Real Estate Practice Exam - Property Condition and Disclosure

the street in your neighborhood has been paved by the city. How will that affect your tax bill?

you may receive a bill for special assessments

john is thinking about selling his house but wants to try it "by owner" to see if he can save the commission. Sally provides John with a free market analysis hoping to list the property and informs him of the necessity of providing him seller's disclosure statement. John thanks sally for her service but refuses to list the house with her. If john needs a copy of the seller's disclosure form, where can he get it?

Sally must provide it to him even though he did not hire her

A buyer signed a purchase agreement and was later able to legally withdraw from the transaction and received a refund of the deposit. Under which of the following circumstances was the buyer able to resend the transaction?

The buyer did not receive a sellers disclosure statement

an agent is selling a vacant lot in a neighborhood that is not served with sanitary sewers. The agent should make the purchase agreement subject to:

a percolation test

seller's disclosure statement must be provided to the buyer:

before an offer to purchase is signed

which of the following would be covered under a home / construction warranty?

damages resulting from a defective furnace

a provision placed in the deed by the seller aimed at controlling the present and future use of the property is called:

deed restriction

the purpose of the seller's disclosure statement is to:

inform a potential buyer of conditions known to the seller

all of the following are material facts:

leak in the roof, crack in the basement wall, problem with the plumbing

the listing salesperson has no duty to inform a buyer that:

seller indicated that she will accept less for the property

An agent inspect the new listing and notices obvious leaks in the roof as well as around windows. He is told by the seller that the furnace is not working properly and all the defects will be disclosed on the sellers disclosure statement. The agent also notices water in the basement, but the seller tells him to ignore the water because he has paid a company to fix it but it still leaked, therefore they were coming back to fix it again under warranty. Which of the following is not considered proper behavior by agent?

since the issue with the basement is covered by warranty, there is no need to be concerned with it

an owner asks the salesperson if his company will accept less commission. The salesperson must:

tell the owner that the decision must be made by the broker and he has no authority to accept less commission