Management 434 - Business Negotiation » Spring 2022 » Chapter 14 Quiz

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Question #1
Which one of the following allows you to make a preliminary determination as to whether you will be able to reach agreement on the major terms of a negotiation, you will need a ________________?
A.   Letter of inquiry
B.   Letter of interest 
C.   Letter of promised payment
D.   Letter of intent
Question #2
The seller agrees that a particular broker is the only one who can sell the property; however, if the seller finds her own buyer, the realtor is not entitled to a commission under this type of real estate listing contract:
A.   Closed listing 
B.   Open listing
C.   Exclusive-right-to-sell listing
D.   Exclusive agency contract
Question #3
The following are each a type of commercial property except?
A.   Condo 
B.   Industrial
C.   Office
D.   Retail
Question #4
The real estate agent is entitled to a commission if the property is sold during the life of the contract, even if you find your own buyer, under this type of real estate listing contract:
A.   Open listing
B.   Exclusive-right-to-sell listing
C.   Closed listing
D.   Exclusive agency contract 
Question #5
If in the event the buyers are not able pay off the mortgage, which of the following will pay it off?
A.   Letter of Intent
B.   Letter of promised payment
C.   Public Mortgage Insurance
D.   Private Mortgage Insurance 
Question #6
Interest rates for an ARM are typically _______________ than a conventional fixed rate mortgage.
A.   about the same
B.   slightly lower 
C.   slightly higher
D.   any of these answers is correct
Question #7
When the seller contracts with multiple realtors and pays a commission only to the one who actually sells the home, it involves this type of real estate listing contract:
A.   Exclusive-right-to-sell listing
B.   Open listing 
C.   Closed listing
D.   Exclusive agency contract
Question #8
Typically, no more than ______ of your gross monthly income can be the total of your principal, interest, taxes, and insurance (PITI).
A.   28%
B.   38% 
C.   18%
D.   48%
Question #9
You are ______ if a lender has provided an estimate of how much they will loan you for a house.
A.   all are correct 
B.   pre-approved
C.   pre-appraised
D.   pre-qualified
Question #10
The ______ is the taxable value of a home.
A.   state equalized value 
B.   listing price
C.   market price
D.   state appraised value

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