Ch.3 Mandatory Disclosures Flashcards

Ch.3 Mandatory Disclosures Flashcards Which of the following statements regarding an agent's duty in a real estate transaction is TRUE?

• An agent has a fiduciary duty to his or her principal. b.

An agent must disclose any known detrimental information to a buyer, even when the agent represents the seller.c.Any material facts the agent becomes aware of must be disclosed in his or her principal.(D. All of the above are true.) Which seller(s) must provide a Real Estate Transfer Disclosure Statement?The seller of a 4-unit apartment building.A buyer signs that he or she has received a booklet relating to Environmental hazards.The purpose of the Subdivided Lands Law is to Protect purchasers from fraud.Which statement regarding earthquake safety disclosure is TRUE?It applies to 1-4-unit residential properties.Which of the following statements regarding agency disclosure is TRUE?

• An agent need not provide a seller of a 20-unit

residential apartment complex with an agency disclosure.b.The listing agent cannot elect to be only a buyers agent.(C.Both a and B are true.)d. Neither a nor B is true.Brownfields is a term related toSoil contamination.Under Easton, an agent's duty of inspection and disclosure covers A visual inspection only.Which of the following statements regarding agency disclosure is true?

• The confirmation of agency must be in writing. b. The

three steps of the disclosure process are disclose, elect, confirm.c. The selling agent must confirm that the agency prior to the buyer's making an offer.(D. All of the above are true.) A right of rescission is provided by law for purchase agreements involving all EXCEPT 1-4-unit residential properties.