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Real Estate Nevada Law > STATE:Property Disclosures > Flashcards

STATE:Property Disclosures Flashcards

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1
Q

Can a sales person suggest a different offer amount?

A
  • A representative of the seller may not offer property for sale at terms not authorized by the se ller .
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2
Q

What can a agent do before making a disclosure under duties owed?

A
  1. Provide a buyer with info on properies for sale
  2. Give the buyer info on mortgage interest rate and terms
  3. explain to the buyer about single agency, conset to act and assigned agency.
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3
Q

When must duties owed be provided?

A

The agent must provide the Duties Owed by a Nevada Licensee Form no later than the point of offer and acceptance.

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4
Q

When is a Real Property Disclosure Form suppose be to delivered?

A
  • must be delivered to the buyer at least ten (10) days before closing.
    • This gives the buyer time to review the disclosure .
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5
Q

When is a Real Property Disclosure Form is required?

A
  • in the transfer of one to four dwelling units even if not occupied by the seller;
    • however commercial property and residetial properties of more than four units are exempt from this requirement.
  • even if the sell has had an inspection of the residenital property
  • Still need it even if selling a home without a licensed agent.
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6
Q

What does the agent do if there is a known defect?

A
  • the agent should never advise a seller not to disclose a Known defect .
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7
Q

What must be disclosed in a property disclosure?

A
  • All Material Conditions should be disclosed
    • and the agent should never advise a seller not to disclose a Known defect .
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8
Q

What is a Broker required by law to Disclose?

A
  • The broker is required by law to disclose any fact that would materially affect the buyer’s decision to make an off er.
    • The fact that the buyer did not ask is not relevant.
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9
Q

What is the Seller Required to provide in the Property Disclosure Form?

A
  • The seller is required to disclose the condition of the property on the Seller ‘s Real Property Disclosure Form.
  • The broker is required by law to disclose any fact that would materially affect the buyer’s decision to make an off er.
    • The fact that the buyer did not ask is not relevant.
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10
Q

Who maybe sued for the Property Disclosure Form?

A
  • The broker, as well as the seller, may be sued under license law
  • The seller is required to disclose the condition of the property on the Seller ‘s Real Property Disclosure Form.
  • The broker is required by law to disclose any fact that would materially affect the buyer’s decision to make an off er.
    • The fact that the buyer did not ask is not relevant.
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11
Q

What should be Disclosed In the Property Disclosure Form?

A
  • All Material Conditions should be disclosed and the agent should never advise a seller not to disclose a Known defect .
  • The broker, as well as t he seller, may be sued under license law
  • The seller is required to disclose the condition of the property on the Seller ‘s Real Property Disclosure Form.
  • The broker is required by law to disclose any fact that would materially affect the buyer’s decision to make an off er.
    • The fact that the buyer did not ask is not relevant.
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12
Q

Is a property Disclosure Form Required for the Sale of one or four dwellings?

A
  • Yes
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13
Q

Duties Owed Licesning forms is due by:

A
  • The latest acceptable time is the point of offer and acce ptance, although earl ier is bet t er.
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14
Q

Duties owed to Landlord

A
  • The licensee owes a duty of confidentiality to the tenant who hired the licensee , regardless of who pays the co mpensation.
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15
Q

What is exempt from the Seller’s Real Property Disclosure

A
  • The sale of a two (2) -unit residential property is covered by the disclosure act.
  • NRS 113 specifically exempts a foreclosure sale, sale between close relativ es, and a t r ansfe r of a primary residence between divorcing spouses.
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16
Q

When is the Duties owed form due?

A
  • The Duties Owed Form and Confirmation of Agency relationship must be given as soon as it is practicable.
17
Q

Consent to Act Form

What can a Licensee not provide in a Dual Agency?

A
  • When working as a dual agent, confidential information of the parties may not be disclosed.
    • Examples of confi dent ial information include the buyer ‘s maximum financial qual i ficati ons to the seller, what the buyer will pay, and what the seller will acce pt.
18
Q

Consent to Act Form

What can a Licensee provide in a Dual Agency?

A
  • The agent may provide market data to both the seller and the buyer.
  • When working as a dual agent, confidential information of the parties may not be disclosed.
    • Examples of confi dent ial information include the buyer ‘s maximum financial qual i ficati ons to the seller, what the buyer will pay, and what the seller will acce pt.
19
Q

Certificate of Resale for FSBO

A
  • Owners of residential real estate in a common-interest community association must supply a certificate of resale.
20
Q

Is a broker required to disclose that the seller no longer likes the house?

