Chapter 5 - Real Property Disclosures and Advisories Flashcards
water heater bracing statement of compliance
this is required for all real property with any standard water heater with a capacity of not more than 120 gallons for which a pre-engineered strapping kit is readily available
meth lab clean up order
in the event that toxic contamination by an illegal controlled substance has occurred on a property and upon receipt of a cleanup order from the Department of toxic substances control or a local Health officer, the transferor must provide a copy of this order to the transferee
Federal withholding tax (FIRPTA)
the requirement that buyers must withhold 10% of the gross sales price and send it to the IRS. If the seller is not a foreign person he or she must complete the Affidavit of non foreign status
natural Hazard disclosure statement (NHD)
this is required if the transfer of residential real property of 124 units if the property is located in one or more of the following Hazard zones: special flood Hazard area, area of potential flooding, very high fire severity Zone, earthquake fault Zone, seismic Hazard zone, or state responsibility area.
agency disclosure (AD)
a requirement that agents who act for buyers, sellers, or both the seller and buyer must disclose who they are working for in the transaction.
homeowner’s guide to earthquake safety
describe the most common weaknesses that can cause damage to homes in the event of an earthquake
seismic Hazard zones
the seller’s agent or the seller without an agent must disclose to the buyer the fact that the property is in a seismic Hazard Zone if maps are available at the county assessor, County Recorder, or County Planning Commission office, or if the seller or seller’s agent has actual knowledge that the property is in the zone
Megan’s Law disclosure
the requirement that every lease or rental agreement and every sales contract is required to include a statutorily defined notice regarding the existence of public access to data base information regarding sex offenders.
mold
although there is no current disclosure requirements the transfer disclosure statement has been modified to include this word which refers to a soft green grey or black growth that develops on Old food or on objects that have been left too long and warm slightly wet places.
carbon monoxide detector disclosure
this disclosure was created by the carbon monoxide poisoning prevention Act of 2010
gas and hazardous liquid transmission pipeline notice
this notice informs the buyer that information about the general location of these pipelines is available to the public online via the national pipeline mapping system
water-conserving fixtures disclosure
the seller or transferor must disclose in writing to the prospective transferring me that the law requires that non-compliant plumbing fixtures must be replaced with water-conserving plumbing fixtures and the required date, and also whether the real property includes any non-compliant Plumbing fixtures
California withholding tax
the requirement that fires must withhold 3 1/3 percent of the gross sales price on any sale of California real property interests, unless an exemption applies, and send it to the FTB.
military Ordnance location
this disclosure is required when the transferor/lessor has actual knowledge that a former military training grounds which may contain explosives is within 1 mile of the property
Brokers statutory duty to inspect property
as required by the state, a real estate licensee must conduct a reasonably competent and diligent visual inspection of the property and the seller filled out forms.
