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27
Mar
0

When is a conditional use permit appropriate?

Posted by on in Land Use Controls
Which of the following best describes a category of land use that does not comply with zoning restrictions for its location, but is allowed because it benefits the public?     A) CONDITIONAL USE B) UNCONDITIONAL USE C) CONFORMING USE D) INDUSTRIAL ZONE   Explanation A conditional use permit is a zoning exception that allows a property owner to use their land in a manner not otherwise permitted by zoning law. The permit is typically issued to schools, hospitals, parks etc; it is for the good of the public.... Continue reading
27
Mar
0

Fannie Mae and Freddie Mac loan standards

Posted by on in Financing
When dealing with conventional Fannie Mae and Freddie Mac loan standards, how much of a borrower's annual income is allowed to be dedicated to housing?   1) 28%   2) 50%   3) 29%   4) 25%     Explanation Fannie Mae and Freddie Mac prefer a maximum of 28% for the front ratio and 36% for the back ratio. (28/36)... Continue reading
26
Mar
0

Agents and latent defects

Posted by on in Contracts
Responsibility of the client, agent and seller with regards to latent defects   If there is a latent defect, where a basement will take on heavy water during a rainstorm and this information is not disclosed to the buyer, who is considered to be responsible? A) SELLER    B) LISTING AGENT         C) BROKERAGE D) BUYER   Explanation A client hires the agent; therefore the client is responsible for the actions of the agent. However, the agent may be found liable for violating his or hers fiduciary duties... Continue reading
20
Mar
0

Dual Agency and the real estate broker exam

Posted by on in Practice of Real Estate
What to know about Dual Agency For those of your preparing to take the real estate broker (or agent) exam, I will be continuing to add short overviews on topics that you need to understand on test day. For "Dual Agency", which sounds confusing at first glance, here is what you need to know: Dual Agency occurs when a single real estate brokerage is both the listing agent for a property as well as the buyer’s agent. Dual agency can have both pros and cons for all involved in the transaction. Pros – In many cases when dealing with a... Continue reading
20
Mar
0

Redlining versus Blockbusting

Posted by on in Law of Agency
Understanding Redlining versus Blockbusting (Laws of Agency topic)   Redlining is the practice of denying services or increasing the cost of real estate to residents in certain, often racially determined, areas. Blockbusting is the practice of encouraging homeowners, usually white, to sell their homes at a sub-market price because of the threat of minorities moving into the area. Both Redlining and Blockbusting have been problems that have plagued the American Housing Market dating back to the early twentieth century. While racial discrimination has almost always existed in U.S. housing market, the act of persuading white homeowners to sell their properties... Continue reading

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