real estate practice 5

A seller's agent is exempt from conducting a visual inspection of a one-to-four unit residential property when the seller is exempt from using the Transfer Disclosure Statement

False

A separate form is required to be filled out if the water heater is marked as being in compliance on a TDS form.

False

The use of a home inspection report (HIR) does not relieve a seller's agent of their duty to visually inspect the property.

False

An automatic reverse safety device is required for all automatic garage doors installed after:

January 1, 1991.

A buyer is able to enforce a reduction of the purchase price before closing for defects undisclosed to the buyer if the purchase agreement contains a price adjustment provision.

True

A home inspector may not pay a referral fee to a licensee for the referral of any home inspection business.

True

The use of an "as-is" clause in a purchase agreement to make the buyer waive delivery of a Transfer Disclosure Statement (TDS) is void as it is against public policy.

True

If a buyer discovers an error in an HIR which affects the property's value or desirability, they have ________ after the date of the inspection to file a legal action to recover money losses.

four years

When a seller has refused to authorize the preparation of an HIR prior to entering into a purchase agreement, the buyer is advised to order one:

on opening escrow.

A buyer has ________ from the close of escrow to recover losses caused by the negligent failure of the seller's agent to disclose a property's observable and known material defects.

two years