Property Components
Mortgage Knowledge
Home Inspections
Documents
Scenarios
100
How long do these Shingles typically last?
15-20 Years on Average
100
Who's required to pay for Deed Prep in New Castle County
Buyer
100
How much is a typical Radon Inspection
$135
100
If Steve signs a listing agreement with Crown Homes, how long are they required to list with us before they can cancel the agreement?
30 days
100
Chris wants to submit an offer for $300,000 on a property in Newport DE. What is the typical Rule of Thumb when it comes to determining how much money Chris would need to put down for the Earnest Money Deposit?
1-2% of the Purchase Price
200
What is this called?
I-Joist
200
Chris got a pre approval for Conventional, FHA, VA, USDA loan and he's putting 5% down regardless of what loan he gets. Which Loan more than likely has the LOWEST pre approval amount
USDA
200
When is the seller required to pay for a Septic Inspection in Delaware
If the septic hasn't been inspected in over 36 months
200
What Document(s) are ALL clients required to sign in Delaware?
ABA Disclosure
CIS Form
MLS Disclosure
200
Chris is a First Time Homebuyer and wants to buy a home in Bear, DE. How much would his Transfer Tax Exemption be?
1.25% of the Purchase Price
300
What is this calle?
P-Trap
300
What is the Max back-end DTI Ratio for an FHA loan?
57%
300
When is a Seller required to address Termite Damage
When its structural
300
If Chris wants to submit an offer on a property but also has a house to sell, which document would he need to nclude when submitting an offer
Home Sale Contingency / Must Sell Contingency
300
Steve is selling his home in Delaware and the buyer (Chris) chose to have a Home Inspection Contingency. Chris's parents decide to come to the inspection and noticed that the roof has an active leak and they tell Chris not to buy the house.
If Chris walks away, will he lose his EMD?
Yes, because he did not give the Seller the opportunity to fix the Defect
400
What is this?
Polybutylene Pipe
400
What type of financing does NOT require Mortgage Insurance (Besides Cash)
VA Loan
400
What is the most common bacteria found in well water
Coliform
400
Chris wants to submit an offer on a property but he's worried someone is going to offer more than him. He's willing to pay over asking price, but only wants to if he has to in order to beat the competition. Which document could he include in his offer to allow him to do this?
Escalation Clause
400
Chris is purchasing a home in Delaware and the home is being sold as-is. Is the seller still required to get a Septic Inspection
Yes, in most cases, the seller would still be required to have a septic inspection.
NOTE: If section 33 states that the home is being sold as-is, that could be a gray area.
500
How many Volts does this wire typically produce?
120 V
500
FHA Guidelines now require borrowers to pay off any Collections that are more than $____
$500
500
What two components need to be present in order for a Defect to be considered a Major Defect in Delaware?
The defect must (1) cause the item to perform in an unsafe manor OR (2) prevent the item from performing its intended function
500
Chris wan'ts to submit an offer on a property in DE but he's currently out of state at a wedding. He tells his realtor to look at it for him. Which document should the realtor have the buyer sign if he plans on submitting an offer?
Sight Unseen Addendum
500
Chris is interested in a property thats for sale in his childhood neighborhood in Delaware. At the Home Inspection he notices that the home has Aluminum Wiring but on the Sellers Disclosure the seller put Copper Wiring. Chris does not want the home anymore. Can he back out and get his money back?
No, because the information that the seller provided on the Sellers Disclosure is their Good Faith Effort and is not a warranty of any kind