Table of Contents
What are the primary advantages of PEX piping? PEX piping is able to withstand both high and low temperatures and it is highly resistant to chemicals.
Why is bearing walls more important than non bearing walls?
Why is the condition of bearing walls more important than non-bearing walls? Bearing walls protect the home from the outdoor elements and radon gas. Bearing walls are part of the interior framework of the house. Bearing walls support the ceiling and the roof.
Which parties typically purchase title insurance once the transaction is complete the HUD and seller the lender and buyer the licensee and buyer the broker and lender?
Which parties typically purchase title insurance once the transaction is complete? **Both the buyer and the lender should have title insurance. Insurance for the buyer ensures a clear title and protects his or her investment. Insurance for the lender protects the lender’s interest in the property.
Why is a designated agency a good alternative to traditional dual agency?
Why is designated agency a good alternative to traditional dual agency? – Fair housing laws do not apply to transactions involving designated agency. Even though the same broker represents each party, both the buyer and seller have a licensee who exclusively acts as their agent in the transaction.
Which clause protects a lender if he does not want the loan to be assumed by another party abandonment subordination satisfaction alienation?
Which clause protects a lender if he does not want the loan to be assumed by another party? Alienation Clause: This is a clause in a promissory note and is also referred to as a “Due on sale Clause”. The entire balance of the loan becomes due and payable when the property is transferred. This prevents assumption.
What are the primary advantages of PEX piping quizlet?
What are the primary advantages of PEX piping? PEX piping is able to withstand both high and low temperatures and it is highly resistant to chemicals.
Are upstairs internal walls load-bearing?
A load bearing wall is one that bears the weight of the floors above it. Classed as an active element, they provide structural integrity by conducting this weight to the building’s foundations. Outside walls are almost always load bearing as are some interior walls, although this is where problems tend to arise.
Who benefits the most from recording a warranty deed?
12. Who benefits the most from recording a warranty deed? D. Explanation: The grantee is the one who has acquired an interest in the land, and she is the one who benefits the most from recording the deed to provide constructive (legal) notice of that interest.
Who picks the title company in Texas?
If you live in Texas, both the buyer and the seller can opt to negotiate for their choice of title company. The seller used to pay for the title policy due to the seller being contractually obligated to provide a good title to the buyer.
Who pays owner’s title insurance in California?
It has been the practice in Northern California that the buyer customarily pays the premium for title insurance, or occasionally the premium is split between buyer and seller. In almost every county, the buyer pays the lender’s policy premium. The parties are free to negotiate a different allocation of fees.
Is Designated agency bad?
Some argue that designated agency is just as bad as dual agency, because the focus of the agents is on what is best for the real estate firm and collecting the commission from both clients. However, designated agency does not have to be a negative arrangement for the clients if the real estate company is reputable.
What is the difference between designated agency and designated representation?
Dual agency is when a single real estate agent represents both the buyer and sellers in a real estate transaction. Designated agency occurs when a buyer and seller are represented by two agents at the same brokerage.
What’s a key difference between buyer agency and designated agency?
The designated seller agent owes no fiduciary duty to the homebuyer and vice versa. An exclusive buyer agent is a real estate agent that only represents homebuyers and who works at a company that does not list properties of any kind for sale.
What lien has the highest priority?
Liens generally follow the “first in time, first in right” rule, which says that whichever lien is recorded first in the land records has higher priority than later recorded liens. For example, a mortgage has priority over a judgment lien if the lender records it before the judgment creditor records its lien.
Which document is the most important at closing?
The most important originals are the purchase agreement, deed, and deed of trust or mortgage. In the event originals are destroyed, you might be able to get certified copies of these documents from the lender or closing company, but you don’t want to rely on others’ recordkeeping systems unless you have to.
When a mortgage is paid off what clause allows the lender?
In a mortgage contract, an “acceleration clause” is a provision that permits the lender to demand that the borrower repay the entire loan after a default. An “acceleration clause” in a mortgage or deed of trust allows the lender, or current loan holder, to demand repayment in full if the borrower defaults on the loan.
What is a disadvantage of real estate investment quizlet?
-Risk, illiquidity, changes in local markets, and the need for expert help and management are all disadvantages to investing in real estate. -Risk is the chance of principal loss, as well as the loss in value due to inflation.
When the agency relationship has been terminated?
Certain events: An agency relationship will automatically terminate upon the occurrence of certain events. Such events include death, insanity, or bankruptcy of either the principal or agent. A court of law will usually step in and terminate the agency relationship if one of the parties refuses to do so.
Which of the following statements best describes what happens with a judicial foreclosure quizlet?
Which of the following statements best describes what happens with a judicial foreclosure? The mortgaged property is sold under the supervision of a court.
