Disclosures - WI Real Estate Flashcards

Disclosures - WI Real Estate Flashcards Sellers, landlords, and real estate agents are required to include a ______ in the contract or lease if the real estate was built prior to 1978.Denial of responsibility for lead-based hazardsLead abatement discountLead warning statementNotice of local lead renovators Lead warning statement Shelly, a listing agent, notices that an inspection report prepared by a third-party inspector contradicts some of the information her seller client gave her. Per Wisconsin law, Shelly should _______.Encourage her client to come forwardKeep the contradictions confidentialReveal the contradictory informationTrust the third-party inspector Reveal the contradictory information Which of the following is described as an area that is protected by the Clean Water Act where standing water that supports aquatic plants and animals is located and groundwater is filtered?FloodplainTidal zoneWaterwayWetland Wetland When it comes to vacant land in Wisconsin, what's your duty related to inspection?Conduct a reasonably competent, diligent inspection if the land is accessibleCreate a path to access the land for the buyer and yourself to walk its entiretyHire a land surveyor or other land inspector to find material defectsWalk the entirety of the property in a grid-style search Conduct a reasonably competent, diligent inspection if the land is accessible Federal law requires disclosures about what potential hazard in residential properties built prior to 1978?ArsenicAsbestosLeadRadiation Lead Nico received a copy of the Real Estate Condition Report and doesn't like what he sees. He wants to rescind the contract based on the RECR. May he do so without penalty?No; buyers may not back out of a contract based upon the RECR.No; he may only back out if he forfeits his deposit.Possibly, if he can prove that he doesn't have the funds to cure the defects listed in the RECR.Possibly, if he didn't know of any defects prior to making his offer, and the report was inaccurate or incomplete.Possibly, if he didn't know of any defects prior to making his offer, and the report was inaccurate or incomplete.Which one of the following is a true statement about radon testing?It can only be performed by a licensed professional.It's not necessary.Test kits are available for purchase.Test kits are only available to certified professionals.Test kits are available for purchase.

In contrast to land that has buildings on it, vacant land in Wisconsin _______.Doesn't have access to a roadDoesn't have electricityDoesn't have waterHas no structures built on it Has no structures built on it Which of the following is considered a material adverse fact in Wisconsin?Cracked kitchen tileLoose banisterOld carpetingPersistent basement moisture after heavy rainfalls Persistent basement moisture after heavy rainfalls How can a homeowner identify asbestos?By hiring a certified asbestos consultantBy looking at it with a black lightBy performing a normal visual inspectionBy using an asbestos test kit By hiring a certified asbestos consultant Upon receipt of the condominium-related disclosures required by Wisconsin law, how many days does the prospective purchaser have to rescind an offer without liability?10 days15 daysFive daysOne week Five days Filomina is preparing to sell her home and thinks she should test for radon. Which of the following options about radon testing is true?Filomina can hire a professional to perform the test, or she can buy a test kit and submit it to a lab for analysis.Filomina can purchase a home test kit and interpret the results herself.Filomina is required to test for radon and perform any necessary mitigation before placing her property on the market.Filomina must hire a certified testing company to perform the radon test and interpret the results.Filomina can hire a professional to perform the test, or she can buy a test kit and submit it to a lab for analysis.Which of the following about radon disclosure in Wisconsin is true?If radon is present, the sales contract must include an estimate for the price of mitigation.Real estate professionals must give buyer clients a list of professional radon mitigators.Real estate professionals only have to disclose the presence of radon if their client asks about it.Sellers must disclose any knowledge of radon in the sales agreement.Sellers must disclose any knowledge of radon in the sales agreement.______ is a naturally occurring material that was once widely used in building materials, because it is fire-resistant and has some insulating properties.AsbestosCarbon monoxideLeadRadon Asbestos Before listing his home, Wisconsin seller Miles wants to identify any defects in his home. Who's best suited to identify a property defect?A licensed home inspectorThe buyerThe licenseeThe seller A licensed home inspector Is it required for a license holder to disclose information surrounding a death at a property if that death were a result of a defect on the property?No. A licensee is only required to disclose information pertaining to illness or death by

natural causes on the property.No. The licensee is not required to disclose this information.Yes. However, the licensee could wait to disclose this information until the property was under contract.Yes. If a death occurred because of a defect on the property, a licensee must disclose this information when listing or selling that property.Yes. If a death occurred because of a defect on the property, a licensee must disclose this information when listing or selling that property.

An adverse fact is best defined as a ______.Condition or occurrence that's cosmetic in nature and doesn't impact property value or structural integrityCondition that can significantly affect property value, structural integrity, or healthFact that's immaterial to the transaction if it's only impacting the property valueStructural defect that doesn't present a significant health risk to the property's occupants Condition that can significantly affect property value, structural integrity, or health Why is asbestos considered hazardous?It can cause serious lung disease and cancer.It causes a skin rash.It causes dementia if levels of exposure are high.It causes premature birth.It can cause serious lung disease and cancer.Wisconsin seller Bridgette isn't sure what she needs to write down on her disclosure form. Which of the following items would NOT be considered a material defect that must be disclosed to potential buyers on the WB-11 Residential Offer to Purchase form?A leaky roofA newly replaced water heaterRotting support beamsUnsafe radon levels in the home A newly replaced water heater Draco's client, Ruby, receives a Real Estate Condition Report that contains an inaccurate assertion of a defect.Ruby has ______ from the receipt of that report to rescind her offer in writing.Five daysSeven daysThree daysTwo days Two days Jenna's home was built in the late 1800s and served as a place to treat patients who suffered from tuberculosis (several of whom died on the premises), was raided during the Prohibition era while it served as an illegal speakeasy, and may be haunted by a previous homeowner who committed suicide during the Great Depression. When selling the home, what disclosures must be provided?Infectious disease disclosureLead-based paint disclosureSite of suicide disclosureStigmatized property disclosure Lead-based paint disclosure What must sellers provide prospective buyers of homes built prior to 1978, in addition to the federally required disclosure form?EPA lead safety pamphletList of reputable home improvement contractorsVerbal assurance that the home is lead-free before offering it for saleWritten proof that the home is lead-free EPA lead safety pamphlet Which of the following properties requires a lead disclosure?Commercial building built in 1960Duplex built in 1959Duplex built in 1979Single-family home built in 1999 Duplex built in 1959 Which product's fibers are dangerous when inhaled because they can lodge in the lungs and intestines, causing cancer?AsbestosLead paintRadonSilicone Asbestos