Setting a Price That Is Dictated by Tradition, a Standardized

question 102

Multiple Choice

Setting a price that is dictated by tradition, a standardized channel of distribution, or other competitive factors is referred to as

• A) cost-plus pricing.
• B) customary pricing.
• C) standard markup pricing.
• D) loss-leader pricing.
• E) target profit pricing.

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Definitions:

Residential Purposes

The use of property for dwelling or living areas for individuals or families, as opposed to commercial or industrial purposes.

Title Insurance

Insurance that protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances, or defects in the title to the property.

Title Search

A check of public records to confirm a property's legal ownership and identify any claims or liens against it.

Encumbrances

A legal term for a claim, lien, charge, or liability attached to and binding real property.