Are You Smarter?

Realtor®, Steve LaBadessa and his team of professionals work hard to keep updated on the latest changes in real estate. “Are You Smarter Than a Realtor®?” demonstrates the importance of knowing all the details in a real estate transaction.

1   What is the difference between a townhome and a condo?

a) A townhome is a two-level home
b) Condos share more than one wall
c) The owner of a townhome owns the land under the property
d) A townhome has a higher HOA fee than a condo

2   You’ve had an ongoing dispute with a neighbor regarding your property line. No legal action has been initiated. You are required to disclose the issue to potential buyers.

a) True
b) False

3   In Oakland, bicycle parking is required for new construction of the following.

a) Any single family residential home larger than 10,000 square feet
b) Duplexes
c) Senior housing
d) None of the above

4   What constitutes a half bathroom in a home?

a) Any room with a toilet
b) A room with plumbing fixtures where construction is not completed
c) Two quarter bathrooms
d) A room with a toilet and a sink but not a shower or tub

5   The term REO refers to what?

a) 1980s pop band
b) Car manufacturer
c) Foreclosure
d) All of the above

Did You Know?

1   c) Correct.

“Many condos look like townhomes, especially attached townhomes. The defining difference is the owner of a townhome has title to the land under the property. In order to determine whether a townhome is a condo, the preliminary title report should be reviewed.
Nancy Townsend, Townsend Appraisals, El Cerrito, CA

2   a) True.

“Sellers are required to disclose all known material facts when selling a home. An ongoing dispute is relevant to the transaction. If legal action might arise in the future, a seller is obligation to inform the buyer of the dispute.”
Jean Shrem, Attorney at Law, Shrem Law, El Cerrito, CA

3   c) Correct.

“For any new senior housing, a minimum of two permanent bicycle parking spaces must be built. Bicycle parking is not required for a new duplex or a large single family home.”
Oakland Planning Commission, www2.oaklandnet.com

4   d) Correct.

“A half bathroom is defined as a room with a toilet and a sink but not a shower or tub. Rooms with only a toilet are considered a quarter bath.”
Nancy Townsend, Townsend Appraisals, El Cerrito

5   d) Correct – all of the above.

“In the world of real estate, REO refers to Real Estate Owned by a lender. This term is synonymous with a foreclosure. REO Speedwagon was a pop band in the 1980s. In 1905, REO Motor Company was founded by Ransom E. Olds. Olds was also the founder of the Oldsmobile company.”
Steve LaBadessa, Realtor, Marvin Gardens Real Estate

 

This publication is not intended to solicit a property currently listed for sale. All information is deemed reliable but not guaranteed.

 

 

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