Question: Question 1 & Explain Answer Please A broker is assisting a trainee in listing an older home in a very stable part of the city.
Question 1 & Explain Answer Please
A broker is assisting a trainee in listing an older home in a very stable part of the city. The sellers have owned the home for 45 years, and they mention that when the property next door was enlarged and modernized years ago, the added second floor overhang adjacent to the sellers' property may actually come across the property
line above their property. Since their home is set back 20 feet from that side, they did not impact their value. How should the broker advise the trainee to handle this situation with the sellers?
A - Ignore the sellers' concern and proceed with the listing.
B - Advise the sellers to get a property survey to determine if there is an encroachment.
C - Take a measuring tape and, after locating the property line, measure the length of the overhang compared to the setback of the ground floor of the neighbor's house.
D - Send the trainee to the city zoning office to view the plans for the addition to the neighbor's house and the plot plan that goes with it, to check for any possible setback violation or encroachment.
Question 2
In a community property state, a married couple acquired a property because the husband was able to contribute a 20% down payment to secure the loan. The couple took the property under joint tenancy. The wife paid down a portion of the mortgage with $30,000. The couple refinanced the property to pay off he first mortgage and placed $10,000 in a savings account. The couple decided to get a divorce, The property value had dropped by $50,000.
How will community property be split in this scenario?
A - The wife is entitled to split proceeds based on property value plus $5,000 savings account and $30,000 she paid down on the mortgage.
B - When the divorce becomes final, the proceeds are split based on separate property contributions.
C - Once the property is refinanced, the proceeds and debit are shared between husband and wife.
D - The husband is entitled to half of all proceeds plus 20% of the value of the property.
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