Property disclosures #8 Flashcards
what indicates that property was used for waste disposal?
Soft sport and mounds
Encroachment
is when someone, illegally places an object or structure on another person’s property
Random
Occurs naturally in the environment and can be found on soil and water
Asbestos
a material that is dangerous and when it deteriorates becomes friable. was used in many materials before 1970s. Inhaled materials can damage the lungs over time
Mold
growth by excessive moisture and lack of air circulation
Lead
is in paintings, plumbing, dust, soil, and drinking water. kids can dye easily if are near this substance. it causes many health issues, behavior problems and even death
Avent pipe popping out of the ground may be a sign of?
and underground storage tank
a sinkhole or settling may be a sign of?
mine subsidence
buyers have how many days to text the painting in a house to see if there is lead in the painting water etc.
10 days
Adverse material fact
negative property information that could reduce its value
Latent effect
Is a hidden property that is not likely to be discovered thought a normal inspection
actual knowledge
information that it is known about a house
Home inspection contingency
gives the buyer the right to have the home insepected within a specified period of time
test kits are available for purchase for what type of hazard
random
If full disclosure states, the …. is responsible for completing a disclosure form
seller
which of the following is a common chimney or fireplace problem?
crosote
The property management agreement is between the_____
The property manager and the owner. It outlines the duties and responsibilities of both
A lease is a ____?
Binding contract that allows the tenant to occupy (not own) a property
Security deposit are used to ____?
Maker repairs if the tenant moves out and leves the unit in poor condition
Ministerial act
This means the licensee May assist a customer in completing or fulfilling a contract and must treat the customer would honesty and fairness
What is the disclosure / disclaimer statement?
Is when the seller is selling the home (as is) and provides no warranties that the home is in good conditions
Brokers must complete about ____ hour licensing course requirement and pass the borders exam
135 hours
You can reinstate you license after it expired withing ____ after it expires
3 years
Salesperson are required to complete ____ hours of continuing education (CE) every 2 years
15 hours
3 hours of agency, and ethics, legislative updates
1.5 hours of fair housing
4 5 hours of electives
Brokers must complete 15 hours of CE, including 3 hours of broker supervision but only ____ hours of electives
1.5 hours
Purchase money mortgage
Allows the buyer to retain title of the property, but the seller has security interest in the property
What is done to a landfill that is put out of commission?
It is capped
Licenses show encourage all buyers to obtain_____ an additional test as necessary, even on _____ construction
Home inspections ,New
_____ can help determine the trey condition of a property
Home inspections
Is one of the best ways to protect the buyers earnest money
A home inspections contingency
Standing water percent more than 24 hours after heavy rain or ground slopping towards the house may indicate ______
Drainage problems
Mulch mounted against a house or other structure with wood frame siding can hold moisture against the siding, leading to _____
Wood rot
____ Leave behind a sawdust like material called frass when they burrow through wood
Carpenter ants
Many small holes through wooden beams could indicate the princess off _____
Wood boring beetles
The presence of _____ in walls may indicate termite infestation
Mud tunnels
Lead is most often found in _____ and ____
Water and paint
Caveat emptor
Seller makes no representations as to the property condition that let the buyer be aware
Information that must be disclosed by the licensee is anything that meets the maap standard
Material, adverse, action knowledge, of the physical condition of a property
Tells the lens and see what to disclose
Gifts about your the right to have the home inspector in a specific time. About 10 days
Home inspection contingency
Which statement about random it’s true?
Test kits are available for purchase
What is a common chimney or fireplace problem
Crosot
FIRPTA
Notice to seller who are 4-in persons or non-residents about IRS income tax requirements
Exclusive right to represent
Offers the highest level of representation
Property disclosure statement
Identifies any defects for information about the condition of the property known by the seller
Exclusive agency agreement
No commission is owed the agent if the seller finds the buyer
A listing agreement
Is a binding contract that you and your seller of a property enter into when the seller agreed to have you represent them as their listing agent that is binding and must be in Britain and signed by all parties
One general rule of the federal do-not-call regulations is that:
it is illegal to make an unsolicited phone call to a number listed on the national registry.
Desk cost
is the total operating expenses of a brokerage or branch office divided by the total number of licensees in that same office.
In most states, by paying the debt after a foreclosure sale, the mortgagor has the right to regain the property. What is this right called?
Statuary right of redemption
In most states, by paying the debt beforeequi a foreclosure sale, the mortgagor has the right to regain the property. What is this right called?
Equitable right of redemption
During a site evaluation to determine property value, all of the following factors are important to consider, topography, acceso to utility and the property size and shape
EXCEPT ______.
Neighborhood demographic
Which of the following could indicate a problem with the chimney flue or ventilation?
Drafts near the fireplace can indicate a problem with the flue or ventilation. Buyers will need to know the condition of the fireplace and chimney, since they may face issues after they buy the home.
What’s the purpose of a firewall?
It prevents hackers from infecting your system with viruses, worms, and malware.
