4: Real Estate Disclosures

Question 1

All residential properties must have a lead-based paint disclosure if they were build prior to:

Answer 1

1978

Question 2

Which seller is exempt from completing a transfer Disclosure Statement?

Answer 2

A lender selling a property which they previously foreclosed upon

Question 3

Under state law, a buyer who personally receives a Transfer Disclosure Statement form to a buyer in escrow may cancel the agreement within:

Answer 3

3 days

Question 4

Which is not part of an agent’s inspection duties?

Answer 4

Turning on the garbage disposal to see if it works

Question 5

The Notice of Your Supplemental Tax Bill is designed to:

Answer 5

Give the buyer notice of the supplemental property tax bill

Question 6

A Natural Hazard Disclosure Statement is typically prepared by:

Answer 6

Commercial company

Question 7

A Natural Hazard Disclosure Statement would not cover:

Answer 7

Soil erosion

Question 8

The person primarily responsible for disclosing problems with the property is the:

Answer 8

Seller

Question 9

A seller is not required to:

Answer 9

Inspect their own property

Question 10

Methamphetamine manufacture by a previous occupant poses a danger to buyers because:

Answer 10

There could be soil contamination

Question 11

All off the following would require the listing agent to disclose to the buyer EXCEPT:

Answer 11

The seller died of AIDS on the property

Question 12

Sellers who have never lived in a residential property would be well advised to:

Answer 12

Complete a Transfer Disclosure Statement to the best of their ability

Question 13

An agent completing a visual inspection would not be expected to:

Answer 13

Move furniture to see if there are any hidden issues

Question 14

Radon gas is:

Answer 14

Hazardous to humans

Question 15

An agent who suspects a seller is not disclosing a material fact should:

Answer 15

Confront the seller with their concerns and disclose what they know to the buyer

Question 16

Water heaters are required to be braced out of concerns for:

Answer 16

Threat of falling over during an earthquake

Question 17

The proper term for the device that will alert the occupants of a property to danger of smoke and fire is:

Answer 17

Smoke alarm

Question 18

The listing agent’s duty under the Transfer Disclosure Statement is a little different than that of the buyers agent in that the listing agent:

Answer 18

Must make an inquiry to the seller

Question 19

Upon discovering that a seller recently painted the interior of a room, an agent should:

Answer 19

Note this fact in their inspection as the paint might cover up red flags

Question 20

T or F: Floors that slope are a red flag.

Answer 20

True