David Saks: August 2010

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 801

                                                       #801

 A real estate transaction is scheduled to close in the month of May on the 12th.

The seller paid the annual premium for his hazard insurance about six months ago.

The buyer decided not to take over the policy.

When the settlement statement is presented part of the hazard insurance premium will be listed as a debit to the seller.

Is this fact true or false ?

Take your time. The solution is posted below the wildlife photo.

wildlife

A. False

If the seller paid the hazard insurance in advance it'll show up as a credit on the seller's side of the settlement statement.

The buyer decided not to take over the policy so the buyer won't get billed for it, or debited, at settlement.

 




David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 0 commentsDavid Saks • August 30 2010 02:21AM
Real Estate Practice : Lesson 801
share
#801 A real estate transaction is scheduled to close in the month of May on the 12th. The seller paid the annual premium for his hazard insurance about six months ago. The… more
Real Estate Practice : Lesson 800
share
#800 Giving the permission and the right to someone to cross your property so they may come and go unhampered is known as granting equitable interest in the easement Is this true… more
Real Estate Practice : Lesson 799
share
#799 When money is held prior to the acceptance of an offer to purchase real estate that money belongs to the seller and the buyer. Is this true or false Take your time the… more
Real Estate Practice : Lesson 798
share
#798 A home was constructed in 1955 in Texas that didn't include central heat or central air conditioning. When an appraiser is considering cost depreciation he would classify the… more
Real Estate Practice : Lesson 797
share
#797 A broker in BIrmingham, Alabama decided to leave town with a clients money and spend a couple of days in British Columbia golfing and disco dancing. He's guilty of… more
Real Estate Practice : Lesson 796
share
#796 A broker is Washington State was sent to prison for felony elderly financial abuse and vehicular homicide. His real estate license would be suspended until his prison term ends… more
Real Estate Practice : Lesson 795
share
#795 Sales commission to the listing agent is usually considered part of the buyer's closing costs. Is this fact true or false Take your time. The solution is posted below… more
Real Estate Practice : Lesson 794
share
#794 A loan origination fee is always part of the seller's closing costs. Is this fact true or false Take your time. The solution is posted below the wildlife photo. &… more
Real Estate Practice : Lesson 793
share
#793 Whenever a buyer assumes a mortgage the mortgage balance will appear as a credit to the seller and a debit to the buyer on the settlement statement. Is this true or false &… more
Real Estate Practice : Lesson 792
share
#792 When a settlement statement has been prepared the purchase price of the property will always be shown as a a debit to the seller and a credit to the buyer Is this fact true or… more