Studydroid is shutting down on January 1st, 2019

Bookmark and Share

Front Back
Define caveat emptor
Let the buyer beware
Which state has the most stringent disclosure requirement?
Disclosure law in the sale of residential real estate is affected by myriad of state and local laws because ___________.
There is no national standard or federal legislation
While the different state disclosure forms vary, they tend to be _____________.
Comprehensive in nature and obligate the sellers to disclose a good deal of information about the house.
Regarding disclosure, the situation can best be described as a shift from _________ to __________.
Buyer beware
Buyer take care
What is meant by disclosure levels the playing field?
In an economic sense, ensuring that the price of the property reflects its true value, the price at which a willing seller and buyer agree with good knowledge of the product.
Do state real estate commission deal with some disclosure isues that do not deal with property condition disclosures?
Currently, how many states have adopted mandated property disclosure forms?
Where no mandated state disclosure exists, will local associations of real estate brokers recommend use of a disclosure form?
How do states deal with brokers and disclosure?
A. Absolve brokers of any liability after ensuring that the seller's statement is passed on
B. __________
C. Require brokers to conduct a reasonably competent and diligent ___________ of the property offered for sale and disclose to the prospective buyer
Hold brokers to independent standards

Visual inspection
What are the two important things to remember about state-mandated disclosure forms?
  1. Must be filled out completely
  2. Must be used in every transaction

Unless the statue states specifically otherwise, state law as determined by the court still applies. Thus in some cases disclosures may have to be made in addition to those required on state mandated form.
Which state requires additiional obligations on the broker?
The employer has a higher obligation to the buyer than do ordinary sellers because it is considered to be a ___________.
Professional seller
What states give the option of providing a disclosure or disclaimer?
Virginia and Maryland
What do the majority of claims against sellers in the relocation context involve?
Undisclosed defects
In amended value or BVO transactions, who is responsible for the basis of the disclosure?
The purpose of the Worldwide ERC Homeowner Disclosure Statement is to ____________.
Provide the employer or RMC with knowledge about the physical and legal condition of the property.
Can the homeowner disclosure statement replace any state-mandated form?
When is it recommended that the transferee complete the homeowner disclosure statement?
Prior to the appraisal process.
Is the transferee free from liability once the RMC acquires the property?
__________ and __________ reflect the fact that the complexities of residential real estate transactions are being driven by consumer expectations.
Court decisions and new legislation
Name some unhealthy home concerns.
Risk assessment issues, mainly pollution-based, that may arise from atmospheric pollution, water, natural substances or from previously acceptable building practices and that to some degree allegedly cause illness.
Are toxins noted on the forms?
Yes, all state mandated property disclosure forms have questions regarding at least some toxins.
As scientific research continues, the list of unhealthy home problems ____________.
Information is the key in _________ __________ issues.
Risk assessment
________ in the air lodge into the lungs and are responsible for serious health problems, including emphysema and perhaps lung cancer.
The presence of non-deteriorating asbestos requires ______________.
Only disclosure
If asbestos removal is not recommended or required, what should be done?
Non-friable asbestos in good condition should be left alone, if not in good condition, it should be encapsulated or covered
What if friable asbestos cannot be encapsulated?
Must be removed
The EPA-HUD regulation, known as Title X, requires the disclosure of known information on lead paint and lead-based paint hazards before the sale or lease of most housing built before what year?
What five steps must landlords and sellers take before the ratification of a contract for a housing sale or lease with regard to lead based paint?
  1. Give an EPA approved information pamphlet
  2. Disclose any known concerns
  3. Provide any records and reports
  4. Include an attachment to teh contract or lease which includes a lead warning statement and confirms that the seller has complied with all notification requirements - all parties must sign and date.
  5. Provide a 10 day period to inspect or assess risk
Who were the parties in the most famous lawsuit involving mold infestation?
Melinda Ballard and Farmers Insurance Company
Who are most mold related lawsuits against?
Insurance companies - based on failure to cover cost damages under policies.
Is there medical proof that mold causes severe illness?
What is the most written about type of mold?
Stachy - Stachybatris Chartarum
Is there a safe or recommended level of mold?
No, has not been identified.
A study of indoor mold and human health was done when and by whom?
2004, IOM - Institute of Medicine of the National Academies
The surge of lawsuits with a mold count included has subsided. Of those lawsuits filed ______ have succeeded.
Are the major relocation companies reporting claims of homes containing mold infestation?
What is radon?
Tasteless, odorless gas created as uranium in the soil decomposes.
What agency recommends that ever hoem in the US be tested for radon?
EPA recommends an action level of ________ picoCuries per liter.
What is the correct abbreviation for picoCuries per liter?
What can inhalation of radon cause?
Lung cancer
List the EPA publication where recommendations can be found regarding radon and radon testing in real estate transactions.
Revised Home Buyers and Sellers Guide to Radon
A brownfield is:
An area of dumped chemicals and industrial wastes that is unmarked and forgotten; could be created by a company; was created by unscrupulous refuse haulers and landowners, where toxic chemicals escaped from containers, were used inocently for other purposes before health dangers were discovered.
Do landfills involve toxic components?
No but they can potentially affect water supplies
Megan's Law requires communities be notified of what?
When a convicted sex offender moves into a neighborhood, but states determine how to provide notification.
Are disclosure requirements for Megan's Law are likely to change?
What are examples of stigmatized property?
  1. Murders, suicides, other deaths
  2. Presence of ghosts
  3. Environment and construction issues that affect public perception
x of y cards Next >|