PROPERTY DISCLOSURE AND ENVIRONMENTAL ISSUES EXAM QUESTIONS WITH COMPLETE SOLUTIONS VERIFIED 2024
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Course
PROPERTY DISCLOSURE AND ENVIRONMENTAL
Institution
PROPERTY DISCLOSURE AND ENVIRONMENTAL
PROPERTY DISCLOSURE AND ENVIRONMENTAL ISSUES EXAM QUESTIONS WITH COMPLETE SOLUTIONS VERIFIED 2024
What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision?
A)Certificate of occupancy
B)Certificate of compliance
C)Building permit...
What document should a buyer's agent confirm has been issued when
representing a purchaser of a home in a new subdivision?
A)Certificate of occupancy
B)Certificate of compliance
C)Building permit
D)Code certificate
A) Certificate of occupancy
A real estate salesman shows a house constructed in 1912 to a prospective
buyer. The buyer has two toddlers and is worried about potential health hazards.
Which of the following is TRUE?
A) Because of the age of the house, there is a good chance of the presence of
lead-based paint.
B) Removal of lead-based paint and asbestos hazards is covered by standard title
insurance policies.
C) Because the salesman is a licensed real estate salesperson, he can offer to
personally inspect for lead and remove any lead risks.
D) Lead-based paint is more of a threat to adults than children.
A) Because of the age of the house, there is a good chance of the presence of lead-
based paint.
,Who should fill in the blanks of the seller property disclosure form?
A) Seller
B) Home inspector hired by the real estate licensee
C) Home inspector hired by the seller
D) Real estate licensee who is listing the property
A) Seller
- Because the seller is in a better position than anyone else to know and provide
information about any defects in the property, the seller should fill in the blanks without
the assistance of the real estate licensee.
MOST states require a property condition disclosure in a residential transaction.
The statement is completed by
A) the broker.
B) the property inspector.
C) the seller.
D) the seller and salesperson or broker.
C) the seller.
- Most states require the seller to complete a property condition disclosure. The listing
broker should review the disclosure form and question the seller about any items that
are incomplete.
The disclosure does not replace the need for a property inspection to be conducted on
behalf of the buyer. A buyer's agent should recommend that a buyer secure an
independent property inspection.
,On discovering a latent defect in a property, a salesperson should discuss the
problem with the seller and then
A) arrange for the repairs.
B) tell the seller that the defect must be repaired.
C) inform any prospective buyers of the defect.
D) contact the city building inspector about the defect.
C) inform any prospective buyers of the defect.
- A salesperson or broker is also expected to disclose information about material
defects in the property to prospective buyers.
The seller is not required to correct the defects, but the salesperson should inform the
seller that not repairing the defects may result in lower offers from buyers.
The salesperson should not arrange for repairs without explicit instructions from the
seller and is not required to contact a city inspector about the defect.
The salesperson should be sure that the defect is included in any property inspection
report to the buyer if not corrected by the seller.
To protect the buyer, many states require
A) a property survey.
B) a buyer's independent property inspection.
C) a broker's certification of property condition.
D) a seller's property condition disclosure.
, D) a seller's property condition disclosure.
- Most states require that the seller truthfully complete a seller's property condition
disclosure statement. Some states use mandated disclosure forms.
While states do not require property inspections, buyers should secure their own
independent property inspection to ensure they know the actual condition of the
property.
A property survey determines the exact boundaries of a property but does not note the
condition of the property.
Mold is MOST likely to develop
A) when there is adequate air circulation.
B) with humidity.
C) in a basement.
D) in attics with high heat levels.
B) with humidity.
- Mold needs humidity to grow and can grow in any location, particularly if there is also
lack of air circulation.
All of the following are frequent reasons for lawsuits EXCEPT
A) ignoring sloping floors and excessive settling.
B) avoiding telling the buyer that the remodeling job was done without the
necessary permit.
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