Ch 18, 19, 20, 21, 22 Flashcards
Lead – based paint
Any surface coating containing at least 1.0 milligram per square centimeter of lead, or 0.5% lead by weight
Lead – based paint hazard
Any condition that causes exposure to lead from lead – contaminated does, soil or paint which has a tear rated to the point of causing adverse human health effects.
True or false:
homes made prior to 1978 Typically have lead based paint
True
Before closing lender still has a – – to disclose property defects known to them at the time of the foreclosure sale.
Common-law duty
What does the transfer disclosure statement disclose?
It discloses the sellers and agents knowledge about the present physical condition of the property.
Does the seller’s agent have affirmative duty to voluntarily disclose information to a potential buyer regarding a prior occupant who is death, from any cars, occurred on the real estate more than three years prior to the purchase offer?
No
True or false: the seller or agent has no affirmative duty to voluntarily disclose information to a potential buyer regarding a prior occupant who was affiliated with the HIV virus or aids
True
Homeowners association HOA
And organization made up of owners of units with any common interests development see ID which manages and operates the project through enforcement of conditions, covenants and restrictions.
Regular assessments
Recurring HOA assessment switch from the operating budget to pay for the cost of maintaining the common areas
Extraordinary expense
And emergency situation lifting the limits placed on the amount an HOA made charge for regular and special assessment
Special assessments
They are levied to pay for the cost of repairs and replacements that exceed the amount anticipated in funded by the regular assessments
Pro forma operating budget
A budget which discloses the amount of assessments collected by an HOA, It’s cash reserves and whether special assessments are anticipated to occur.
Home inspection report HIR
Your report prepared by a home inspector disclosing Defects in improvements on the property and used by the seller’s agent to complete a TDS and a sure perspective buyers about the properties condition
Home inspector
Hey professional employed by a home inspection company to inspect and advise on the physical condition of property improvements in a home inspection report for reliance by the seller, the seller’s agent and the buyer as a warranty of the condition of improvements.
Material defect
Information about the property which might affect the price and terms of prudent buyer is willing to pay for a property
Home energy audit
An audit conducted by Home energy raider evaluating the energy efficiency of the home
California home energy rating system HERS
California state system used to create a standard rating for energy efficiency and certified professional raters
Structural pest control SPC report
A report disclosing any active infestation’s damage from infestation’s or conditions which may lead to infestations.
Separated report
A report issued by a structural pest control company which is divided into section I items, noting active infestation’s in section II items, noting adverse conditions which may lead to an infestation
Pest control certification
A certificate of clearance by the structural pest control company indicating the property is free of past infestation or infection in the visible and accessible areas, commonly called a termite clearance.
Inaccessible areas
Areas of a structure which cannot be inspected without opening the structure or removing the objects blocking the opening, such as attics or areas without adequate crawlspace.
