Memphis, TN Real Estate News

By David Saks
((retired))
                                                       #2339 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 created because of fire, vandalism or burglary. There are many different varieties to the formula when considering underwriting an homeowner's insurance policy. In some cases, supplemental policies which cover appliances and HVAC may be considered.
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By David Saks
((retired))
                                                       #2339 Homeowner's purchase homkeowner'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 created because of fire, vandalism or burglary. There are many different varieties to the formula when considering underwriting an homeowner's insurance policy. In some cases, supplemental policies which cover appliances and HVAC may be considered.
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By David Saks
((retired))
                                                      #2337 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 discount points may be deducted from a homeowners income, however, for income tax purposes.  The most important thing to remember about points being 100 percent deductible is that points are paid to obtain a specific type of loan. The loan has to be a loan to build, buy or improve (example : add a room) your principal residence.
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By David Saks
((retired))
                                                            #2336 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 homeowner policy insured the home for total replacement cost, the homeowner can make a claim which covers the full costs of replacement or repairs resulting from any damages to the property whatsoever. No deduction for depreciation is taken into consideraration because the home is insured for total replacement cost.
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By David Saks
((retired))
                                                         #2335 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 residential property, office accomadations and retail shopping is a mixed-use development because of the assortment or commercial and residential applications assembled under one roof.
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By David Saks
((retired))
                                                           #2334 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 amount of money that the property owner owes on the property  and the current market value of the property. In simple mathematical terms : Property Market Value - Property Debt = Equity
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By David Saks
((retired))
                                                      #2333 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 occurs what should the agent do ? A. Advise the seller to contact an attorney. The documents related to seller financing represent legal liability and issues that are best discussed with an attorney. Agent assisted seller financing documents could create some problems for both the seller and the agent, which could possibly include RESPA violations.
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By David Saks
((retired))
                                                            #2332 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 the neighbor. It improves the new owners ability to gain access to the land.
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Former Executive Director of Gallup Housing Authority Charged with Federal Fraud and Theft Offenses U.S. Attorney’s Office August 29, 2013 District of New Mexico (505) 346-7274 ALBUQUERQUE—A federal grand jury has indicted two men from Gallup, New Mexico, on charges that they engaged in a scheme to defraud the United States and the U.S. Department of Housing and Urban Development (HUD) of more than $100,000. The indictment was announced by Acting U.S. Attorney Steven C. Yarbrough; Phyllis Robinson, Special Agent in Charge of Region 6, HUD Office of Inspector General; and Carol K.O. Lee, Special Agent in Charge of the Albuquerque Division of the FBI. Danny Garcia, 37, and Michael Virruso, 61, are charged in a 12-count indictment that was filed late yesterday afternoon. The indictment ch...
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Here's the Great Bing Crosby Along with the Beautiful Connee Boswell, And an Introduction from Eddie Cantor with "Alexander's Ragtime Band" Enjoy with the bagel and coffee, And make it a great day. -David-
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Award-Winning Utah Real Estate Broker Forged Inspection Documents An award-winning Utah real estate broker known to many in the Uintah Basin as the public face of a major retail development project has pleaded guilty to forging federal termite inspection records and other documents.Kyle David Ashworth pleaded guilty in 8th District Court to seven counts of forgery and six counts of communications fraud. He also entered no-contest pleas to one count of forgery and one count of communications fraud. The charges are all third-degree felonies.Ashworth, 31, forged the signatures of developers Scott Gardner and Rulon Gardner, as well as the signature of the owner of Omega Pest Control on documents that were sent to mortgage lenders to obtain loans for prospective buyers, according to court r...
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By David Saks
((retired))
                                                  #2330 When we consider the right to control or use property or real estate, and to freely dispose of the property as we see to it at will or through a deed, these rights are incorporated into what system ? Take your time. The solution is posted below the wildlife photo. A. The bundle of legal rights .... ....which include possession, control, dispostion, enjoyment and exclusion.
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By David Saks
((retired))
                                                              #2329 When we describe something as unique it's considered to be scarce ? Think of dissimilar and anything marked by dissimilarity. True or false ? Take your time. The solution is posted below the wildlife photo. A. False If it's considered unique it's considered non-homogenous, or unlike other aspects of the parcel in question.
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By David Saks
((retired))
                                                            #2328 If a tenant farmer decides to build a hen house and a building for his tractor, who do these buildings belong to ? Take you time. The solution is posted below the wildlife photo. A. The tenant. If the tenant constructs a building on the property he owns it, unless other arrangements are made with the property owner.
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By David Saks
((retired))
                                                                 #2327 If the buildings were blown to smithereens, vaporized, bombed, imploded or torn to pieces and the land is still there, what example has been established by recognizing that the land still in place ?   A. The indestructability of the land. This is one of the most prominent aspects of land. Land, essentially, cannot be destroyed. It can be moved and displaced from the surface, but it extends top the center of the earth.
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By David Saks
((retired))
                                                            #2326 If a landownber has npoated a "no trespassing" or "no hunting"  sign on his or her property, what stick in the bundle of legal rights is this person exercising ? A. The right of exclusioon. The right of exclusion gives the landowner the right to say who or what has a right to be on their property. The other rights included in the bubdle of legal rights are the rights of "control", "enjoyment" and "disposition".
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By David Saks
((retired))
                                                               #2325 When we consider the methods of annexation, adaptation and the type of agreement, these are considered the legal tests for determining whether or not an item is land or real estate ? True or false ? A. False The method of annexation, the type of adaptation, and the kind of agreement entered into are the legal tests for considering whether or not an item is real property or personal property. In brief, the county assessors office might have more to do with whether or not an item is to be considered real property or personal property.
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By David Saks
((retired))
                                                               #2324 If a property owner doesn't want to deal with the day to day task of managing an apartment complex or any other form of rental property the owner can hire a developer. Is this true or false ? Take your time. Thge answer is posted below the wildlife photo. A. False The property owner would hire a property manager to manage the property and see to the day to operation of it's affairs.
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