The buyers are interested in another property. 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. Business marketers track customer loyalty and retention because: The owner told the broker during the listing negotiations that he wanted $138,000 for the property, and anything above that amount the broker could keep as commission. This is an example of ________. a) Draw Loan b) Banked Loan c) Bridge Loan d) Straight Loan. E) demographic variables, Answer: C It is unwise for marketers to make specialized investments in transactional relationships. d. all of the above d) If the party who wants to enforce the contract seeks damages. b. Solidarity a) A listing agreement b) A personal services agreement c) A sale contract d) An option to buy. a) an index. A) It makes the company almost bulletproof to competitors' actions. 5. 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. 2003-2023 Chegg Inc. All rights reserved. #14. 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. b) the mortgage must be held by the originator until all terms have been meet. b. Personalized treatment of the most valuable customers. d. a transactional exchange. a) If neither party agrees to the terms. b. distant LO: 6.1: In what ways can a company divide a consumer or business market into segments? E) niche, Answer: C a. A) needs-based segmentation E) consumer motivation, Answer: E a) Judicial Foreclosure b) Mortgage Foreclosure c) Short-Sale Foreclosure d) Lien Foreclosure. d) They are always divided equally between the buyer and the seller. c) The tenant goes out of business. d) contain a legal description of the property. Which of the following would likely NOT constitute a violation of the Sherman Antitrust Act? a) One calendar week b) One business day c) Two calendar days d) One business week. A. wait for a signed release from the buyer, B. try to obtain mutual consent from all parties as to the disposition of the earnest money and if that is not possible then the funds cannot be released and may be paid into the clerk of courts with proper notice, C. inform the buyer that the seller is being unreasonable and explain that the broker must release the earnest money to the seller, D. disperse the money according to the terms of the Offer to Purchase and Contract, try to obtain mutual consent from all parties as to the disposition of the earnest money and if that is not possible then the funds cannot be released and may be paid into the clerk of courts with proper notice. The incidence of a tax is determined by which group (buyers or sellers) must write the check to the government. b. is created by interactions at the top levels of the two firms involved in a relationship In which situation would Sam not owe a commission to EX Realty? A home for sale awaits prospective buyers on October 27, 2022, in Hollywood, Florida. C) shifting loyals 3) What is the most common form of property description? LO: 6.1: In what ways can a company divide a consumer or business market into segments? C) decider 1) What type of document does a home owner sign when agreeing to a mortgage? a) All residential property b) Homes built prior to 1978 c) Only commercial property d) Only rental property. a) They are always a credit to the seller and a debit to the buyer. d) for a seller in a buyer's market. c) He has given due process. d) reduces the monthly payment for a borrower during the initial years. d) using a schedule of changes. These would be examples of what is called ________. D) impulsiveness b. For example, ________ can show the firm which brands are most competitive with its own. a) Accounts Payable b) Summary Balance c) Accounts Receivables d) Impound AccountD. B) microsegmentation AACSB: Reflective thinking, 48) To be useful, a market segment should be ________, which means the largest possible homogeneous group worth going after with a tailored marketing program. b) a 3 percent down payment. 4) What form does RESPA require to be used for itemizing closing costs? Give the sellers the price over the phone so that they can think about it before you meet with them. d) denied. They do not limit the ability of a firm from setting company policies as to fees, rates or geographical areas. AACSB: Analytical thinking, 49) The characteristic of useful market segments that relates to whether the segments can be effectively reached and served is whether the segment is ________. A) marketer resources c) A certificate issued by the property owner that indicates that the building is in proper condition to be occupied. Resources are allocated to their most efficient uses. Why is it important to talk to the sellers about the buyers? a) a survey of the property. If a check was provided NCREC allows BIC's and firms to start counting the 3 days from the acceptance of a contract. The contract was not approved by the local Real Estate Board nor the Bar Association. Answer: B According to the North Carolina Real Estate Commission, who is held responsible for this nondisclosure? Regardless of how the seller completes the form, the licensee has a duty to disclose all material facts so the liability rests with the listing agent. Anti-trust laws apply to activities between firms and their interaction. D) pseudo solution Earnest money must be deposited no later than 3 banking days. LO: 6.2: How should a company choose the most attractive target markets? c) The sellers must give them an extension to secure the loan. 12) A subdivision developer most likely would apply for what type of loan? View full document. Daniel F Viele, David H Marshall, Wayne W McManus, DECA practice tests questions multiple choice. a) PMI Federal Act b) Homeowners Protection Act c) RESPA d) Interest Payment Act. C) segment attractiveness _____ exists when one party has confidence in a partner's reliability and integrity. #9. It is part of a body of law established by tradition and court decisions b) This mortgage type is popular among the elderly. c) open. \hline \text { Tornado Inc. } & 800 & \$ 14,000 & \$ 15,600 \\ a. 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. d) Interest is based on a selected economic indicator index. C) accessible Does it make sense for a corporation to repurchase its own stock? d. satisfaction with the salesperson. 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. a) Description of the Address b) Description of the Area c) Description of the Premises d) Rental Location. Which statement is TRUE of a listing agreement? C) segment profitability The belief by a partner that an ongoing relationship is so important that it deserves maximum effort to maintain it is referred to as: C) differentiated This is known as what type of account? c) debits to the buyer. 2) Which of the following terms is not used to describe a binder? C) product specialization 3) Mary has remained in her apartment two weeks past her move-out date, without any payment. a) a 1 percent down payment. 8) What is used to seal a binder agreement? b) are less flexible than government-backed loans . Diff: 1 Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. Annual amortization is capital recovery value which is equal to net investment divided . a) Assignment of a Contract_ b) Operation of Law c) Transfer Clause d) Execute Clause. They can accept it outright, reject it totally, or submit a counteroffer. _____ features very close information, social, and operational linkages as well as mutual commitments made in expectation of long-run benefits. d) Mark can be evicted. a) Tax map b) Survey c) Street address d) Subdivision plat map. Diff: 2 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. What type tenant is Mary? Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. 6) Mark earns $185,000 a year and he pays $2,200 per month for a rent-stabilized apartment. c) Brokers may not complete leases to which they are not a party. If firms cannot switch suppliers easily, thenbuyers have decreased power. B) It can help create jobs in the economy by increasing demand for goods and services. 2) Establishing and communicating the distinctive benefit(s) of the company's market offering for each target segment is called ________. d) She can use this contract as long as it contains an attorney review clause. c) Brokers may not complete leases to which they are not a party. Which statement is TRUE? Discuss the accuracy of this statement. #11. B) substantial b) It could be a violation of state licensing laws. c) the mortgage itself provides the only security for the loan. The agent is A) required to disclose the information because it is a material fact important to the seller. \text { Typhoon Corp. } & 2,140 & \underline{~~43,870} & \underline{~~42,800}\\ 9) Bill has informed his landlord that he will be moving in 30 days. 5) Which contract provision allows for the transfer of the contract to another person? d. a strategic alliance. b) survey. C. All residential sellers are exempt from this act unless a broker is not involved in the transaction. a) It represents a "meeting of the minds.". AACSB: Reflective thinking. Which statement is TRUE in a market with a price ceiling? What type of mortgage is Rich requesting? 5) What is the purpose of the Statute of Frauds? 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. The difference in assessed fees is about $4,000 .
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