Why Is The Condition Of 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 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.

Which is true regarding the amount of knowledge that is expected of you in regards to building ordinances?

Which is true regarding the amount of knowledge that is expected of you in regards to building ordinances? You should know enough about building ordinances to be able to alert your clients to potential problems. Which of the following legal description methods has been used the longest in the US?.

What happen if a cooperative corporation Cannot pay its bills?

If a cooperative corporation cannot pay its bills, what would happen? The corporation owning the property would be dissolved, and all of the residents could lose their interest in the cooperative.

Why is 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?

The due-on-sale clause protects your lender by preventing prospective buyers from assuming your mortgage. Remember, if you try to sell or transfer the title of your property, you will be forced to immediately pay off the remaining balance of your mortgage with the proceeds from your sale.

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.

What is the greatest power the government has to affect the value of real property?

One of the most controversial and highly litigated real estate doctrines is the power of the state or federal government to take private land for public use under certain circumstances without the landowner’s consent. This power of the sovereign is called “eminent domain.”.

What is defined as the relationship of trust or confidence between the agent and the principal?

A fiduciary relationship is a relationship of trust and confidence between an agent and the principal. A principal is the person who delegates authority to another acting in a fiduciary relationship. An agent is the person who is authorized to represent and act for principal.

Which of the following is a valuable skill for property manager to have?

What’s more, the best Property Managers are strong negotiators, knowing when, and how, to professionally and tactfully say “no” to tenants and vendors, and training their staff accordingly.

Why is the condition of bearing walls important?

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.

Who is responsible for corporate debt?

A corporation is an incorporated entity designed to limit the liability of its owners (called shareholders). Generally, shareholders are not personally liable for the debts of the corporation. Creditors can only collect on their debts by going after the assets of the corporation.

What happens if a company defaults on debt?

When a company defaults on this kind of debt, the lender can take possession of the property or equipment offered as security for the debt. In some cases, the lender is limited to the secured assets, and if the obligation is greater than the secured value, the lender must take the loss.

What condition occurs when Dual agency is not disclosed and agreed to in writing?

Undisclosed dual agency is a dual agency relationship that is not disclosed and agreed to in writing. If this situation occurs, the agent has breached his or her fiduciary responsibilities to the client.

What is the difference between dual agency and designated dual agency?

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 form of limited agency is a good alternative to dual agency?

Designated agency allows a brokerage to offer an alternative to a dual agency when both buyer and seller are represented in-house, and both have agency agreements. The broker assigns one agent to be the “agent” of the seller, and another agent to represent the buyer.

When a lender is required to foreclose on a deed of trust the lender does not have to go through the courts?

The One-Action Rule in California. Most residential foreclosures in California are nonjudicial, which means the lender does not have to go through state court to foreclose.

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.

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 document is the most important at closing quizlet?

Closing Disclosure form – discloses settlement costs to the buyer. Deed – the most important document at closing because it transfers ownership of the property to the purchaser.

Who signs the deed at closing?

The deed must be signed by the grantor or grantors if the property is owned by more than one person. The deed must be legally delivered to the grantee or to someone acting on the grantee’s behalf. The deed must be accepted by the grantee.

What is the seller’s primary function at closing?

At the title closing: The buyer completes his or her financing arrangements (referred to as closing the loan). The seller transfers the title. Both the buyer and seller pay the necessary taxes, fees and other charges.