Chapter 15 - Real Property Disclosures and Advisories

Question 1

in California, the State Franchise Tax Board requires what percentage of the gross sales price to be with held by the buyers (if sold to foreign persons for under $100,000)?

Answer 1

3.33 %

Question 2

which of the following that affect the value or desirability of the property must be disclosed by the seller or real estate agent involved in the transaction

Answer 2

any material facts

Question 3

what percentage of the gross sales price must buyers withhold from sellers (who are foreign persons) according to the federal withholding guidelines for the IRS for properties under 300,000

Answer 3

10%

Question 4

which of the following may be exempt from the lead-based paint disclosure requirement

Answer 4

loft efficiency unit, housing for elderly or handicapped,

Question 5

what does the term statutory mean

Answer 5

becomes part of the 29 California Codes, passed into law by legislature, signed by the governor

Question 6

although not a mandatory disclosure, which advisory reminds buyers and sellers of the importance of investigating a property for sale in list seven different sections of property ask 6 to review such as soil conditions, geological hazards, environmental hazards, mold, water intrusion, fire hazards, building permits, and HOA rules

Answer 6

Statewide buyer and seller advisory

Question 7

what is the difference between advisories and disclosures

Answer 7

disclosures are mandated by law

Question 8

diligent visual inspection requirements along with the sellers mandatory disclosure of specified items and any known adverse material conditions, is included in which disclosure form

Answer 8

transfer disclosure statement

Question 9

in the disclosure information advisory, under final recommendation section, if any disclosure becomes inadequate, and complete, not an accurate or changes over the time right up until the close of escrow you should

Answer 9

update and disclosed in a timely manner

Question 10

the seller and the buyer each receive which of the following before signing the listing contract or signing the purchase agreement contract

Answer 10

agency disclosure form

Question 11

which disclosure form is provided to sellers first

Answer 11

disclosure information advisory

Question 12

which of the following sales of real property is not legally exempt from completing the TDS

Answer 12

1-4 unit family residential sales

Question 13

the portion of the business and professions code that refers to licensing and subdivisions is called

Answer 13

the California real estate law

Question 14

if a tenant does not receive a copy of the meth lab cleanup order for any affected rental property prior to move in the tenant May

Answer 14

avoid the rental agreement

Question 15

the Statewide buyer and seller advisory includes which of the following topics

Answer 15

brokers rights and duties, buyers rights and duties, local disclosures and advisories

Question 16

The seller / lesser provides the buyer/lessee with a required lead-based Hazard information pamphlet called protect your family from lead in your home for property built prior to what year

Answer 16

1978

Question 17

regulations of the real estate commissioner can be found in

Answer 17

the CalBRE publication real estate law

Question 18

statutorily defined notice regarding the existence of public access to databases information regarding sex offenders must be included in every lease or rental agreement and every sales contract this is known as the

Answer 18

Megan’s Law disclosure

Question 19

a buyer must be notified by a seller if a death has occurred on the property within how many years

Answer 19

3 years

Question 20

who prepares and delivers the transfer disclosure statement

Answer 20

the seller