a. Prorations divide costs and assign credits and debits for such expenses to the buyer and seller at closing. Prorations are usually made through the day of closing, meaning the seller pays his portion of the costs including the closing day.
a. The Equal Credit Opportunity Act provides that the borrower is entitled to a copy of the appraisal if the buyer paid for it.
c. Constructive notice, also called legal notice, is made by recording a deed in public records with the presumption that a diligent person may discover the ownership information. Actual notice is knowledge or information that a person actually possesses such as documents or visual observation.
a. Whether the survey is paid for by buyer or seller is specified in the contract; local custom varies in this matter.
d. The Equal Credit Opportunity Act was amended in 1976 to add age as a protected class, except where the would-be borrower is a minor.
c. The Fair Housing Act Amendments of 1988 added familial status, the presence of children under the age of eighteen in a family, as a protected class.
a. The certificate of occupancy states that the government is satisfied that the building meets local zoning and building code standards and may be occupied.
b. Typical zones permit residential, multifamily, or commercial buildings within a given zone.
c. A use that was in existence before a zoning ordinance was enacted is allowed to continue as a non-conforming use.
a. The landowner who wants to use property in a manner forbidden by local zoning restrictions applies for a variance. It may or may not be granted following a public hearing.
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