RE 13 (Chapter 15)

Who prepares and delivers the Transfer Disclosure Statement (TDS)?

The seller

Which of the following is NOT covered in the Natural Hazards Disclosure Act?

Low Income Area

A statutorily-defined notice regarding the existence of public access to database information regarding "sex offenders" must be included in every lease or rental agreement and every sales contract. This is known as the:

Megan's Law Disclosure

In the Disclosure Information Advisory, under Final Recommendation Section, if any disclosure becomes inadequate, incomplete, inaccurate or changed over time right up until the close of escrow, you should:

Update and disclose in a timely manner

If a tenant does not receive a copy of the Meth Lab Clean-Up Order for any affected rental property prior to move in, the tenant may:

void the rental agreement

Which of the following sales of real property is not legally exempt from completing the TDS?

1 to 4 Unit Residential Sales

What percentage of the gross sales price must buyers withhold from sellers (who are foreign persons) according to Federal Withholding (FIRPTA) guidelines for the IRS for properties $300,000 and over?

10%

The buyer of a residential property 1-4 units must receive an Earthquake Safety guide Booklet and Seller's Earthquake Statement for homes built prior to:

1960

The seller/lessor provides the buyer/lessee with a required lead-based hazard information pamphlet called Protect Your Family from Lead in Your Home for property built prior to what year?

1978

A buyer must be notified by a seller if a death has occurred on the property within how many years?

3 years

In California, the State Franchise Tax Board requires what percentage of the gross sales prices be withheld by the buyers (if sold by foreign persons over $100,00)?

3.33%

The Seller and the buyer each receive with of the following before signing the listing contract singing or the purchase agreement contract?

Agency Disclosure form

The Statewide Buyer and Seller Advisory (SBSA) include which of the following topics?

Broker's Rights and Duties, Local Disclosures and Advisories, and Buyer's Rights and Duties.

Which disclosure form is provided to sellers first?

Disclosure Information Advisory (DIA)

What is the difference between Advisories and Disclosures?

Disclosures are mandated by law

Which of the following that affect the value or desirability of the property must be disclosed by the seller (transferor) or real estate agent involved in the transaction?

Any material facts

What does the term "Statutory" mean?

Passed into law by the legislature signed by the governor Becomes part of the 29 California Codes.

Which of the following may be exempt from the Lead-Based Paint disclosure requirements?

Short-term rental, Housing for elderly or handicapped, and Loft or efficiency Unit.

Although not mandatory disclosure, which advisory reminds buyers and sellers of the importance of investigating a property for sale and lists seven different sections (14 pages) of property aspects to review, such as soil conditions, geologic hazards, environmental hazards, mold, water intrusion, fire hazards, building permits, and HOA rules?

Statewide Buyer and Seller Advisory (SBSA)

"Diligent visual inspection" requirements, along with the seller's mandatory disclosure of specified items and any known adverse material conditions, is included in which disclosure form?

Transfer Disclosure Statement (TDS)