Compucram Questions, Answers and Rationalities | Verified | Latest Update 2024

In some states, the common law legal rights that a wife has in property owned by her husband during their marriage are best known as - dower What type of land use does NOT comply with the zoning restriction for its location, but is permitted because it benefits the public? - conditional use What is market value? - price a property is likely to bring in an arm's length transaction What is NOT a feature of an FHA-insured loan? - no MIP insurance FHA loans use a mutual mortgage insurance plan. In title theory states, what clause is unique to the mortgage? - defeasance In title theory states, a defeasance clause is found in the mortgage. There must be language that cancels the mortgagee's right to the land title on the payment of the debt. As an agent is showing a house to a customer, the agent notices a large vertical crack in the basement wall. What is the agent's duty? - nothing The crack on the wall is obvious and falls into the category of patent defects. The agent has no duty to disclose patent defects. The buyer operates under the doctrine of caveat emptor. According to the law of agency, a real estate broker does NOT owe the principal the duty of - offering legal advice Offering legal advice goes beyond the scope of authority in an agency relationship involving broker and client.