Latent defect - Study guides, Class notes & Summaries

The act of an authorized representative of the government by which the government, for itself or as an agent of another, assumes ownership of existing identified supplies tendered or approves specific services rendered as partial or complete per performance of the contract. a. acceptance b. off-the-shelf item c. latent defect. d. patent defect a. acceptance FAR 46.1 Any item produced and place in stock by a contractor or stocked by a distributor before receiving orders or contra...

How much time does a contractor have to renew his license after the expiration date without retaking the exam? : 5 year When you collect sales tax from your customer for goods, which agency do you report and pay sales tax collected? : State board of equalization Sales tax is a state tax. State income taxes are payable to the franchise tax board. IRS only collects federal taxes How long is the contractor liable for patent or visible defects? : 4 years How long is the contractorr liab...

1 OHIO REAL ESTATE EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+ Which would a buyer prefer: Land installment contract or purchase money mortgage? - -purchase money mortgage - the buyer will receive the deed to the property on the day of closing. -A purchase money mortgage does not transfer any title to the buyer; rather, it is a method by which the seller finances the transaction. -In a land installment contract, the buyer does not receive the deed until the final payment is made. A ...

The inspection of the electrical system should begin with which of the following locations on the property? - ️️Exterior... All parts of the home inspection start on the exterior. A professional inspector delivers a home inspection report written in paragraph form based on his observations and opinions of the condition of a subject property. This form of report is known as a/an: - ️️Narrative report... A narrative report is written in paragraph form. A hornet nest on the house need...

National PSI EXAM PRACTICE TEST Answered 100% Correctly| Latest 2024 Real Estate law governing advertising applies to all of these EXCEPT: A. In house notes for showing B. Multiple listing service (MLS) C. communications with consumers D. Social Media A. In-house notes for showing are not seen by consumers an so do not have to follow state or federal laws. A couple accompanies a property inspector during an inspection of a house on which they have a contract. The inspector points to ...

Law of Agency Final Exam Review Questions And Answers Most lawsuits involve issues of who did or did not represent whom. The number of lawsuits is: A. Increasing B. Decreasing C. Stabilizing over the last several years D. Broker lawsuits are not allowed. - ANS A. Increasing The correct answer is A. A broker is more likely to be sued because he failed to make it clear to all parties who he represented as a client. The broker working with a buyer customer and representing the sell...

Real Estate State Practice 2/Answered 100% Correctly/Latest 2024 In which of the following would prevent a seller from providing marketable title? Mechanic's Lien The seller has required that the buyer must use his title insurance company and that brokers reduce their portion of the real estate commissions, increasing the seller's net proceeds This is illegal according to RESPA If a license mentions MLS when advertising in a newspaper, the New Jersey Licensing law requires The full...

Humber Real Estate - Course 2, Module 4, Factors Impacting Residential Real Estate Negotiations Questions & Answers(rated A+) Humber Real Estate - Course 2, Module 4, Factors Impacting Residential Real Estate Negotiations Questions & Answers(rated A+) A 'Patent Defect' is observable by the untrained eye. A 'Latent Defect' is not readily observable to the untrained eye during the reasonable inspection of a property. - ANSWER-What is the difference between a 'Patent Defect' and a '...

Real Estate law governing advertising applies to all of these EXCEPT: A. In house notes for showing B. Multiple listing service (MLS) C. communications with consumers D. Social Media A. In-house notes for showing are not seen by consumers an so do not have to follow state or federal laws. A couple accompanies a property inspector during an inspection of a house on which they have a contract. The inspector points to a six-inch crack at the corner of a dining room window. The crack is ...

Real Estate law governing advertising applies to all of these EXCEPT: A. In house notes for showing B. Multiple listing service (MLS) C. communications with consumers D. Social Media A. In-house notes for showing are not seen by consumers an so do not have to follow state or federal laws. A couple accompanies a property inspector during an inspection of a house on which they have a contract. The inspector points to a six-inch crack at the corner of a dining room window. The crack is an e...