This topic contains a solution. Click here to go to the answer

Author Question: Somerset Savings Bank agreed to finance a 72-unit condominium project, and Chicago Title issued a ... (Read 74 times)

ishan

  • Hero Member
  • *****
  • Posts: 546
Somerset Savings Bank agreed to finance a 72-unit condominium project, and Chicago Title issued a policy for Somerset's 9.5 million mortgage. After the title policy was issued, the city of Revere, Massachusetts, refused to issue a permit for the project because of issues with existing zoning laws, including a railroad right-of-way through the property. Somerset was left with a 9.5 million mortgage on condominiums that would never be built. Somerset brought suit against Chicago Title for its failure to note the zoning issue. Which of the following statements is correct?
 A)Chicago Title must cover the zoning issue costs, i.e., pay the damages because the property cannot be developed, including the cost of the mortgage.
 B)Zoning restrictions are not covered in a title policy.
 C)Chicago Title must cover the denial of the permit even though zoning issues are not covered under a title policy.
 D)If the zoning restrictions make the property unmarketable, Chicago Title must pay the damages.

Question 2

Alice DeMinimis recently purchased a small two-bedroom home. She will be paying 85,000 for the home by paying 5,000 down and obtaining a loan for the remaining 80,000. Alice wants to know the difference between her rights if she has a mortgage versus a deed of trust. Which of the following sources of law will contain the information she needs?
 A) State constitution
 B) State legislative enactments
 C) Federal regulations
 D) U.S. Constitution
 E)None of the above



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

bassamabas

  • Sr. Member
  • ****
  • Posts: 294
Answer to Question 1

B

Answer to Question 2

B




ishan

  • Member
  • Posts: 546
Reply 2 on: Jun 24, 2018
Thanks for the timely response, appreciate it


bbburns21

  • Member
  • Posts: 336
Reply 3 on: Yesterday
Great answer, keep it coming :)

 

Did you know?

To prove that stomach ulcers were caused by bacteria and not by stress, a researcher consumed an entire laboratory beaker full of bacterial culture. After this, he did indeed develop stomach ulcers, and won the Nobel Prize for his discovery.

Did you know?

Anesthesia awareness is a potentially disturbing adverse effect wherein patients who have been paralyzed with muscle relaxants may awaken. They may be aware of their surroundings but unable to communicate or move. Neurologic monitoring equipment that helps to more closely check the patient's anesthesia stages is now available to avoid the occurrence of anesthesia awareness.

Did you know?

In women, pharmacodynamic differences include increased sensitivity to (and increased effectiveness of) beta-blockers, opioids, selective serotonin reuptake inhibitors, and typical antipsychotics.

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

Did you know?

Patients who have undergone chemotherapy for the treatment of cancer often complain of a lack of mental focus; memory loss; and a general diminution in abilities such as multitasking, attention span, and general mental agility.

For a complete list of videos, visit our video library