Real Estate Practice, Edition 9, Chapter 3 Quiz

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

All of these. A warning as to balloon payments, disclosure of deferred interest and credit terms. (Plus credit information, cash out sellers, warnings, etc.)

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

a 3-unit residential building. (1 to 4 residential.)

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

all of these. accessible areas only, visual inspections and 1 to 4 residential units. (With reasonable expertise of a licensee.)

A selling agent must comply with agency disclosures to the buyer

before the buyer executes an offer. (It is included in offer form)

An agent need not disclose to a buyer that:

both a former owner had AIDS or there was a death by murder or suicide on the property more than 3 years ago. (But the law is unclear as to the need to disclose for deaths within three years.)

The earthquake safety disclosure statement

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

The proper order of the steps taken in agency disclosure is

disclose, elect, confirm. (Disclose as soon as possible, confirm with offer.)

A fiduciary relationship applies to a real estate licensee and to

his or her principal. (Relationship of Trust.)

Real estate disclosure laws apply

primarily for 1 to 4 residential units. (Such as a Transfer Disclosure Statement.)

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. (Explains possible hazards.)