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18 terms

Disclosure in Real Estate

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Disclose, Red Flag
After the Easton vs. Strassburger decision, brokers in a transaction are required to make a reasonably competent and diligent visual inspection of the property and _______________ to a buyer all facts martially affecting the value or desirability of the property that such an investigation would reveal. _________ items should be noted and disclosed.
Transfer Disclosure Statement
Because of the Easton vs. Strassburger decision sellerss and agents are required to provide to a buyer a __________________ concerning the condition of the property.
As Is
A transfer disclosure statement must be provided to the buyer of residential property (1-4 units) even when the property is sold ___________.
Divorce, Court Order, Probate
A transfer disclosure statement need not be provided in the case of a transfer between spouses due to ______________, transfer due to _______________, or ________________.
2 Years
If a defective transfer disclosure statement is delivered to a buyer, the buyer has ____________ to seek damages.
Seller
Regarding a Mello-Roos Assessment, the _______________ must make a good faith effort to obtain from the Community Facilities District a notice concerning the special tax and give the notice to a prospective buyer.
1978
The federal Real Estate Disclosure and Notification Rule requires that owners of residential dwellings built before ___________ disclose to their agents and prospective buyers the presences of lead-based paint.
Assuming they have no awareness
If a seller provides a buyer with the pamphlet, "Environmental Hazards: A Guide for Homeowners, Buyers, Landlords, and Tenants," neither seller nor agent is required to say more about environmental hazards, ________________ of anything specific.
Earthquake Fault Zone
Because of the Alquist-Priolo Earthquake Fault Zoning Act, the seller and agent must disclose to the buyer that the property is or may be situated in an ______________________.
One-Quarter Mile Wide
Earthquake fault likes on designated maps are ___________________.
Earthquake Fault Zones
The Natural Hazards Zone Disclosure Statement will include information about _______________.
1/1/1960 , 1/1/1975
The delivery of the booklet, "Homeowner's Guide to Earthquake Safety" is required on the transfer of a residential dwelling built prior to ____________ of conventional light frame construction and a masonry building with wood-fram floor or roof built before ______________.
Must be disclosed
Potential for flooding is a legitimate concern and ______________ to all potential buyers of residential property.
FEMA
Flood Hazard and Boundary Maps are provided by ______________.
Frequent Flooding
Flooding that occurs more than once in 10 years is considered ____________.
Special Flood Zone Area
If an area is within a 100-year flood boundary, it is called a _______________________.
Moderate Flood Hazard
If an area is between a 100 and 500-year flood boundary, it is called an area of __________________.
Minimal Risk
If an area is above a 500-year flood boundary, it is called an area of ____________________.