Humber Real Estate - Course 2, Module 4, Factors Impacting Residential Real Estate Negotiations(SCORED A+)

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. - 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. - 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) - 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foundation damage, mechanical or electrical deficiencies, basement water seepage, mould or insect infestations) - Outdated materials that can be personally or environmentally hazardous (e.g. asbestos, know-and-tube wiring, lead or Kitec plumbing or underground storage tanks) - Building and/or dwelling measurements or lot size (e.g. discrepancies in measurements cited in listings or specific measurements of a balcony) - Previous use of a property (e.g. former illicit activity such as a grow-op, meth lab or murder) - Government limitations (e.g. HST, property taxes or any expropriation plans) - Private limitations (e.g. easements or restrictive covenants) - Alterations (e.g. renovations completed without permits or inspections or demolitions) - Existence of nearby businesses or facilities that may impact quality of life (e.g. nearby development or industrial facility, airport or railway line) - ANSWER-What are some exam