Duty to Disclose: Segment 3: Natural Hazards Disclosure

Names and description each of the major hazard zones:

* FEMA designated special flood hazard zone. * California Office of Emergency Services designated area of potential flooding after a dam failure. * California Board of Forestry designated special high fire hazard area. * California Board of Forestry designated wild-land fire area. * California state designated earthquake fault zone. * California state designated seismic hazard zone.

The following statement is true:

A natural hazards disclosure statement is required if the property is within a natural hazard zone.

Which of the following statement is most correct regarding a seller or agent failure to make the required natural hazards disclosures?

Any person who willfully or negligently fails to make the required disclosures is liable for actual damages suffered by the transferee.

When and what form facts concerning hazard zone housing are to be disclosed.

If the transaction is subject to the TDS disclosure requirement, then the NHDS disclosure form must be made. The appropriate environmental hazards disclosures must be made in some manner when any real property located on one of the zones to be sold. Written disclosure that has been acknowledged by the prospective buyer is recommended.

The NHDS form:

Natural Hazard Disclosure Statement

The direct responsibility for making disclosures located in high - fire severity zones and wild-land fire areas is with the

Seller direct responsibility.

The primary responsibility to make the natural hazard disclosures for earthquake fault zones, seismic hazard zones, and dam failure inundation areas is with the:

Seller's agent if the seller has an agent.

The following statements regarding the Natural Hazards Disclosure Statement is most correct?

The Natural Hazards Disclosure Statement must be provided by the seller to the buyer in all transactions in which a TDS is required if the property is located within one of the six natural hazard zones.

The following statement is FALSE about properties located in a special flood hazard area:

The Special Flood Areas are defined as there is a 25% chance that a portion or all of the property is likely to be inundated by a flood in any given year.