Property Condition & Disclosures

Question 1

Form that states whether an agent is representing the seller or the buyer, or both, in a transaction.

Answer 1

Agency Disclosure Statement

Question 2

Persons are individually held liable for damages along with the group

Answer 2

Joint and several liability

Question 3

A defect that is not visible or apparent; a hidden defect that would not be discovered in a reasonably thorough inspection of property.

Answer 3

Latent Defect

Question 4

A document, required by law, which reveals specific information. For example, federal law requires that lenders give buyers this document detailing the actual cost of borrowing money from the lender.

Answer 4

Disclosure Statement

Question 5

When someone is held legally responsible for an injury to another, even though they did not act negligently.

Answer 5

Strict Liability

Question 6

Points or facts that must be revealed.

Answer 6

Disclosures

Question 7

Federal law dealing with real estate closings which sets forth specific procedures and guidelines for disclosure of settlement costs.

Answer 7

Real Estate Settlement Procedures Act (RESPA)

Question 8

Not fit for occupancy. (Used to describe rental property.)

Answer 8

Untenantable

Question 9

Destruction, damage, or material alteration of property by someone in possession who holds less than a fee estate (such as a life tenant or lessee).

Answer 9

Waste

Question 10

A fibrous material that was once very common in many building materials because of its insulating and heat-resistant value. (Now banned in most places for most uses, and subject to strict EPA regulations.)

Answer 10

Asbestos

Question 11

A naturally occurring radioactive gas that emanates from rocks; it is odorless, colorless and tasteless but has been identified as a cancer-causing agent.

Answer 11

Radon Gas

Question 12

A property is undesirable to most people because of a past event (often a crime or environmental hazard).

Answer 12

Stigmatized Property