Ch 13: Seller's Property Disclosure

Question 1

What are the four possible responses to grid questions on the SPD?

Answer 1

The seller is to check yes, no, unknown (Unk) or not applicable (N/A) for each question.

Question 2

What is required at the bottom of each page of the SPD?

Answer 2

The seller’s and buyer’s initials and date

Question 3

When must a seller give the buyer the SPD?

Answer 3

A seller must give a completed disclosure statement to the buyer before they both sign the purchase agreement.

Question 4

Home sellers must advise potential buyers about what type of defects?

Answer 4

Known material defects that are not readily seen

Question 5

What is the distance requirement for disclosure of a sewage system near a water well?

Answer 5

Within 100 feet of a well

Question 6

Identify at least 3 types of plumbing pipe systems.

Answer 6

Copper
Galvanized
Lead
PVC
Polybutylene pipe (PB)
Cross-linked polyethylene (PEX)

Question 7

Name at least 3 types of heating fuels used in home heating.

Answer 7

Electric
Natural gas
Fuel oil
Propane
Geothermal
Coal
Wood

Question 8

What type of electrical system used ceramic items to support the wires?

Answer 8

Knob-and-Tube Wiring

Question 9

How might a buyer determine property easements?

Answer 9

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.

Question 10

Where can a seller gain access to maps of mine locations?

Answer 10

Mine maps are available through the Department of Environmental Protection.

Question 11

If a buyer signs the SPD, what are his or her rights to a professional inspection?

Answer 11

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.

Question 12

What is the purpose for a Seller’s Property Disclosure Statement Addendum (SDA)?

Answer 12

SDA is used to update or make additions to the Seller’s Property Disclosure Statement (SPD).

Question 13

Why is it important for a salesperson to understand the Seller’s Property Disclosure Form?

Answer 13

To answer any questions about the form

Question 14

In what paragraph of the Disclosure will the seller report any existing or past mining?

Answer 14

Land/Soils

Question 15

What should a seller disclose on a home that was built before 1978?

Answer 15

Any lead based paint

Question 16

What section of the Property Disclosure deals with sump pumps?

Answer 16

Basements and Crawl Spaces

Question 17

What is defined as a property where there is not less than one and not more than four residential dwelling units involved?

Answer 17

A residential real estate transfer

Question 18

On the Ownership/Occupancy section of the Seller’s Property Disclosure what must the seller disclose?

Answer 18

When the property was last occupied

Question 19

In what section of the Seller’s Property Disclosure is the type of water heating system identified?

Answer 19

Domestic Water Heating

Question 20

In what section would the seller provide information about ice damage to the property?

Answer 20

Structural Items

Question 21

The purpose of the Seller’s Property Disclosure is to discourage sellers from hiding any flaws and letting buyers know:

Answer 21

what they are purchasing.

Question 22

What section identifies services provided by the condominium community?

Answer 22

Condominiums/Planned Communities/Homeowners Associations