Which of the following conditions does not apply in converting a mobile home into real property?

Which of the following conditions does not apply in converting a mobile home in to real property?

2 of 50 – Which of the following conditions does not apply in converting a mobile home into real property? The homeowner must obtain a building permit. The home must be placed on a permanent foundation. … However, that requirement does not apply to converting the mobile home into real property.

Which is not considered trust funds?

Non-trust funds include real estate commissions, general operating funds, and rents and deposits from broker-owned real estate. IF a broker accepts a check (or promissory note) as an earnest money deposit, the following regulations apply: That broker must make full disclosure to the seller.

Which of the following is not the goal of a real estate appraiser?

Which of the following is not a goal of a real estate appraiser? To determine the marketability of a property. Ross, a newly licensed residential real estate appraiser, is on his way to appraise his very first piece of property. Please help Ross put the appraisal steps in order.

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Which of the following is not a prohibited escrow related?

Yes, private mortgage insurance is required for all loans with less than 20% down payment. Which of the following is not a prohibited escrow-related activity? They may not permit, under any condition, any person to make any addition, deletion, or alteration of an escrow instruction.

Which of the following is not really a deed?

Which of the following deeds are not really deeds at all? Trustee’s Deed is given to the buyer of property at a trust deed foreclosure sale, and a Land Patent is used by the government to grant public land to an individual. A Trust Deed is not a deed.

What is not included in the Natural Hazard Disclosure Statement?

The Natural Hazard Disclosure Statement (NHD) handed to a prospective buyer does not disclose: environmental hazards and physical deficiencies in the soil or property improvements.

What is conversion in real estate?

Definition of “Conversion in Real Estate”

The legal definition of conversion is the act of using property or funds with which one has been entrusted for purposes other than those for which the property was intended to be used by those who entrusted it.

What are trust funds in real estate?

Trust funds are money or other things of value that are received by a broker or salesperson on behalf of a principal or any other person, and which are held for the benefit of others in the performance of any acts for which a real estate license is required. Trust funds may be cash or non-cash items.

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What are the three types of trust?

To help you get started on understanding the options available, here’s an overview the three primary classes of trusts.

  • Revocable Trusts.
  • Irrevocable Trusts.
  • Testamentary Trusts.

Which parties are not exempt from the real estate licensing requirements in California?

According to the laws of real estate licensing in California, employees of the banks and certain lending establishments, cemetery authorities, certain agricultural associations, short term rental agents, licensed personal property brokers,etc are not required to register themselves or obtain license for a real estate …

When can a violation that hasn’t happened yet?

10 of 50 – When can a violation that hasn’t happened yet be a violation? A. If the Commissioner believes that a person has or is about to commit a violation of law, order, license, permit, etc., the Commissioner has the authority to bring action against the person.

What properties are exempt from the firrea federal appraisal guidelines?

The exemption based on a transaction value of $400,000 or less is available for residential real estate transactions, which is defined as a real estate-related financial transaction that is secured by a single 1-to-4 family residential property. The $250,000 appraisal threshold was set in 1994.