A

The broker is required to inform the buyer about defects related to the property, which include the fact that the seller no longer likes the property. Normally the fact that a felony took place on the property would need to be disclosed, but a Nevada statute has made the discovery of that defect a responsibility of the buyer.

21
Q
  1. . The fact that the property is being offered “as is” does not reduce the obligat ion to deal fairly with all parties to the transaction. Dealing fairly requires the disclosure of any known latent defects.
A
22
Q

When is a Consent to Act Form used?

A
  • The Consent to Act form is used when a broker (broker-salesperson or salesperson), is acting for two or more parties to a transaction.
    • The form is divided into approximately seven parts. Parts one and three are informational giving the property address, licensee’s name and license number, brokerage, seller’s and buyer’s names. Part two recites the legal authorization that allows a broker to act for more than one party in a real estate transaction and states the requirement for written client authorization. Part four identifies the licensee’s conflict of interest, the duty of confidentiality, and the requirement for each client to have also received a Duties Owed form. Part five lets the client know he or she is not required to consent to this type of representation. Part six is the client’s acknowledgment of receipt of the form and a statement that consent is being granted without coercion. Part seven is the client’s signatures box.NRS 645.252(1)(d)
23
Q

Confidenitality with Consent to Act

A
    • There is a single sentence reference to a licensee’s duty of confidentiality under assigned agency and a notice of the activities which require the licensee to provide the client with the Consent to Act form.
      *
24
Q

When do you provide a Consent to act form?

A
  • Should the broker at any point in a transaction represent more than one party, the broker must also provide the parties with a “Consent to Act” form and receive both parties’ permission before proceeding with the representation.
    *
25
Q

What Agency disclosure form is required other than Duties Owed in all RE agency Relationships?

A
  • The appropriate agency disclosure form (Duties Owed or Consent to Act if applicable) must be used in all real estate agency relationships regardless of the type of representation, i.e., single, more than one party, and assigned; or the type of real estate transaction, e.g., purchase, property management.
26
Q

What is the agents responsibility as to the Real Property Disclosure?

A
  • Agents are all never allowed to blindly obey their client.
    • An agent must work within all laws and owe it to all parties to act honestly and competently.
  • Many states, including Nevada, have enacted laws and regulations requiring agents to provide written agency disclosure forms to parties in a real estate transaction. These disclosure forms help consumers make informed decisions.
27
Q

Who is liable for failure to disclose is a Real Property Disclosure?

A
  • The agent and the seller can be held liable for actual damages if one or both does not disclose.
    *
28
Q

What is Seller required to disclose?

A
  • If there is a material defect in the property that the seller is familiar with, he is obligated to disclose it to other parties in the transaction.
    • If a defect is obvious or the agent’s expertise should make it obvious, even if the seller does not disclose it, the agent is obligated to disclose it to all parties.
29
Q

Can agent represent buyer and seller?

A
  • Now agents can represent both sides of the transaction, buyers and sellers, and they owe all parties in the transaction certain duties such as honestly, disclosure and fairness.
30
Q

Site of Crime Material Fact?

A

The fact that the property is or has been the site of a crime that involves a meth lab is not considered a material fact for a real estate transaction if either of the following is the case: (a) All materials and substances inv olving methamphetamine have been removed from or remediated on the property by an entity certified or lice nse d to do so; or (b) the property has been deemed safe for habitation by a governmental entity.

31
Q

ABC Real Property DisclosureIf a licensee represents a selle

When is the Real Property Disclosure provided?

A
  1. If a licensee represents a seller, the licensee instructs the seller to fill out a Seller’s Real Property Disclosure Form. This is provided to the contracting buyer – usually upon acceptance – but preferable sooner.
32
Q

Duties Owed Form

What happens if a Client’s consent is required?

A
  • If a client’s consent is required (as in when acting for two or more parties to the transaction) consent must be obtained – disclosure alone is insufficient to ensure consent.
    *
33
Q

Duties Owed Form

What are you required to provide every Client?

A
  • To ensure a client understands the licensee’s basic duties, the licensee is required to provide the client and each unrepresented party with a state mandated form called the “Duties Owed by a Nevada Real Estate Licensee”. NRS 645.252(3)
    • A new Duties Owed form should be provided to each client. If a client’s consent is required (as in when acting for two or more parties to the transaction) consent must be obtained – disclosure alone is insufficient to ensure consent.

Real Estate Nevada Law (10 decks)

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