Ch 13: Seller's Property Disclosure Flashcards
What are the four possible responses to grid questions on the SPD?
The seller is to check yes, no, unknown (Unk) or not applicable (N/A) for each question.
What is required at the bottom of each page of the SPD?
The seller’s and buyer’s initials and date
When must a seller give the buyer the SPD?
A seller must give a completed disclosure statement to the buyer before they both sign the purchase agreement.
Home sellers must advise potential buyers about what type of defects?
Known material defects that are not readily seen
What is the distance requirement for disclosure of a sewage system near a water well?
Within 100 feet of a well
Identify at least 3 types of plumbing pipe systems.
Copper
Galvanized
Lead
PVC
Polybutylene pipe (PB)
Cross-linked polyethylene (PEX)
Name at least 3 types of heating fuels used in home heating.
Electric
Natural gas
Fuel oil
Propane
Geothermal
Coal
Wood
What type of electrical system used ceramic items to support the wires?
Knob-and-Tube Wiring
How might a buyer determine property easements?
A buyer may wish to determine the existence of easements by examining the property and ordering an Abstract of Title or searching the records in the Office of the Recorder of Deeds for the county.
Where can a seller gain access to maps of mine locations?
Mine maps are available through the Department of Environmental Protection.
If a buyer signs the SPD, what are his or her rights to a professional inspection?
A buyer may request that the property be inspected, at buyer’s expense, by qualified professionals to determine the condition of the structure or its components.
What is the purpose for a Seller’s Property Disclosure Statement Addendum (SDA)?
SDA is used to update or make additions to the Seller’s Property Disclosure Statement (SPD).
Why is it important for a salesperson to understand the Seller’s Property Disclosure Form?
To answer any questions about the form
In what paragraph of the Disclosure will the seller report any existing or past mining?
Land/Soils
What should a seller disclose on a home that was built before 1978?
Any lead based paint
What section of the Property Disclosure deals with sump pumps?
Basements and Crawl Spaces
What is defined as a property where there is not less than one and not more than four residential dwelling units involved?
A residential real estate transfer
On the Ownership/Occupancy section of the Seller’s Property Disclosure what must the seller disclose?
When the property was last occupied
In what section of the Seller’s Property Disclosure is the type of water heating system identified?
Domestic Water Heating
In what section would the seller provide information about ice damage to the property?
Structural Items
The purpose of the Seller’s Property Disclosure is to discourage sellers from hiding any flaws and letting buyers know:
what they are purchasing.
What section identifies services provided by the condominium community?
Condominiums/Planned Communities/Homeowners Associations
