Property Disclosures

Question 1

What critical aspect of the property inspection process MUST licensees convey to prospective buyers?

Answer 1

Need for inspections to be completed within the time stated in the contract.

Question 2

A licensee is listing a property in a known flood plain. The seller flatly denies that the structure and the property have ever been flooded. What is the licensee required to do in this situation?

Answer 2

Inform the seller of the legal obligation to disclose facts regarding flood plains.

Question 3

A seller tells the listing agent that her home was treated for termites 10 years ago, so there are no termites now. Before listing the property, the agent should

Answer 3

tell the seller to disclose the termite treatment on the property disclosure

Question 4

A seller’s statement in a property disclosure document means

Answer 4

the owner is disclosing known latent defects.

Question 5

State laws differ on whether a buyer is entitled to know about

Answer 5

a suicide that occurred in the house last year.