Glossary Ch. 18-23 Flashcards
Any surface coating containing at leasst 1.0 milligram per square centimeter of lead, or 0.5% lead by weight.
Lead-based paint
Any condition that causes exposure to lead from lead-contaminated dust, soil, or paint which has deteriorated to the point of causing adverse human health effects.
Lead-based paint hazard
A mandatory disclosure prepared by a seller and given to prospective buyers setting forth any property defects known or suspected by the seller, generally called a condition of property disclosure.
Transfer Disclosure Statement (TDS)
Recurring HOA assessments which fund the operating budget to pay for the cost of maintaining the common areas.
Regular assessments
A lien against a real estate by a public authority to pay the cost of public improvements such as street lights, sidewalks, street improvements. In a common interest subdivision, an additional charge levied by the association for unanticipated repairs.
Special assessment
An emergency situation lifting the limits placed on the amount an HOA may charge for regular and special assessments.
Extraordinary expense
A budget which discloses the amount of assessments collected by an HOA, its cash reserves and whether special assessments are anticipated to occur.
Pro forma operating budget
California State system used to create a standard rating for energy efficiency and certify professional raters.
California Home Energy Rating System (HERS)
A report issued by a structural pest control company which is divided into Section I items, noting active infestations, and Section II items, noting adverse conditions which may lead to an infestation.
Separated Report
Obligations under an open listing requiring the agent to take reasonable steps to achieve the objective of the client but requiring no affirmative action until a match is located at which point due dilligence is required.
Best effort obligation
A report from a title company providing information about a property’s ownership, encumberances, use restrictions and comparable sales data.
Property profile
A report provided by a local agency or NHD vendor and used by sellers and seller’s agents to disclose natural hazards which ecist on a property held out for sale.
Natural Hazard Disclosure (NHD)
A property information package handed to prospective buyers containing disclosures compiled on the listed property by the seller’s agent.
Marketing Package
A document prepared by a seller’s agent to disclose the financial consequences of a sale when setting the listing price and on acceptance of a buyer’s priice in a purchase offer.
Seller’s net sheet
