Chapter 15: Real Property Disclosures and Advisories Flashcards
This is required for all real property with any standard water heater with a capacity of not more than 120 gallons for which a pre-engineered strapping kit is readily available.
Water heater bracing statement of compliance
In the event that toxic contamination by an illegal controlled substance has occurred on a property and upon receipt of a clean-up order from the Dept. of Toxic Substance Control (DTSC) or a Local Health Officer, the transferor must provide a copy of this order to the transferee.
Meth lab clean-up order
The requirement that buyers must withhold 10% of the gross sales price and send it to the IRS. If the seller is not a “foreign person”, he or she may complete the affidavit of non-foreign status.
Federal withholding tax (FIRPTA)
This is required if the transfer of residential real property of 1-4 units is located in one or more of the following hazard zones: Special Flood Hazard Area, Area of Potential Flooding, Very High Fire Severity Zone, Earthquake Fault Zone, Seismic Hazard Zone, or State Responsibility Area.
Natural Hazard Disclosure Statement
A requirement that agents who act for buyers, sellers, or both the seller and buyer must disclose where they’re working for in the transaction.
Agency Disclosure (AD)
Describes the most common weaknesses that can cause damage to homes in the event of an earthquake.
Homeowner’s Guide to Earthquake Safety.
The seller’s agent or the seller without an agent must disclose to the buyer the fact that the property is an a seismic hazard zone if maps are available at the County assessor, county recorder, or County planning commission office, or if the seller or sellers agent has actual knowledge that the property is in the.
Seismic hazard zones
The requirement that every lease or rental agreement and every sales contract is required to include a statutorily-defined notice regarding the existence of public access the database information regarding sex offenders.
Megan’s Law disclosure
Although there are no current disclosure Carmen’s, the transfer disclosure statement (TDS) has been modified to include the word which refers to a soft green, gray, or black growth that develops an old food on objects that have been left too long and warm, slightly wet places.
Mold
This disclosure was created by the Carbon Monoxide Poisoning Prevention Act of 2010.
Carbon monoxide detector disclosure
This notice informs the buyer that information about the general location of these pipelines is available to the public online via then National Pipeline Mapping System (NPMS).
Gas a hazardous liquid transmission pipeline notice
The seller or transfer must disclose and running to the prospective transferee at the lot requires a non-compliant plumbing fixtures must be replaced with water conserving plumbing fixtures and by what date, and also whether the real property includes any non-compliant plumbing fixtures.
Water Conversing fixtures disclosure
The requirement that buyers must withhold 3.3% of the gross sales price on any of California real property interests, unless an exemption applies, and send it to the FTB.
California withholding tax
This disclosure is required when the transfer/lessor has actual knowledge that former military training grounds which may contain explosives is within 1 mile of the property.
Military ordinance location
As required by state, a real estate licensee must conduct a reasonably competent and diligent visual inspection of the property and the seller fills out forms.
Broker’s statutory duty to inspect property
The requirement that the owner/subdivider must record either a tentative and final map, or a parcel map (depending on the type of subdivision). Escrow on the transfer cannot close until the appropriate map has been recorded.
Transfer Disclosure Statement (TDS)
The requirement that the transfer must notify the transferee in writing on a document “evidencing the transfer of ownership of the property” about the requirement to obtain and maintain flood insurance in accordance with applicable federal law.
Flood disaster insurance requirements
The transferor/agent has no liability for not disclosing this fact if it occurred more than 3 years prior to the date the transferee offers to buy, lease, or rent the property.
Death
Federal law requires this pamphlet be provided to the buyer before renting or buying a pre-1978 home or apartment.
Lead-Based Paint Pamphlet
These devices must be hard wired in new real property construction and local requirements may be more restrictive.
Smoke alarms
A seller (transferor) or real estate agent involved in the transaction must disclose any of these known facts that “affect the value or desirability” of the property.
Material facts
Also called a termite inspection, this visual inspection is conducted by a state-licensed professional hard to look for signs of infestation or damage to a structure by wood destroying pests.
Pest control inspection report
The requirement that the transfer must make a good-faith effort to obtain a disclosure notice concerning the special tax assessment bond from each local agency that Leavy is a special tax or assessment and delivers a notice(s) to the perspective transferee.
Mello-Roos, 195 Bond Act assessments
The property disclosure statement required by law in most residential sales transactions in California.
Transfer Disclosure Statement (TDS)
