Natural Hazards And Environmental Hazards Disclosures

Front 1

What is used to disclose negative property conditions that have an adverse affect on a property's value.

Back 1

Transfer Disclosure Statement (TDS)

Front 2

Will a failure to disclose invalidate a sale after it is closed?

Back 2

No, however a seller is liable for the buyer's actual money losses incurred by the buyer due to an undisclosed defect known to them.

Front 3

If the TDS is delivered to the buyer AFTER they have entered into a purchase agreement, the buyer may elect to:

Back 3

1) cancel the purchase agreement under statutory 3-day right-to-cancel or 2) make a demand on the seller to cure the material defect that was known to them or 3) make a demand on the seller to provide the cost to cure the defect

Front 4

The owner and the selling broker must each keep a copy of the Lead Based Paint disclosure statement for:

Back 4

At least 3 years

Front 5

What kind of sales are exempt from the LBP Disclosure.

Back 5

Foreclosure sales

Front 6

Negative man-made conditions which have an adverse affect on a property's value, desirability are:

Back 6

Environmental Hazards

Front 7

What are the two defining characteristics of Environmental Hazards?

Back 7

1) Injurious to health 2) Interfere with sensitivities

Front 8

Environmental Hazards can exist ____ or ____ a property

Back 8

1) On (i.e. asbestos, lead based paint) 2) Off (i.e. close proximity to industrial zoning, airport)

Front 9

Before assisting a seller in filling out a TDS, a seller's agent needs to:

Back 9

Conduct a visual inspection of a property, looking for environmental hazards a d natural hazards

Front 10

A Lead Based Paint (LBP) disclosure is required on all properties built before what year?

Back 10

1978

Front 11

Risks to life or property which exist in nature due to a property's location and has a negative effect on its desirability and value are called:

Back 11

Natural Hazards

Front 12

Natural Hazards must be disclosed if they are:

Back 12

1) Known to a seller 2) contained in public records

Front 13

Natural Hazards must disclose if a property is located on:

Back 13

1) area of potential flooding 2) very fire hazard severity zone 3) state fire responsibility area 4) earthquake fault zone 5) seismic hazard zone

Front 14

The use of a Natural Hazard expert:

Back 14

Relieves the seller of any liability for errors not known to the agent.

Front 15

In order to learn about a property's natural hazards, an agent:

Back 15

Confronts public records themselves

Front 16

An area of potential flooding needs to be disclosed if a property is located:

Back 16

Near a dam

Front 17

What is the agency that responds to any large natural disaster?

Back 17

Federal Emergency Management Agency (FEMA)

Front 18

What are the two letters designated to mark special flood hazard areas? (1% chance of flooding any given year)

Back 18

A or V

Front 19

Zone "V" properties are also subject to:

Back 19

Additional storm-wave hazards

Front 20

The National Flood Insurance Act of 1968, Flood Disaster Protection Act of 1973

Back 20

National Flood Insurance Program (NFIP)

Front 21

Earthquake fault zones can be seen on maps available through the city county planning Dept. Called:

Back 21

Alquist-Priolo Maps

Front 22

Properties are considered to be in an earthquake fault zone if they are

Back 22

1/8 of a mile from a fault on any side

Front 23

Maps that identify properties exposed to strong ground shaking are called:

Back 23

Seismic Hazard Zone Maps

Front 24

Siesmic Hazard must be shown on an NHD if the property is subject to:

Back 24

1) ground failure (landslides) 2) tsunamis 3) dam failures- potential flooding area

Front 25

An NHD is separate from:

Back 25

A TDS

Front 26

Under an agent's general duty, an NDH is mandatory on all properties:

Back 26

Sold by real estate agents/brokers

Front 27

A seller is not required to use and NHD on:

Back 27

Court ordered transfers/sales

deed in lieu of foreclosures

trustee's sales

Lender resales after foreclosure

estates on death

transfers between co-owners

transfers to relatives/spouse

transfers to/by governmental entities

Front 28

Using "as is" in an attempt to waive NHD disclosures will make the sales contract:

Back 28

VOID

Front 29

In the case of an "untimely" disclosure:

Back 29

The buyer may terminate in a 3-day right of cancellation when the NHD was handed to the buyer, 5-day when it was mailed to the buyer

Front 30

TDS's must be delivered ______ entering into a purchase agreement

Back 30

Prior to

Front 31

Environmental hazards are:

Back 31

Man-made hazards

Front 32

A lead based paint disclosure must be signed by:

Back 32

Seller, buyer and seller's agent

Front 33

On-property Environmental Hazards include:

Back 33

1) asbestos 2) formaldehyde 3) radon gas (enlcosed spaces containing uranium) 4) hazardous/ignitable waste 5) toxic mold 6) security bars which thwart escape in case of emergency

Front 34

Off property environmental hazards include:

Back 34

1) military ordinance sites 1 mile from property 2) industrial zoning in a neighborhood 3) airport influence areas 4) ground transportation arteries (train tracks, major highways in close proximity)

Front 35

What must be disclosed to a buyer and confirmed in purchase agreement in writing?

Back 35

An Environmental Hazard Booklet

Front 36

A seller's agent is duty-bound to:

Back 36

Respond fully and honestly to an inquiry about a property

Front 37

What defines NON-friable asbestos?

Back 37

It cannot be crushed by hand-pressure

Front 38

A seller is not obligated to remove asbestos-containing material, but it must:

Back 38

Be disclosed in the TDS