Exam (elaborations)
Real Estate Exam Part 2 Questions and Answers 2024
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Real Estate Exam Part 2
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Real Estate Exam Part 2In addition to disclosures that are mandated on the state level, there are also items that
are mandated from the FEDERAL level. They include: - answer-Lead-based paint
-Underground storage tanks
-CERCLA
1. ______, ______, and _______ are responsible for providing a Lead-Based Paint
Disclosure information to the buyer or renter before sale or lease.
2.______, ______, and _______ share responsibility for ensuring _________ -
answer1. Sellers, landlords, and their real estate agents
2. Sellers, landlords, and their real estate agents; compliance
_______ and ________ must give buyers and renters a pamphlet titled Protect Your
Family from Lead in Your Home, which was developed by the EPA, HUD, and the
Consumer Product Safety Commission (CPSC). - answer Sellers and landlords
Once the purchase agreement is signed, home buyers get a _______ period to conduct
a lead-based paint inspection or risk assessment at their own expense. - answer10-day
The lead-based paint rules ________ any testing or removal of lead-based paint by
sellers or landlords, and they do not ________ leasing and sales contracts. The ruling is
that any _________ must be disclosed. - answerdo not require; invalidate; known
information
owners of homes built before _____ are responsible, and liable, for accurate disclosure
of any known lead-based paint on the property. - answer1978
The lead-based paint disclosure is the only disclosure that requires initials by
__________. By signing the form they are stating that they have complied with the law
by informing the sellers of their obligations in regards to lead-based paint disclosure. In
other words, they handed the seller the _____ pamphlet. - answerthe real estate agent;
HUD
Remember This
In Minnesota, who signs the Addendum to Purchase Agreement Disclosure of
Information on Lead-Based Paint and Lead-Based Paint Hazards? - answerbuyers,
sellers, and listing agent
,A tank, and any underground piping connected to the tank, that has at least 10 percent
of its combined volume underground. - answerunderground storage tank (UST; not al
but part of it has to be underground to be considered a UST.)
The federal UST regulations apply only to underground tanks and piping that store
either __________ or __________. These can seep into the soil and contaminate
_________ - answerpetroleum or certain other hazardous substances; ground water
In 1986, Congress created the __________(LUSTTF), which is to be used for two
purposes: - answerLeaking Underground Storage Tank Trust Fund;
1. To oversee cleanups by responsible parties
2. To pay for cleanups at sites where the owner or operator is unknown, unwilling, or
unable to respond; or situations which require emergency action
1. EPA's __________ are designed to reduce the chance of releases from UST's,
detect leaks and spills when they do occur, and secure a prompt cleanup.
____________ are responsible for reporting and cleaning up any releases.
2. The __________ for UST's are designed to ensure that, in the event of a leak or spill,
an owner or operator will have the resources to pay for costs associated with cleaning
up releases and compensating third parties.
3. EPA recognizes that, because of the large size and great diversity of the regulated
community, _______ and _________ are in the best position to oversee UST's. -
answer1. technical regulations; UST owners and operators
2. financial responsibility regulations
3. AKA State program approval objectives; state and local governments
True or False: Not all UST's need to meet federal EPA regulations - answerTrue
The following UST's do not need to meet federal requirements:
1. _____ and _____ tanks of ______ gallons or less capacity holding _____ fuel used
for __________ purposes
2. Tanks storing _________ used on the premises where it is stored
3. Tanks storing ______ gallons or less of ______ - answer1. Farm and residential;
1,100; motor; noncommercial
2. heating oil
3. 110; petroleum
True or False: Some state and local regulatory authorities may include the above tank
types - answerTrue
In Minnesota, underground tanks containing flammable or combustible liquids which
have been removed from service for _______ or more are considered to be ________. -
answerone year; abandoned
At this time, there is not a UST disclosure form in Minnesota; it is covered in the
____________. - answerSeller's Property Disclosure Statement
, The term _________ is real estate jargon that describes a normal house stigmatized
because someone has been murdered or committed suicide in it. - answerstigmatized
property
On a _________ level, disclosure of a stigmatized property must happen if the stigma is
_______. - answernational; factual
As of today, there is not a stigmatized property disclosure form. This information is
disclosed on the ________________. - answerSeller's Property Disclosure Statement
True or False: State requirements about stigmatized properties will trump any national
level regulation. - answerTrue
Minnesota ________ the disclosure of suicide, paranormal phenomenon, or death
resulting from either natural or accidental causes. However, Minnesota _______ the
disclosure of murder - answerdoes not require; does
The Minnesota Seller's Property Disclosure Statement requires the seller to state
________. - answermaterial facts
True or False: In Minnesota, the fact of an on-site murder MUST be disclosed. Death by
accident, suicide, or natural causes does not, in addition to paranormal activity. -
answerTrue
What is the Residential Lead-Based Paint Hazard Reduction Act of 1992 also known
as?
-Provision A
-The Lead Act
-Title X
-The Lead Hazard Bill - answerTitle X
Approximately how much of the nation's housing stock was built before 1978? -
answerthree-quarters
This law created a tax on the chemical and petroleum industries in order to provide
resources for for a fund that allowed the ___________ to respond directly to releases,
or threatened releases, of hazardous substances that could endanger public health or
the environment. - answerEPA (Environmental Protection Agency); CERCLA (AKA
Superfund)
-C: Comprehensive
-E: Environmental
-R: Response
-C: Compensation
-L: Liability
-A: Act
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