Aceable Agent Level 11 Exam Questions & Answers 2023/2024
Seller Disclosure Laws in GA - ANSWER-Georgia does NOT require the seller to fill out a written disclosure form or statement. That said, the law does require the seller to inform the buyer of any known defects in the condition of the home...
Aceable Agent Level 11 Exam Questions
& Answers 2023/2024
Seller Disclosure Laws in GA - ANSWER-Georgia does NOT require the seller to fill out a written disclosure
form or statement. That said, the law does require the seller to inform the buyer of any known defects in
the condition of the home. It's not uncommon for brokers to encourage sellers to fill out a written form
commonly known as a seller's disclosure statement, or property condition disclosure statement, to
present to the buyer.
Seller's Disclosure Statement - ANSWER-aka property condition disclosure statement; A written seller's
disclosure statement would include a checklist of common items that would typically be considered to
be material facts, or facts that could cause someone to take a different course of action or make a
different decision regarding the property to be purchased; It helps the seller fulfill their obligation to
disclose **known** material facts and defects on the property, thereby reducing the likelihood that they
might omit material facts (either accidentally or intentionally) and reduces the liability faced by the
seller's agent; the seller is responsible for filling out a seller's disclosure statement, not the seller's agent.
3 situations a seller has a duty to speak the truth - ANSWER-1. in the fiduciary relationship between the
seller of property and his or her real estate broker,**both parties have the duty to speak the truth and to
make a full disclosure to all the facts to each other**
2. **If one party to the contract knows an important material fact not known by the other, the courts
could rule that the contract is voidable**
3. **when a person misstates or unintentionally misrepresents an important material fact** Upon
discovering this misrepresentation, the person must correct the mistake immediately or at the latest
when negotiations resume. If the aggrieved party can prove the person making the unintentional
misrepresentation subsequently learned of the error and did not correct it, the courts may allow the
aggrieved party to void the contract.
Buyer's Duty Regarding Property Info in a Transaction - ANSWER-Buyers have a duty to make use of all
readily available public information and take every opportunity to inspect the property.
Seller's Disclosure Act - ANSWER-says that the seller's agent is NOT liable for any violation made by the
seller unless the agent knowingly acts with or aids the seller in committing the violation
, general inspector - ANSWER-a generalist looking for areas of concern; recommend that the buyer have a
specialist, such as a roofer, structural engineer, or an electrician, do a second inspection because of
something they have flagged; not placing a value on the item, but determine whether that item is
functioning properly at the time of inspection; concerned with determining the utility of systems,
equipment, appliances, and structural elements
a real estate inspection is a limited visual survey and basic performance evaluation and not intended to
be a comprehensive investigation.
The general inspector is typically expected to:
- Operate fixed or installed equipment and appliances
-Visually inspect accessible systems or components from near proximity to the systems and components,
and from the interior of the attic and crawl spaces
-Complete a standard inspection report
Utility - ANSWER-the measure of the degree to which something performs a desired function; serves as a
component of the thing's value
ex; a furnace that doesn't work has no utility to an occupant and is less desirable.
T or F? If a seller refuses to do the repairs discovered during the inspection and the buyer terminates the
contract, any written seller's disclosure statements will need to be updated with the new information for
any future potential buyers. - ANSWER-True
"caveat emptor" - ANSWER-means "buyer beware"; the principle that the buyer alone is responsible for
checking the quality and suitability of goods before a purchase is made.
GA is a caveat emptor ("buyer beware") state
Latent Defects - ANSWER-any structural defects that cannot be detected by ordinary inspection; the
seller & listing agent DO have a duty to disclose
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