C2U3 Mandatory Disclosures Flashcards
Which of the following statements regarding an agents duty in real estate is TRUE?
a. An agent has a fiduciary duty to the principal.
b. An agent may disclose any known detrimental information to the buyer, even when the agent represents the seller.
c. Any material facts the agent becomes aware of must be disclosed to the principal.
d. All of these are true.
d. All of these are true.
Which of the following statements regarding agency disclosure is TRUE?
a. An agent need not provide a seller of a commercial building with an agency disclosure.
b. The listing agent cannot elect to be only a buyer’s agent.
c. Both of these are true.
d. Neither of these are true.
d. Neither of these are true.
Which of the following statement regarding agency disclosure is TRUE?
a. The confirmation of agency must be in writing.
b. The three steps of the disclosure process are disclose, elect, confirm.
c. The selling agent must confirm the agency before the buyer makes an offer.
d. All of these are true.
d. All of these are true.
Which seller(s) must provide a Real Estate Transfer Disclosure Statement?
a. The seller of a lot
b. The seller of a 4-unit apartment building
c. The seller of a 16-unit apartment building
d. All of these
b. The seller of a 4-unit apartment building
Under Easton, an agent’s duty of inspection and disclosure covers:
a. all types of property.
b. accessible and inaccessible areas.
c. a visual inspection and known or should have known defects.
d. none of these.
c. a visual inspection and known or should have known defects.
Which statement regarding earthquake safety disclosure is TRUE?
a. It applies to 1-4 unit residential properties.
b. It applies only to homes built before 1930.
c. The buyer can waive her rights to a hazards report.
d. Delivery of a copy of The Homeowner’s Guide to Earthquake Safety is evidenced by an affidavit from the agent.
a. It applies to 1-4 unit residential properties.
The buyers sign that they have received a booklet relating to:
a. environment hazards.
b. floods, tornados, and earthquakes.
c. foreclosure rights.
d. recession rights.
a. environmental hazards.
Brownfields is a term related to:
a. insect infestation.
b. soil contamination.
c. undeveloped acreage.
d. seller financing.
b. soil contamination
The purpose of the Subdivided Lands Law is to:
a. prohibit premature subdivisions.
b. set minimum physical standards.
c. protect purchasers from fraud.
d. allow for a uniform growth pattern.
c. protect purchasers from fraud.
A right of rescission is provided by law for purchase agreements involving all EXCEPT:
a. 1-4 unit residential properties.
b. time-shares.
c. undivided interest subdivisions.
d. both b and c.
a. 1-4 unit residential properties.
both b and c involve a right of rescission
