Real Estate People Agree That the Key to Getting the Optimum

question 240

Multiple Choice

Real estate people agree that the key to getting the optimum return on the purchase of a home is:

• A) construction quality.
• B) location.
• C) tax advantages.
• D) design features.

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Definitions:

Merchantability

A warranty implied by law that goods sold are fit for the ordinary purpose for which such goods are used.

Webster v. Blue Ship Tea Room, Inc.

A legal case from Massachusetts in 1964 that centered around what constituted a "fish chowder," illustrating how courts interpret contractual obligations and representations in business.

Implied Warranty of Merchantability

An implicit guarantee that a product will meet a minimum level of quality and functionality as expected for goods of its kind.

Implied Warranty of Fitness

An assurance, not explicitly stated, that a product will meet a buyer's needs for a particular purpose.