Reca Residential Real Estate Terms Questions With Complete Solutions

Occupancy Permits {Ans: -Part of the new residential construction process -If the inspector finds that the building meets the building and safety code requirements, the residence is approved for occupation.}General Power of Attorney {Ans: -No limits on powers to make decisions about donors financial and legal affairs -The one exception is decisions about the donors personal affairs such as consenting to health care or deciding where the donor should reside}Remediation {Ans: Involves reducing contamination to a level that does not impair or damage the environment or human health, or safety, or property.}Drilled Wells {Ans: Smaller in diameter. Able to access aquifers that are much deeper (hundreds of feet). Provide better quality water than shallow aquifers.}Bored Wells {Ans: Large diameter wells (18-36 inches) found close to the surface of the land. Produce low yields of groundwater. Serve as storage reservoirs to provide water for use during periods of peak demand.}Material Latent Defects {Ans: A defect that is not visible upon ordinary inspection of the property. Can be an issue that affects the value of the property OR . poses an unreasonable risk to people. Examples: flood damage, concealed crack in foundation wall, etc.}