SU # 19__Listing Disclosure Forms Flashcards
Who can and cannot fill out the property condition disclosure documents?
Disclosure documents must be completed by the seller or seller’s attorney or power of attorney.
The licensee must never complete the disclosure forms.
What must a licensee do if he or she takes a listing on a home built prior to 1978?
The licensee must have the sellers fill out a disclosure form about their knowledge or lack of knowledge about the presence of lead-based paint in the home.
What is true about the Illinois Radon Awareness Act’s requirement for radon testing and mitigation?
The Act does not obligate a seller to conduct any radon testing or mitigation activities.
However, the parties may agree in their contract to mitigate.
What is the requirement for carbon monoxide detectors in Illinois?
Illinois homes are required to have at least one carbon monoxide alarm in operating condition within 15 feet of every room used for sleeping purposes.
To comply with the Illinois Radon Awareness Act the seller is required to fill out the Illinois Disclosure of Information on Radon Hazards form by initialing, explaining, and providing all of the following items, except
all available records and reports pertaining to elevated radon concentrations within the dwelling.
documentation that all prior elevated radon concentrations have been mitigated or remediated.
the plan for the seller to conduct radon testing and mitigation activities prior to entering into a contract with purchasers.
acknowledgement that elevated radon concentrations are known to be present within the dwelling.
the plan for the seller to conduct radon testing and mitigation activities prior to entering into a contract with purchasers.
In Illinois, the Residential Real Property Disclosure Act requires that when a seller signs the listing agreement, he or she must also prepare a property condition disclosure document completed by any of the following except the
Licensee
Seller
Seller’s attorney
Seller’s power of attorney
Licensee
Based on the Illinois License Act, the licensee must disclose any material facts about the physical condition of the property OR the transaction about which the licensee has
Appurtenant knowledge
Actual knowledge
Subjacent knowledge
Extra-territorial knowledge
Actual knowledge
Radon gas can be traced back to _____________.
lead-based building products.
uranium.
treated lumber
asbestos-based building products.
uranium.
Which of the following is FALSE regarding the toxic effects of lead-based paint?
Can be absorbed through the skin
Can be ingested
Can be inhaled
Can alter brain growth
Can be absorbed through the skin
Buyer Jake took possession of a house on March 12, 2010. Buyer Jake needs to file a case based on a disclosure violation. When must he file?
Within 2 years of occupancy.
Within 2 years of recording conveyance.
On or before April 2014
On or before March 12, 2011.
On or before March 12, 2011.
Licensee Mike knows that the property located at 15 S. Elm is stigmatized due a violent death that occurred at the address five years ago. Mike does not disclose this information to out-of-town buyers. What act has Mike violated?
Residential Death Report Act
None
Illinois Disclosure Act
Section 35 Act
None
Under law, when the seller has knowledge of high radon gas levels, what must the seller provide to the buyer?
The Federal Disclosure of Information on Radon Hazard form
The HUD Disclosure of Information on Radon Hazard form
The Illinois Disclosure of Information on Radon Hazard form
The National Disclosure of Information on Radon Hazard form
The Illinois Disclosure of Information on Radon Hazard form
Real estate agents who take listings of homes must have their sellers fill out a disclosure form about their knowledge or lack of knowledge about the presence of lead-based paint in the home if the home was
constructed using EIFS.
built prior to 1988.
deemed a stigmatized property by ECOA.
built prior to 1978.
built prior to 1978.
What rights does a buyer have, if a seller fails to provide a disclosure document prior to the transfer of the property?
Buyer has the right to sue the seller.
Buyer has the right to terminate the contract.
Buyer has the right to reduce the contract sell price.
Buyer has the right to file a case in the Court of
Appeals.
Buyer has the right to terminate the contract.
