CHP 20 - Seller and Property Qualification Flashcards
1
Q
Material Fact/Defect
A
Piece of information that could influence the buyer’s decision to purchase
2
Q
Important Disclosures
A
1) Physical
2) Structural
3) Foundation and Flooding
4) Electrical & Plumbing
3
Q
Stigmatized Property
A
A stigma due past event/death
4
Q
Fraud
A
Deliberate act of deception
5
Q
KY Stigmatized Property Law
A
Doesn’t require disclosure unless asked
6
Q
KY Disclosure Law
A
Requires disclosure of ACTUAL knowledge
7
Q
Megan’s Law
A
Requires all sex offenders to register - KSP Site
8
Q
Misrepresentation
A
Misleading or false statement accepted as fact from customer or client
9
Q
Best way to avoid misrepresentation
A
Disclosures
