Disclosures Flashcards
Which of the following statements are true about the Authorization to Negotiate Directly with Seller form in Nevada?
Without it, a buyer’s agent does not have the permission to present offers to the seller directly, even when the seller’s agent’s duty to present all offers has been waived.
Jeannie is a Nevada licensee who is selling her mother’s home. According to Nevada law, her personal interest in this transaction must be disclosed ______.
In writing
Nevada licensees must provide the Residential Disclosure Guide to buyer and seller clients ______.
For all residential transactions
Which of the following would you need to disclose about a listed property in Reno?
Your stepfather is the property owner.
Terri represents Susan, who is selling her home. At the open house, Terri meets Joe and Rachel, a young newly married couple who make an offer on the property through their agent. Mark, a retiree, is also interested in Susan’s home, but doesn’t make an offer. To whom must Terri provide the Nevada Residential Disclosure Guide?
Susan
Nevada licensee Jemma is pretty certain her seller client is lying about certain aspects of the property condition, but she keeps her mouth shut and the sale closes. Later that year, the buyers sue the seller and Jemma for misrepresentation. Is Jemma liable?
Yes. Jemma can be held liable for her client’s misrepresentation because she suspected a problem and didn’t inform the buyer.
Nevada’s Waiver Form, which allows agents to waive duties owed to their clients, may be used to waive which of the following statutory duties?
The duty to present all offers made to and by the client
Nevada licensee Jade is working with client Amos, who is selling his home. Which of these is NOT an action Jade needs to take in relation to the Residential Disclosure Guide?
Fill out the property address and client name on the acknowledgement page.
Lionel is representing Janet, who is offering to buy a Las Vegas condo from the Stills. The Stills are selling the condo as a For Sale by Owner. To whom must Lionel give a copy of the Nevada Residential Disclosure Guide?
His client Janet and the sellers, the Stills
Which of these sellers is required to provide the Seller’s Real Property Disclosure form to a buyer?
Bill and Suzanne, who accepted an offer from a buyer their agent found.
(The Seller’s Real Property Disclosure form isn’t required for sales between co-owners (like Teri), sales to spouses or close relatives (like Daryl and his sister), or for newly constructed homes (like Angie). It’s not required in foreclosures, either. But Bill and Suzanne, who appear to be selling their home to a buyer they never met before, are required to provide the disclosure)
Which of these must be disclosed on the Seller’s Real Property Disclosure in Nevada?
A. The cooling system only works on one level of the home.
Not need to be disclosed….(B. A leaking pipe, that the seller isn’t aware of, is located behind the shower stall.
C. There is an unfortunate carpet stain that the seller keeps hidden under the couch.
D. The roof was damaged and replaced five years ago)
Your client Amy has just made an offer on a condominium. According to Nevada law, when must the seller provide the Common-Interest Communities Disclosure to her?
When the seller provides the resale package
Your buyer client has just made an offer on a condominium hotel unit, and the seller has provided the Condominium Hotel Disclosure along with the resale package. Which of the following is a true statement about the disclosure?
The buyer must initial and date the disclosure to acknowledge receipt.
Which of these Nevada salespersons is NOT making proper disclosure when buying or selling property in which they have an interest?
Gidget gives the seller a written disclosure about her licensed status through the escrow agent they agreed to in the purchase agreement.
Collin is a Nevada licensee who is buying an office building with some friends who want to invest in real estate. To whom must he disclose his personal interest in the transaction?
His co-investors and the seller(s) of the property they want to buy
