Real Estate - Section 14

Coastal waters, tidelands, beaches, and dune systems (back to the setback line)

Critical areas

Filomina is preparing to sell her home and thinks she should test for radon. Which of the following options about radon testing is true? Filomina can hire a professional to perform the test, or she can buy a test kit and submit it to a lab for analysis. Filomina can purchase a home test kit and interpret the results herself. Filomina is required to test for radon and perform any necessary mitigation before placing her property on the market. Filomina must hire a certified testing company to perform the radon test and interpret the results.

Filomina can hire a professional to perform the test, or she can buy a test kit and submit it to a lab for analysis.

Someone who has violated the smoke detector law has __ days to either repair, replace, or install a detector.

15 days

Where are underground storage tanks primarily found?

In older homes and former industrial sites

Which statement about lead-related health problems is true? Lead can be traced to senioritis. Lead causes blindness upon contact with the eyes. Lead is associated with coronary heart disease. Lead may cause behavioral problems, learning disabilities, seizures, and, in extreme cases, death.

Lead may cause behavioral problems, learning disabilities, seizures, and, in extreme cases, death.

Which of the following could be a sign of a plumbing problem? Copper pipes Cracks in the basement wall Low water pressure Rotting around the soffit

Low water pressure

According to MAAP, ____ means the information is considered important in deciding what course of action a buyer takes regarding the real estate transaction.

Material

What two environmental conditions are prime for mold growth?

Moisture Lack of air circulation

Tristan owns a home that he intends to lease for two years while he works overseas. Does Tristan have to provide a written disclosure of the property's condition?

NO, Disclosure is only required if the lease includes an option to buy. Tristan isn't offering this option.

Buddy is selling his bakery to a couple looking to convert the space to a pizzeria. Does Buddy have to provide a written disclosure of the property's condition?

NO. the transaction is exempt since it is a commercial property

Tanks that are not decommissioned properly or those that leak can cause problems, including groundwater contamination. What other items can lead to groundwater contamination?

Nearby mining activities Nearby landfill Agricultural pesticides Faulty septic systems

How can you determine lot size, easements, and encroachments of a property?

Research the deed and title history, check maps at the county recorder's office, and review land surveys.

Homebuyer Nancy has made an offer to purchase a house and has plans to schedule a home inspection. How can her agent assist her in relation to the home inspection?

Review the inspection report with her and discuss options.

When is the Residential Property Condition Disclosure Addendum required?

When a property is part of an owners association An owners association can be a home, condominium, or property owners association. Essentially, any property subject to covenants, conditions, restrictions, bylaws, or rules (CCRBR) needs to include this addendum.

Jimmy lives next to a public park. In order for Jimmy's neighbors to reach the park, they must cross through Jimmy's property. This is an example of an _____

easement

Cameron built a dock for fishing in the lake behind his house. Turns out, the dock is two feet inside his neighbor's property. This is an example of an _____.

encroachment

Where is lead commonly found?

o Dust o Exterior/Interior Paint o Drinking water o Soil

Certain locations that may cause issues

o Flood Zone o Conservation areas o Historic areas o Borders a wetland

Aside from paint, lead most commonly appears in _______.

water pipes

Missing, cracked, or displaced roof shingles can indicate ______ damage.

wind

If a home was built before ______, the seller needs to provide a lead disclosure and safety pamphlet. The same is true of landlords renting properties built before _____. They must provide the same disclosure to prospective tenants

1978

Which of the following may be considered a stigmatized property? A home that has been on the market for more than one year A home where a homicide, suicide, or haunting occurred A home with a panic room A home with no basement

A home where a homicide, suicide, or haunting occurred

Which of these South Carolina transactions requires that property disclosures be provided to the buyer? A house for sale by owner A transfer between government agencies A transfer between spouses due to a divorce decree A transfer pursuant to a court order

A house for sale by owner

Which of these transaction types requires disclosure under the South Carolina Residential Property Disclosure Act? A lease with an option to purchase Transfers due to court order Transfers from one or more co-owners to one or more other co-owners Transfers to a beneficiary as a result of a foreclosure sale or deed in lieu of foreclosure

A lease with an option to purchase

Which of these items around the fireplace could be a clue that there is a problem? Ash and soot in the firebox Cracked or sloping firebox or hearth Hole in the soffit Missing mantle

Cracked or sloping firebox or hearth

Justin decided to build a privacy fence around his yard. He thought the fence was along the property line, but it turns out he built it one foot inside his neighbor's property. What will an inspector document as existing on the neighboring property?

Encroachment

Discoloration along walls and sagging or uneven floors can be signs of ______.

Flood damage

Seller must proactively disclose any known defects. What disclosure type does this represent?

Full Disclosure

Why is it important for buyers to ask when a chimney or fireplace was last inspected?

It could reveal important information about the unit's maintenance and function.

What hazard do mining activities, landfills, or agricultural pesticides contribute to?

Groundwater contamination

Buyers should know what they're getting into by determining lot size, as well as any easements or encroachments that exist. How can they determine this?

Have a survey performed If a survey does uncover unwanted easements and encroachments, there are ways for property owners to deal with these, possibly through court action.

Donald and Martina decided to purchase a newly built home, and their agent, Ed, recommended that they get a professional home inspection done. The couple tell Ed that they thought inspections were only for older homes. How should Ed respond to that?

He should remind them that every dwelling, no matter the age or size, should have a home inspection.

How can you determine whether there is asbestos in a home?

Hire an accredited individual to test for asbestos

Seth is a licensee working for a buyer, Britney. Britney wants to make sure the seller accepts her offer on a charming Cape Cod, so she tells Seth she wants to make a full-price, non-contingent offer right away. How should Seth respond?

