Chapter 6

Question 1

Buyer

Answer 1

who is NOT legally required to fill out and complete the transfer disclosure statment

Question 2

Carbon Monoxide Poisoning Prevention Act

Answer 2

requires carbon monoxide detectors to be installed in every dwelling unit intended for human occupancy

Question 3

Commission agreement

Answer 3

this form sets the amount of rate of real estate commissions which are negotiable

Question 4

counter offer

Answer 4

as offers are rejected and new offers made, this form details the exact terms of the newest offer

Question 5

estimate of buyer costs

Answer 5

this form lets the buyers know, before making an offer, the approximate total costs of the purchase, including monthly payments

Question 6

notice to seller to perform

Answer 6

if the buyer has not received the appropriate reports and disclosures from the seller, or other terms and conditions agreed upon in the purchase contract have to been met by the seller, this form is forwarded by buyers agent to the sellers agent. This notice gives the seller the right to cancel escrow within 24 hours (unless otherwise specified in the offer or counter offer)

Question 7

real estate transfer disclosure statement (TDS)

Answer 7

this statement identifies items of value attached to the structure or land and states whether these items are operational

Question 8

Seller

Answer 8

who customarily pays for an active infestation of wood destroying pests on the property

Question 9

Two years

Answer 9

how long a buyer has to sue an agent for failure to make proper disclosures in the Transfer Disclosure Statement

Question 10

Verification of property condition

Answer 10

buyers final inspection of the property to determine if the property is in substantially the same condition as on the date of acceptance

Question 11

contingency removal

Answer 11

buyer can choose to remove certain terms and conditions of the purchase using this form