Chapter 3 - Real Estate 3

Real estate disclosure laws apply

primarily for 1 to 4 residential units.

The earthquake safety disclosure statement

applies to 1 to 4 residential units. must be signed by buyer and seller.

An agent need not disclose to a buyer that:

a former owner had AIDS. There was a death by murder or suicide on the property more than 3 years ago.

Compliance with environmental hazards disclosure requires

The buyer sign that they have received a booklet entitled Environmental Hazards: A Guide for Homeowners and Buyers.

A Transfer Disclosure Statement must be provided to the buyer when the sale involves

a 3-unit residential building

The Seller Financing Disclosure Statement provided to both buyer and seller provides

credit terms. a warning as to balloon payments. disclosure of deferred interest

The proper order of the steps taken in agency disclosure is

disclose, elect, confirm

A fiduciary relationship applies to a real estate licensee and to

his or her principal.

A selling agent must comply with agency disclosures to the buyer

prior to showing property.

An agent's inspection under Easton vs. Strassburger (as codified by state statutes) applies to

visual inspections. accessible areas only. 1 to 4 residential units.