"I highly recommend a home inspection contingency with your offer to protect yourself in the event there are major defects with the house."

According to MAAP, _____ means the information is known to the licensee regarding the physical condition of a property or could be plainly noticed by the licensee, regardless of whether it is disclosed by the owner/seller.

Actual knowledge

According to MAAP, ____ means the information is negative information about the property and is usually something that would reduce the property's value.

Adverse

Bill is joining his inspector Hank for an inspection of the property he hopes to purchase. Hank notices that the dirt on the exterior of the home slopes toward the house. He explains that it should slope away from the home. When it doesn't, what problem might this create?

Basement leaks

What are some clues that there may be an underground oil tank on a property?

Basement pipe leading nowhere Vents sticking out of the ground

Lands subject to periodic inundation by tidal and wave action so that only littoral vegetation is present

Beaches

Why should buyers ask sellers of older homes whether they've replaced the wiring system?

Because out-of-date electrical wiring can cause a wide a variety of problems.

In caveat emptor states, which party carries the burden related to a property's condition?

Buyer In caveat emptor states, it's not the seller's responsibility to proactively disclose any known defects a property may contain. The burden lies with the buyer, who must perform the due diligence to learn about the property's condition.

In states where full disclosure isn't required, it's the ______ responsibility to perform due diligence on the property.

Buyer's

Newly constructed homes or existing homes in which at least half the property was remodeled after what date must have electrically powered smoke detectors installed?

December 31, 1994

What is a common problem with roof shingles?

Discoloration or curling

What are clues that a property may have been used as a waste disposal site?

Discolored soil Soft spots Mounds Sometimes these sites might have a cliff or steep drop off. A little research and even soil testing can be done to determine whether the site was previously a dumping ground.

Shane's buyers learned during the inspection that there was water damage around the fireplace and that the chimney needed new flashing and to be repointed. To whom must Shane disclose that information?

Any party to the transaction

The fibers of ______ are dangerous when inhaled because they can lodge in the lungs and intestines, causing cancer.

Asbestos

One of the last things you want is a wood-eating pest destroying your home. Which are three of the most common pests you'll want to keep at bay?

Carpenter ant Powderpost beetle Termite

Seller makes no representations about the property's condition. What disclosure type does this represent?

Caveat Emptor

means that the buyer is responsible for performing due diligence on the property, and the seller isn't responsible for disclosing everything, or for protecting the buyer.

Caveat Emptor - "let the buyer beware"

What groups are more vulnerable to lead exposure?

Children, babies, and pregnant women are more vulnerable.

All coastal waters and submerged lands seaward to the state's jurisdictional limits

Coastal Zone

The OCRM regulates critical areas in the state through the _____ program.

Coastal Zone Management Program.

Navigable waters of the U.S. subject to the ebb and flood of the tide and which are saline waters

Coastal waters

What could indicate a problem with the chimney flue or ventilation?

Drafts near the fireplace

Which of the following properties requires a lead disclosure? Commercial building built in 1960 Duplex built in 1959 Duplex built in 1979 Single-family home built in 1999

Duplex built in 1959

Millie and Gary are searching for a home in a great school district. If the public school isn't highly rated, then options such as charter schools and private schools should be plentiful. Some states don't include school district information on the seller disclosure form, so how might they learn about school options?

Neighborhood website School information isn't often included on the list of things a seller must disclose, but it can usually be found on a neighborhood website, or sometimes in the MLS.

Stacey's South Carolina home has been sold as a result of foreclosure proceedings. Does she need to provide the purchaser with a property disclosure statement?

No, transfers resulting from foreclosure sale are exempt.

In South Carolina, the ____ protects critical coastal areas through a number of activities, including controlling development and requiring permits to perform certain activities.

Ocean & Coastal Resource Management (OCRM)

In which two locations are underground storage tanks likely to be found, and for which uses?

Older homes to store heating oil Commercial or industrial buildings to store chemicals licensees would be more likely to encounter an underground storage tank when working with older homes as compared to newer homes.

According to MAAP, ______ means any problematic property condition that may not necessarily be immediately apparent.

Physical

Front row of dunes adjacent to the Atlantic Ocean

Primary ocean front sand dunes

Who is responsible for completing the disclosure statement fully and honestly?

Property owners

Eleanor is working as a buyer's agent for Luis in a state without full disclosure requirements. What is her responsibility relative to property disclosures?

She must obtain the disclosures, provide them to Luis, and review them with him.

Radon is commonly found in what two areas?

Soil and Well water

If there are any concerns about a seller's honesty, or if a buyer wishes to have a more objective perspective on various physical condition issues, the buyer may want to ask the seller to obtain a CLUE report for the buyer's review before making an offer. What's the purpose of a CLUE report?

Summarize all insurance claims filed relative to the property within the last seven years

Charles just learned that the master bath addition on the home he purchased was built without obtaining permits. It's actually situated too close to the lot line. What might Charles have to do to his master bath?

Take the addition down.

In a caveat emptor state, who or what entity has the burden to prove that a seller was dishonest about a property's condition?

The buyer

Who's responsible for completing the South Carolina Residential Property Condition Disclosure Statement?

The seller

Why would buyers want to know whether a property is currently experiencing a tax abatement?

Their taxes are likely to increase when the abatement period ends.

Areas at or below mean high tide and coastal wetlands, mudflats

Tidelands

Larry is selling his home on his own, without the assistance of a licensed real estate professional. Does Larry have to provide a written disclosure of the property's condition?

YES