Real Estate "Practice" Ch. 3 Terms
A Transfer Disclosure Statement must be provided to the buyer when the sale involves
a 3-unit residential building.
Compliance with environmental hazards disclosure requires
the buyer sign that they have received a booklet titled Environmental Hazards: A Guide for Homeowners, Buyers, Landlords, and Tenants.
An agent is required to disclose to a buyer that:
the property has earthquake weakness if it was built before 1960.
The Seller Financing Disclosure Statement provided to both buyer and seller provides
- disclosure of deferred interest. - credit terms. - a warning as to balloon payments.
An agent's inspection under Easton v. Strassburger (as codified by state statutes) applies to
- visual inspections. - accessible areas only. - 1 to 4 residential units.
A selling agent must comply with agency disclosures to the buyer
before the buyer executes an offer.
The earthquake safety disclosure statement
both applies to 1 to 4 residential units and must be signed by buyer and seller.
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.
Real estate disclosure laws apply
primarily for 1 to 4 residential units.