CH 6 - Mandated Disclosures

Question 1

What’s a latent defect?

Answer 1

those which cannot be seen

Question 2

material defects can never be kept __________

Answer 2

confidential

Question 3

Regarding inspections, it’s an agent’s responsibility to __________.

Answer 3

ask about red flag issues

Question 4

The primary intent of zoning ordinances is what?

Answer 4

to assure proposed land uses conform with master plan

Question 5

Explain stigma disclosures

Answer 5

Owner is not required to disclose deaths, viruses, etc, unless directly inquired, and then they must disclose it.

Question 6

Sex offender registry enforcement authority?

Answer 6

local sheriff’s department

Question 7

A property owner avoids telling listing licensee about leaking roof. Licensee notices water stains on ceiling, but never discusses it with owner or buyer. After closing, buyer sues for misrepresentation. Who’s at fault?

Answer 7

both the seller and licensee

Question 8

Name some common exemptions of property disclosure requirements

Answer 8

1. from co-owner to co-owner
2. by a fiduciary administering a decedent’s estate
3. between spouses
4. government
5. first sale of dwelling never-inhabited (builder)
6. real property sold at public auction
7. parties agreeing in writing not to do it

Question 9

Who is responsible for completing and delivering a property disclosure?

Answer 9

the homeowner