Humber Real Estate - Course 2, Module 4, Factors Impacting Residential Real Estate Negotiations questions with correct answers

A 'Patent Defect' is observable by the untrained eye. A 'Latent Defect' is not readily observable to the untrained eye during the reasonable inspection of a property. CORRECT ANSWER What is the difference between a 'Patent Defect' and a 'Latent Defect'? A material latent defect because it poses a serious risk that can render the home unsafe, unhealthy or otherwise uninhabitable to live it. CORRECT ANSWER What is the most severe type of latent defect? - Real estate boards - Subscription-based databases (e.g. Geowarehouse) and Canadan Mortgage and Housing Corporation (CMHC) CORRECT ANSWER What are some sources of demographical information that a salesperson may access? - Credit report of the buyer - Zoning designation (e.g. bylaws, land use or fence height requirements) - Proximity to schools or other public activities / amenities - Dwelling measurements - Recent neighbourhood property sales - New developments - Structural conditions and results (e.g. age, maintenance issues like roof leaks, foundation damage, mechanical or electrical deficiencies, basement water seepage, mould or insect infestations)