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26 Cards in this Set

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Caveat Emptor
A Latin phrase meaning "buyer beware".
Red Flag
Something that alerts a reasonably observant person of a potential problem(cracks in walls, foundations, and sidewalks; or stains from leaks in the roof etc).
"As Is"
A phrase in real estate referring to observable conditions. Does not relieve a seller from the responsibility to disclose all known material facts to the buyer
Real Estate Transfer Disclosure Statement(TDS)
A document that the seller must provide to any buyer of residential property(one to for units) telling what the seller knows about the condition of the property. Must list all defects as well as any potential problems that might affect the property value.
Local Option Real Estate Transfer Disclosure Statement
(LORETDS)
A disclosure statement given to a buyer if there is some local condition which may materially affect a buyer's use and enjoyment of the residential property.
Mello-Roos District
An area where a special tax is imposed on those real property owners within a Community Facilities District.
Mello-Roos Disclosure
A notification given prior to the buyer purchasing the property alerting the buyer that the property is subject to a special tax in addition to regular property taxes, usually used to finance public services.
Inundation Map
Areas that may flood as the result of a dam failure.
State Fire Responsibility Areas
Rural lands where the state has primary financial responsibility for hte prevention and extinguishing of fires rather than a local or federal agency. Land is often subject to certain preventative requirements.
Alquist-Priolo Earthquake Fault Zoning Act
An act preventing the construction of buildings for human occupancy on the surface trace of active faults.
Earthquake Fault Zone
An area delineated by state officials to have an active fault within it and have the potential for surface rupture.
Seismic Hazard Zones
Regulatory zones that the State has determined that a potential for liquefaction or earthquake induced landslides may affect the property.
Homeowner's Guide to Earthquake Safety
Seller must deliver a copy of this booklet to the buyer and complete the Residentail Earthquake Hazards Report in back of booklet for any residential dwelling build before 1960 consisting of one to four units or any masonry building with wood frame floors or roofs build before 1975.
Megan's Law(Data Base Disclosure)
Every lease and sales contract is required to include a statutorily defined notice regarding the existence of public access to data base informaiton regarding sex offenders in the neighborhood.
Stigmatized Property
A property that has been psychologically impacted by an avent which occurred, or was suspected to have occurred, on the property, such event being one that has no physical impact of any kind(murder, suicide, criminal activity).
3 years
Neither the transferor nor the agent has to disclose the fact of any death(considered to affect the reputation of the property) that occurred on the property to the transferee if the death was more than ___ years before the transferee made an offer to buy or lease the property.
Only if asked directly about a death on the property and the transferee should direct any specific questions to the transferor in writing.
Do agents have to disclose that a person had or has died from AIDS on the property?
Market Conditions Advisory Form
A form used to document that a broker discussed market conditions with a buyer.
Subdivided Lands Law
A law designed to protect buyers from fraud, misrepresentation, or deceit in the marketing of subdivided lots, parcels, units, and undivided interests in new subdivisions.
Public Report
A document disclosing all important facts about the property, its marketing and the financing of the subdivision.
Preliminary public report
Obtained by submitting a minimum application filing package which allows taking reservations for the project, but not accepting any non refundable money or entering into any binding contracts.
The Interstate Land Sales Full Disclosure Act(ISLA)
Regulates land sales when there are two or more states involved. Subdividers must conform to this law if they have 25 or more lots in one state and want to sel them in another state.
Property Report
Must be given by the developer to each prospective buyer as a protection from less than truthful advertising in far away places.
Carbon Monoxide Poisoning Prevention Act
An act requiring that carbon monoxide detectors must be installed in all dwelling units that contain a fossil fuel burning heater, appliance, or fireplace; or that have an attached garage.
R-value
Resistance to heat loss.
Federal FIRPTA Disclosure
A federal law requiring buyers of real property withhold and send to the IRS 10% of the gross sales price if the seller of the real property is a foreign person.