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 promised payment
C.   Letter of interest 
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.   Exclusive-right-to-sell listing
B.   Exclusive agency contract
C.   Open listing
D.   Closed listing 
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.   Exclusive-right-to-sell listing
B.   Closed listing
C.   Open 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.   Private Mortgage Insurance 
C.   Public 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.   any of these answers is correct
C.   slightly higher
D.   about the same
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.   Open listing 
B.   Closed listing
C.   Exclusive-right-to-sell 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.   38% 
B.   18%
C.   48%
D.   28%
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.   pre-approved
C.   all are correct 
D.   pre-appraised
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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