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Flashcards in 3.6 Deck (17):
0

True or False:
A seller must only disclose his or her own personal experience with the property.

False

1

If a bonus is offered by the listing broker to the buyer's broker, it must be disclosed on the _______ Disclosure form.

Compensation

2

An arbitration request must be filed within ______ of closing.

24

3

True or False:
The buyer may elect to waive the Seller's Property Disclosure.

True

4

For vacant land, a survey is a necessary element to obtain a building ________.

permit

5

What can be placed at the lot corners to indicate the boundaries when determining a site plan for a new structure?

stakes

6

True or False:
Covenants and restrictions stated on this form will always have a finite term of life.

False

7

During consultations or discussions, when should this form be presented and signed by the customer/client?

At the earliest possible time.

8

How many different roles of broker representation are defined in this form?

5

9

Name as many of the five broker representation roles as you can.

Seller's/Landlord's Broker
Subagent
Buyer's Tenant's Broker
Dual Agency
Facilitator

10

Name as many of the six fiduciary duties as you can.

Disclosure
Reasonable Care
Confidentiality
Obedience
Loyalty
Accounting

11

True or False:
Arbitration Disclosure is meant as a general description of a mandatory arbitration option.

False

12

The agreement is an alternative means of dispute resolution that precludes the right to go to court over issues related to disclosure of _______.

material facts

13

True or False:
This disclosure is intended to "sell" the concept of arbitration.

False

14

True or False:
A decision can be made about arbitration at any time up until closing, after which the arbitration option is no longer available.

False

15

True or False:
There are no up-front costs of filing for arbitration.

False

16

The window of opportunity for the buyer to request arbitration is ______ months after the date of the closing of the purchase agreement.

24