Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
|
Which disclosure shows that a broker discussed market conditions with a buyer? - market conditions advisory - real estate economic advisory - seller instruction to exclude listing from mL - subdivided lands law |
Market conditions advisory - real estate market conditions are fluid, therefore, no one can guarantee that prices will continue to move in a particular direction. advises about the risks of making non-contingent offers or removing contingencies |
|
|
a 100 year flood is a boundary indicating areas of special flood zone areas. True or false |
true |
|
|
When a condominium is sold, the seller must, upon request, provide the buyer with all of the following, except: - CC&Rs - Bylaws - Financial statements - a list of troublesome neighbors |
a list of troublesome neighbors: the owner must furnish CC&Rs, bylaws, and the most recent financial statements |
|
|
If a broker takes a listing on a property where a person died from AIDS, the broker: -Should only disclose this information if the buyer asks a direct question - must disclose this information, but only if the death was within the previous three years - does not have to disclose this information - must disclose this information because it is a material fact |
does not have to disclose this information. broker does not have to disclose whether or not a person was afflicted with or died from AIDS. this is a protected class under the federal fair housing act |
|
|
In which of the following documents would a seller most likely reveal the existence of air traffic noise above property that is being sold? - real estate transfer disclosure statement - seller's disclosure of liens - environmental impact report - seller financing disclosure statement |
Real estate transfer disclosure statement: TDS is a document that the seller must provide to any buyer of residential property (one to four units). it is a detailed statement telling what the seller knows about the condition of the property. the statement must list all known defects as well as any potential problems that might affect the property value |
|
|
special assessments on Mello-Roos districts are not allowed by the local government. True or false |
False: mello-roos district includes a special assessment is imposed on real property owners within a community facilities district |
|
|
the subdivided lands law is a state law that protects buyers when buying homes in new subdivisions. True or false |
True: the subdivided lands law is a state law that protects buyers when buying homes in new subdivisions. |
|
|
anyone who is found guilty of violating the subdivided lands law is punishable by a maximum fine of... -850 -1000 -8500 -10,000 |
10,000 and imprisonment for up to one year in the county jail or state prison. or by both. |
|
|
a home with a sales price less than $100,000 is exempt from the california FIRPTA disclosure law. True or false |
True: transactions exempt from the law include homes with a sales price that is $100,000 or less, the home is the seller's principal residence, or the seller signs the seller's affidavit of non-foreign status and the buyer's affidavit of residency for california. |
|
|
"as is" means the agent must suggest appropriate repairs for defects. True or false |
false: "as is" is a term stating the seller is not responsible for repairing any defects |
|
|
Radon is a colorless, odorless, carcinogenesis gas that is detectable by a spectrometer. True or false |
True: |
|
|
A structural pest inspection is required by law. True or false |
False: law does not require that a structural pest control inspection be performed on real property prior to transfer. unless it is required as a condition of transfer or obtaining financing. |
|
|
a broker must inform both buyer and seller, in writing, of the sale price on a property within ____ months of close of escrow - one -two -four -six |
one |
|
|
The consumer product safety commission recommends installing a CO detector outside of a home. True or false |
False - recommends installing a CO detector in the hallway near every separate sleeping area of the home |
|
|
a real estate transfer disclosure statement is required in the ____ of one-to-four residential units - foreclosure -sublease -lease -sale |
Sale - the TDS is required on a sale of 1-4 residential units. choice b is not correct, because it must be a lease with an option of purchase. |
