Real Estate Practice Ch. 3 Quiz

His or her principal. (Relationship of Trust, page 108-109)

A fiduciary relationship applies to a real estate licensee and to Buyers only. His or her principal. The Bureau of Real Estate. All parties the agent has dealings with.

Before the buyer executed an offer. (It is included in offer form, page 118)

A selling agent must comply with agency disclosures to the buyer Upon delivery of the seller's acceptance. Prior to showing property. Prior to qualifying the buyer. Before the buyer executes an offer.

All of these. (Plus credit information, cash out sellers, warnings, etc., page 144-149)

The Seller Financing Disclosure Statement provided to both buyer and seller provides A warning as to balloon payments. Credit terms. Disclosure of deferred interest. All of these.

Both applies to 1 to 4 residential units and must be signed by buyer and seller. (Residential Earthquake Hazards Report, page 129)

The earthquake safety disclosure statement Must be signed by buyer and seller. Is voluntary. Both applies to 1 to 4 residential units and must be signed by buyer and seller. Applies to 1 to 4 residential units.

A 3-unit residential building (1 to 4 residential, page 116)

A Transfer Disclosure Statement must be provided to the buyer when the sale involves All of these. A commercial building. A 3-unit residential building. A vacant lot.

The property has earthquake weakness if it was built before 1960. (For a property built before 1960, earthquake weakness must be disclosed. Disclosure of AIDS is never required. Law provides that agents are not liable for failure to disclose any deaths on the property that occurred more than three years ago. Licensed care facilities near the property that serve 6 or fewer people need to be disclosed, page 129)

An agent is required to disclose to a buyer that: There is a licensed care facility that serves three people across the street from the property There was a death by murder or suicide on the property more than 3 years ago. The property had earthquake weakness if it was built before 1960. A former owner had AIDS.

All of these. (With reasonable expertise of a licensee, page 124)

An agent's inspection under Easton v. Strassburger (as codified by state statutes) applies to Visual inspections. Accessible areas only. All of these. 1 to 4 residential units.

The buyer sign that they have received a booklet titled Environmental Hazards: A Guide for Homeowners, Buyers, Landlords, and Tenants. (Explains possible hazards, page 137)

Compliance with environmental hazards disclosure requires That the Alquist-Priolo Act be complied with. Chemical tests of the soil for all dangerous contaminants. The buyer sign that they have received a booklet titled Environmental Hazards: A Guide of Homeowners, Buyers, Landlords, and Tenants. That the seller post a bond to cover damages by hazards discovered at a later date.

Primarily for 1 to 4 residential units. (Such as a Transfer Disclosure Statement, page 107)

Real estate disclosure laws apply To disclosures to principals only. Primarily for 1 to 4 residential units. To buyer disclosure only. Uniformly to all real estate transactions.

Disclose, elect, confirm. (Disclose as soon as possible, confirm with offer, page 119-120)

The proper order of the steps taken in agency disclosure is Elect, disclose, confirm. Disclose, elect, confirm. Confirm, elect, disclose. Elect, confirm, disclose.