Property Conditions And Disclosure

Question 1

A physical problem with the property that may affect the buyers decision to purchase

Answer 1

Material defects

Question 2

Defects which are able to be clearly seen when doing a walkthrough

Answer 2

Visible defects

Question 3

Defects which are hidden and may result in future harm

Answer 3

Latent defects

Question 4

A series of federal
and state
laws regarding sex
offender registration and
notification

Answer 4

Megan’s Law

Question 5

A service contract that is negotiated between
parties and covers the major housing systems and appliances of a property

Answer 5

Home warranty

Question 6

Who must complete the
written documents of the property
disclosure?

A. The seller

B. The seller’s agent

C. The seller’s inspector

D. The buyer’s inspector

Answer 6

A. The seller

Question 7

The seller completes the written
disclosureof their property, but
the buyer’s inspector discovers a previously
unknown defect in the
basement of the property. Who is responsible for the nondisclosure of the defect?

A. The seller

B. The seller’s broker

C. The seller’s inspector

D. No one

Answer 7

D. No one

Question 8

While touring a property in escrow,
the seller’s broker discovers a leak in the
property. What must they do?

A. Complete a written disclosure of the leak

B. Disclose the leak,

C. Have the leak fixed before closing

D. Nothing

Answer 8

B. Disclose the leak,

Question 9

Who has the duty to disclose,a material defect of a property?

A. broker

B. salesperson

C. Broker and salesperson,

D. Neither

Answer 9

C. Broker and salesperson,

Question 10

Which of the following is
a latent defect?

A. A hole in the wall,

B. Visibly cracked porch step,

C. Contaminated soil

D. Broken front doorknob

Answer 10

C. Contaminated soil