Glossary Ch. 18-23 Flashcards Preview

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Flashcards in Glossary Ch. 18-23 Deck (14)
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1
Q

Any surface coating containing at leasst 1.0 milligram per square centimeter of lead, or 0.5% lead by weight.

A

Lead-based paint

2
Q

Any condition that causes exposure to lead from lead-contaminated dust, soil, or paint which has deteriorated to the point of causing adverse human health effects.

A

Lead-based paint hazard

3
Q

A mandatory disclosure prepared by a seller and given to prospective buyers setting forth any property defects known or suspected by the seller, generally called a condition of property disclosure.

A

Transfer Disclosure Statement (TDS)

4
Q

Recurring HOA assessments which fund the operating budget to pay for the cost of maintaining the common areas.

A

Regular assessments

5
Q

A lien against a real estate by a public authority to pay the cost of public improvements such as street lights, sidewalks, street improvements. In a common interest subdivision, an additional charge levied by the association for unanticipated repairs.

A

Special assessment

6
Q

An emergency situation lifting the limits placed on the amount an HOA may charge for regular and special assessments.

A

Extraordinary expense

7
Q

A budget which discloses the amount of assessments collected by an HOA, its cash reserves and whether special assessments are anticipated to occur.

A

Pro forma operating budget

8
Q

California State system used to create a standard rating for energy efficiency and certify professional raters.

A

California Home Energy Rating System (HERS)

9
Q

A report issued by a structural pest control company which is divided into Section I items, noting active infestations, and Section II items, noting adverse conditions which may lead to an infestation.

A

Separated Report

10
Q

Obligations under an open listing requiring the agent to take reasonable steps to achieve the objective of the client but requiring no affirmative action until a match is located at which point due dilligence is required.

A

Best effort obligation

11
Q

A report from a title company providing information about a property’s ownership, encumberances, use restrictions and comparable sales data.

A

Property profile

12
Q

A report provided by a local agency or NHD vendor and used by sellers and seller’s agents to disclose natural hazards which ecist on a property held out for sale.

A

Natural Hazard Disclosure (NHD)

13
Q

A property information package handed to prospective buyers containing disclosures compiled on the listed property by the seller’s agent.

A

Marketing Package

14
Q

A document prepared by a seller’s agent to disclose the financial consequences of a sale when setting the listing price and on acceptance of a buyer’s priice in a purchase offer.

A

Seller’s net sheet