In Colorado, a home inspector is NOT licensed by the state. This means buyers should:
Why B. Carefully evaluate inspectors' credentials, experience, certifications (such as ASHI or InterNACHI), and referrals, since there are no minimum state licensing requirements Is Correct
Answer B: B. Carefully evaluate inspectors' credentials, experience, certifications (such as ASHI or InterNACHI), and referrals, since there are no minimum state licensing requirements
Exam Tip: Environmental
Environmental questions test knowledge of hazards like asbestos, lead-based paint, radon, and mold. Know the disclosure requirements and when a professional inspection is required. CERCLA liability is strict, joint, and several.
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Key Terms to Know
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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