Real Estate Practice CH 3 Flashcards

Real Estate Practice CH 3 Flashcards Real estate disclosure laws applyA. to buyer disclosure only.B. to disclosures to principals only.C. uniformly to all real estate transactions.D. primarily for 1 to 4 residential units.primarily for 1 to 4 residential units.The proper order of the steps taken in agency disclosure isA. disclose, elect, confirm.B. confirm, elect, disclose.C.elect, disclose, confirm.D. elect, confirm, disclose.disclose, elect, confirm.Compliance with environmental hazards disclosure requiresthat the Alquist-Priolo Act be complied with.A. the buyer sign that they have received a booklet titled B.

Environmental Hazards: A Guide for Homeowners, Buyers,

Landlords, and Tenants.C. that the seller post a bond to cover damages by hazards discovered at a later date.D.chemical tests of the soil for all dangerous contaminants.the buyer sign that they have received a booklet titled

Environmental Hazards: A Guide for Homeowners, Buyers,

Landlords, and Tenants.An agent's inspection under Easton v. Strassburger (as codified by state statutes) applies toA. visual inspections.B.accessible areas only.C. 1 to 4 residential units.D. all of these.all of these.

An agent need not disclose to a buyer:A. that a former

owner had AIDS.B. that there was a death by murder or suicide on the property more than 3 years ago.C. that there was a death on the property within the last 3 years.D. both that a former owner had AIDS and that there was a death by murder or suicide on the property more than 3 years ago both that a former owner had AIDS and that there was a death by murder or suicide on the property more than 3 years ago The earthquake safety disclosure statementA. is voluntary.B. applies to 1 to 4 residential units.C. must be signed by buyer and seller.D. both B and C.both B and C A fiduciary relationship applies to a real estate licensee and toA. all parties the agent has dealings with.B. his or her principal.C. the Department of Real Estate.D. buyers only.his or her principal.A Transfer Disclosure Statement must be provided to the buyer when the sale involvesA. a vacant lot.B. all of these.C. a 3-unit residential building.D. a commercial building.a 3-unit residential building.A selling agent must comply with agency disclosures to the buyerA. prior to showing property.B. prior to qualifying the buyer.C. upon delivery of the seller's acceptance.D. before the buyer executes an offer.before the buyer executes an offer.The seller financing disclosure statement provided to both buyer and seller providesA. credit terms.B. A warning as to balloon payments.C. Disclosure of deferred interest.D. All

of the above

• All of the above