Latent defect - Study guides, Class notes & Summaries

Seller A entered into an option contract with Buyer B. The contract allowed for a price of $200,000 which Seller A honor for a 12 month period exclusively for Buyer B. This would be an example of a - a unilateral contract in which only seller A has made a promise to perform. The purchased price for a new home was $230,000. The buyer put down 20%, and the balance was a mortgage for 80%of the purchase price. The appraised value at the time of closing was $220,000. What will the buyer pay for one ...

National PSI EXAM PRACTICE TEST Answered 100% Correctly| Latest 2024 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 inspecti...

warranty - A promise that certain facts are as they are represented to be and that they will remain so hazard - A condition which may cause a peril to occur Latent defect - A hidden or concealed defect, which cannot be discovered by reasonable and customary inspection

Real Estate State Practice 2/Answered 100% Correctly/Latest 2024 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 advertisi...

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...

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. - correct answer What is the difference between a 'Patent Defect' and a 'Latent Defect'? A material latent defect because it poses a serious risk that can render the home unsafe, unhealthy or otherwise uninhabitable to live it. - correct answer What is the most severe type of latent defect? - Real estate boards...

warranty correct answersA promise that certain facts are as they are represented to be and that they will remain so hazard correct answersA condition which may cause a peril to occur Latent defect correct answersA hidden or concealed defect, which cannot be discovered by reasonable and customary inspection Endorsement correct answersChanges the terms or conditions of the insured's policy Messenger correct answersThe insured or a partner of the insured or any employee who is duly aut...

Humber Real Estate - Course 2, Module 9, Preparing to Market a Residential Real Property Already Graded A What details can be confirmed on GeoWarehouse? - Property lot measurements - Registered owner(s) of the property - Last sale date of the property, with the sale price - Assessed value of the property - Legal description of the property - Description of the property (i.e. "single-family detached home" - Total square footage of the property - Various reports about the neighbourhood (crime ra...

Caib 2 Question and answers already passed 2024warranty - correct answer A promise that certain facts are as they are represented to be and that they will remain so hazard - correct answer A condition which may cause a peril to occur Latent defect - correct answer A hidden or concealed defect, which cannot be discovered by reasonable and customary inspection Endorsement - correct answer Changes the terms or conditions of the insured's policy Messenger - correct answer ...

NATIONAL PSI EXAM PRACTICE TEST REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. A brokerage represents the owner in the sale of the owner's property. Which of these events will terminate that agency relationship: A. the broker discovers that an adequate commission cannot be made due to the low market value of the property B. a fire destroys the property C. the broker engages other brokers to help sell the property D. the owner abandons the property. - -B A building sold for $15...