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 promised payment
B.   Letter of intent
C.   Letter of inquiry
D.   Letter of interest 
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.   Open listing
B.   Closed listing 
C.   Exclusive agency contract
D.   Exclusive-right-to-sell listing
Question #3
The following are each a type of commercial property except?
A.   Condo 
B.   Office
C.   Industrial
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.   Closed listing
B.   Open listing
C.   Exclusive agency contract 
D.   Exclusive-right-to-sell listing
Question #5
If in the event the buyers are not able pay off the mortgage, which of the following will pay it off?
A.   Public Mortgage Insurance
B.   Letter of Intent
C.   Private Mortgage Insurance 
D.   Letter of promised payment
Question #6
Interest rates for an ARM are typically _______________ than a conventional fixed rate mortgage.
A.   slightly lower 
B.   about the same
C.   any of these answers is correct
D.   slightly higher
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.   Closed listing
B.   Exclusive agency contract
C.   Open listing 
D.   Exclusive-right-to-sell listing
Question #8
Typically, no more than ______ of your gross monthly income can be the total of your principal, interest, taxes, and insurance (PITI).
A.   38% 
B.   48%
C.   28%
D.   18%
Question #9
You are ______ if a lender has provided an estimate of how much they will loan you for a house.
A.   pre-qualified
B.   all are correct 
C.   pre-appraised
D.   pre-approved
Question #10
The ______ is the taxable value of a home.
A.   market price
B.   state appraised value
C.   listing price
D.   state equalized value 

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