#2640 A buyer paid $460,000 for the house. The lot was valued at $65,000. The mortgage was for $200,000. After all is said and done, how much equity does the homeowner have in the place ? A. $260,000 First of all, the value of the lot has nothing to do with the calculation, so let's hope you don'
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03/31/2014
#2639 Homeowner's purchase homeowner's insurance because they know that homeowner's insurance will replace old furniture and roofs when these things need replacing. True or false ? A. False Homeowner's insurance doesn't cover replacement because of age, although it does cover financial losses cre
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03/31/2014
#2638 A homeowner's house was constructed in such a way so that the floor of the house was built nearly two feet above a one hundred year old flood mark. The homeowner wants to apply for a federally related home loan. The lender must require flood insurance. True or false ? A. False The lende
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03/31/2014
#2637 A mortgage broker told a homeowner that he could deduct the appraisal fee from his annual gross income for income tax purposes. Is this true or false ? A. False It could be considered a fraudulent misrepresentation of facts regarding the loan from the beginning of the loan process. Loan
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03/31/2014
#2636 A homeowner insurance policy contained a provision for coinsurance along with coverage that insured the home for total replacement cost. The home burned down and the homeowner had to settle for the present cash value of property damaged in the fire. True or false ? A. False Because the home
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03/31/2014
#2635 A developer built a highrise building in the greater Memphis metropolitan area. This highrise includes residential units, office space and retail stores and is considered to be a planned unit development. True or false ? A. False A highrise building that combines the best asp[ects of reside
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03/31/2014
#2634 When we talk about equity we're considering the fact that the neighbors yard is equal to the size of our yard. True or false ? A. False When the subject of equity is discussed when considering the matter of real estate or real estate financing equity refers to the difference between the a
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03/31/2014
#2633 A seller confronted a real estate agent about the prospect of drawing up various documents pertaining to real estate financing. The seller even asked the agent if he would consider creating documents so that the seller might proceed with seller financing options. When something like this
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03/31/2014
#2632 The owner of a new parcel of land was granted the right to drive across his neighbor's driveway to reach his home. What is this right considered to be an example of ? A. An appurtenance. An appurtenance is considered a supplementary component of the land rights which is a right granted by t
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03/31/2014
#2631 What is generally consdidered to be the most important economic characterisitic of any parcel of land ? Remember, accessibility is also something that figures prominently into the equation when you consider this particular characterisitic of land. Take your time. The solution can be foun
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03/31/2014
