Real Estate property disclosure Flashcards

Real Estate property disclosure Flashcards Underground storage tanksDiscoloration along walls and sagging or uneven floors can be signs of ______.Flood damageWhat is the mechanism by which asbestos can cause cancer?Information that must be disclosed by the licensee is anything that meets the MAAP

MAAP standard: material, adverse, actually known, and

related to physical condition In states that don't require full disclosure, the seller's agent has a responsibility to notify the seller of the following

duties:

to disclose items that are required to be disclosed, to be honest, and to not hide defects. In full disclosure states, the seller's agent has a responsibility to notify the seller of the duty to disclose all known material facts.Moldgrowth is promoted by excessive moisture and lack of air circulation Buyers should inquire about the location of the property and whether it's currently or will in the future be located in a protected zone, such as a wetland or a historical district Buyers should also inquire about the property's zoning classification and whether there are any anticipated changes in the current classification of the property itself or the surrounding neighborhood.buyer beware" (aka caveat emptor)doctrine and are not considered full disclosure states. In these states, the seller makes no representations about property conditions, and the burden is on the buyer to perform due diligence.Whether or not the addition was permitted Emma is interested in purchasing a property with a big fenced backyard, because her eventual goal is to open an in-home daycare. Which of the following is a zoning issue that you would encourage her to research?Sellers and listing agents often choose not to review the inspection report, especially if the buyers terminate the contract based on the report because they are then liable to report any adverse findings A home where a homicide, suicide, or haunting occurredWhich of the following could be a clue that a property was formerly a waste disposal site?Asbestosa fibrous material that becomes dangerous when it deteriorates and becomes friable (easily crumbled) was used in many materials before the 1970s because of its fire-retardant qualities. Inhaled particles can damage the lungs over time. Only licensed professionals should handle asbestos Radonoccurs naturally in the environment and can be found in soil and well water Whether or not current regulations permit home-based businesses.In full seller disclosure states, whose responsibility is it to complete the seller disclosure form which will be reviewed by prospective buyers?

Some sellers disclose tax abatements, but buyers should check this independently. A tax abatement program lowers the property's taxes for a set amount of time. These are typically offered for new construction or when a property lies in an area designated for rehabilitation or renovation.Tax abatements for elderly homeowners are also common.Buyers may receive an unhappy surprise when the unrevealed abatement ends and their property taxes skyrocket.You're showing your buyers a house that clearly has a second-story addition. What important thing do you need to find out from the sellers?Duplex built in 1959What property feature could lead to soil contamination?Leadcan be found in paint, plumbing, dust, soil, and drinking water. Lead causes many health issues, particularly among infants, children, and the elderly. In children, leadrelated issues can include behavioral problems, learning disabilities, seizures, and even latent defectisa hidden property condition that's not likely to be discovered through a general review or inspection The property owner's and licensee's role regarding property condition is generally dictated by state law Disclosure should be made beforecontractual agreement takes place adverse material factisnegative property information that could reduce the property's value.Environmental issues requiring disclosure Underground storage tanks Groundwater contamination The presence of former waste disposal sites Mining activities Use of agricultural pesticides Soft spots, mounds, and discolored soilWhich of the following properties would require a lead disclosure?Government disclosure requirements (LEAD) Sellers in residential real estate transactions involving properties built before 1978 must provide a lead-based paint disclosure and EPA-produced "Protect Your Family ..." lead safety pamphlet to the buyer Sellerstigmatized property?