyer's share of $666.62 c) The seller's share of $2,525.76 d) The buyer's share of $674.24. b. distant b. 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. The buyers have been pre-qualified by a lender. 1) Which of the following statements about market segmentation is TRUE? d) provide a fixed interest rate for the life of the loan. 1) Proof of ownership of a property is called what? a) Accounts Payable b) Summary Balance c) Accounts Receivables d) Impound AccountD. B. It's easier to prioritize your tasks if your goals are in writing. Which is true of a valid listing agreement in NC? c) The landlord leases the ground floor of the building to a commercial tenant. E) actionable, Answer: D D) operating variables b. Diff: 2 \hline \text { Tornado Inc. } & 800 & \$ 14,000 & \$ 15,600 \\ a) Marketable title b) Abstract of title c) Evidence of title d) Title commitment. d. all of the above a) Judicial Foreclosure b) Mortgage Foreclosure c) Short-Sale Foreclosure d) Lien Foreclosure. A patron at a restaurant is agreeing to a(n). LO: 6.1: In what ways can a company divide a consumer or business market into segments? C) product specialization a) Window Loan b) Home Equity Loan c) Reverse Annuity Mortgage d) Blanket Loan. d) denied. B) purchasing approaches 5) What is a lead-based paint disclosure used for? it must contain a nondiscriminatory clause #1. 6) Pampers divides its market demographically on the basis of ________ into prenatal, new baby, baby, toddler, and preschooler. E) The most attractive segment is one in which entry barriers are low and exit barriers are high. 7) Money that the buyer or seller receives at closing is called what? A) situational factors e. the number of organizations in a straight rebuy situation. 9) Which of these would be a CREDIT to the seller at closing? b) states that the contract is subject to the approval of each of the client_s attorneys. Rewrite whole paragraphs to ensure clarity. b) She can fill out the contract but she cannot collect the earnest money deposit. a) Amanda has illegally commingled the earnest money with her own money. b) It requires certain conveyance-related contracts to be in writing. 1) What type of document does a home owner sign when agreeing to a mortgage? a) It's an accepted offer; therefore a valid contract. The listing with this type of provision is known as: A net listing provides for the brokerage commission to be an excess amount over a predetermined net amount to be received by the seller. The property owner should disclose the condition of the listed property or be subject to a 3-day rescission period on any contract formed. When selling to _____, marketers must expect to use advertising, rely heavily on e-commerce for purchases and customer service, and make pitches to whomever is in charge (or their administrative assistant). Net listings are legal, but they are discouraged by the real estate commission due to their potential for taking advantage of a client. 1) Prospecting for buyers is easier than prospecting for sellers. d) The original offer is legally terminated. b. Transactional exchange c) A landlord's obligation to provide the tenant with reasonable privacy and freedom from interference. 6) Buyers Jim and Jan are closing on a home later this month. A) needs-based segmentation a) deliver the title. B) substantial 9) Which of the following statements about Gen Xers is TRUE? 5) Which aspect of a contract deals with when a tenant takes possession of the property? 1) Which of the following statements about market segmentation is TRUE? c. The current share of the wallet the firm has attained. B) differentiated E) full market coverage, Answer: A #14. An offer or counteroffer can be withdrawn at any time before it has been accepted. Exclusive Right to Represent Buyer Agreements must have all the following characteristics EXCEPT: C. specifying provisions for an automatic renewal, D. incorporating conspicuously the commission prescribed "Description of Agent Duties and Relationships", specifying provisions for an automatic renewal. What action has Fred taken? a. the range of relationship strategies (from transactional to collaborative) that are pursued by competing firms. 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. #2. Diff: 1 a) The tenant fails to pay rent. 6) Which legal remedy resets parties to pre-contract status? each) ________1. a) Title fees b) Taxes c) Rent d) Utilities. 14) Ruth must deposit $1,113.45 in to a FHA-backed escrow account. 3) A contract which neither party can enforce is called. LO: 6.2: How should a company choose the most attractive target markets? 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. b) entails entering into two agreements simultaneously. a. a collaborative advantage. #13. C) Small manufacturers tend to have formal buying procedures and guidelines. d) Mark can be evicted. a. b) The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so. 5) What is one important difference between a sublease and a lease assignment? b) title insurance. LO: 6.1: In what ways can a company divide a consumer or business market into segments? LO: 6.1: In what ways can a company divide a consumer or business market into segments? a) Estate at will b) Estate for time c) Estate for years d) Estate at sovereignty. c) The maximum purchase price of the property cannot exceed $250,000. c) for a lender in a market that is decreasing in value. b) via handwritten notes. d. A strategic alliance b. d) states that a lawyer can rescind the contract terms within 10 days of contract approval. C) product specialization a) Power of Attorney b) Power of Use c) Waiver of Attorney d) Attorney At Use. Diff: 2 d. Collaborative exchanges. A) needs-based segmentation #5. Which statement is TRUE? What type of loan might help Fred? b. value proposition a) Attachment b) Covenant of seisin c) Promissory Note d) Defeasance clause. 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) 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. 8) What is used to seal a binder agreement? #11. A) It is of little importance when products are standardized. c) have more forms than government-backed loans. 12) A subdivision developer most likely would apply for what type of loan? e. (b) and (c) only. d. the lost-for-good customer. LO: 6.2: How should a company choose the most attractive target markets? 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. A new Estimate of Sellers Proceeds, using the current offering price as the basis and an updated competitive market analysis, would be helpful. B) not required to disclose the information because the seller might reject the offer. a) Swing Loan b) Wraparound Loan c) Pillow Loan d) Ancillary Loan. If the buyer rejects the first counteroffer, the seller can accept the first offer. D) purchasing approaches B. the listing agent and the buyer's agent. E) micro, Answer: B Set up a face-to-face meeting with the sellers as soon as possible. Question: Label each the following statements about the economics of taxes as true or false. E) short-term segmentation, Answer: A c) The contract can be executed at no cost to the optionee. a. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price.

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