Property Disclosures

Question 1

latent defect

Answer 1

structural defect that may be hidden from a buyer, known by the seller

Question 2

material fact

Answer 2

any fact that may affect value, desirability, and intended use of the property

Question 3

environmental disclosures (6 types)

Answer 3

1. asbestos
2. radon
3. lead
4. formaldehyde
5. hazardous water
6. hazardous household waste

Question 4

real estate settlement procedures act (respa)

Answer 4

federal loan disclosure law that protects buyers or borrowers who obtain federally related loans
(applies to all federally related, 1-4 units, residential mortgage loans)