NCh6 Disclosure Obligations And Liability

Question 1

Who prepares the Seller’s Disclosure?

Answer 1

The Seller

Question 2

Who is responsible for the accuracy of the sellers disclosure?

Answer 2

The seller

Question 3

What is the agent’s role in regards to the sellers disclosure?

Answer 3

Encourage honesty and full disclosure

Question 4

Should land and or soil conditions be disclosed on the sellers disclosure?

Answer 4

Yes

Question 5

Should pest infestation, toxic, mold, and other interior, environmental hazards be disclosed on the sellers disclosure by the seller

Answer 5

Yes

Question 6

Should structural issues be disclosed on the sellers disclosure by the seller

Answer 6

Yes

Question 7

Should the condition of electrical and plumbing systems and fixtures be disclosed on the sellers disclosure by the seller?

Answer 7

Yes

Question 8

Should the location with a natural hazards or especially regulated areas like nuclear power plants floodplains wetlands, endangered species be disclosed on the sellers disclosure by the seller?

Answer 8

Yes

Question 9

Should potentially uninsurable property be disclosed on the sellers disclosure by the seller?

Answer 9

Yes

Question 10

Should known alterations and additions be disclosed on the sellers disclosure by the seller?

Answer 10

Yes

Question 11

Something that would warn a reasonably observant agent that there may be underlying problems is a

Answer 11

Red flag

Question 12

Who’s responsibility is it to discover and disclose that there may be problems on a property?

Answer 12

It is a brokers responsibility

Question 13

Under what situation or circumstance can errors and omissions insurance protect the broker if the seller misrepresents property condition?

Answer 13

If the broker is unaware of the misrepresentation, and could not have been detected by visual inspection