20 Questions
Who is allowed to attend inspections according to the text?
Parties and their real estate licensee(s)
How many pre-settlement walk-through inspections is the buyer allowed to make?
Two
What must the seller have on for all inspections/appraisals?
All utilities, including fuel(s)
Who is authorized to receive a copy of any inspection Report according to the text?
Both B and C
Which of the following is NOT a party allowed to attend inspections based on the text?
Mortgage lender(s)
Who will bear the cost of emptying and providing water for the on-lot sewage disposal system if required by the inspection company?
Seller
What must the Seller do to restore the Property to its previous condition?
Restore the Property at Seller's expense
Who may communicate with the insurer to assist in the insurance process?
Broker for Buyer
When should flood insurance be ordered if the Property is located in a specially-designated flood zone?
At least 14 days before Settlement Date
What is the duration of the Contingency Period as per the text?
Buyer may choose number of days to complete inspections, if none is written it defaults to 10 days
What action does Buyer take if the inspection results are satisfactory?
Present all reports to Seller and agree to the release
During which period must the Buyer complete Inspections and obtain Inspection Reports or results?
Contingency Period
Which of the following is NOT included in the list of items that Elected Buyer may inspect?
Interior windows
What is one item that is specifically mentioned as part of the inspection process for the Property?
Wetlands and flood plain delineation
Which of the following is an example of an environmental hazard that may be inspected in the Property?
Electromagnetic fields
What is a requirement of the Residential Lead-Based Paint Hazard Reduction Act for sellers of property built before 1978?
To provide the buyer with a lead hazards information pamphlet approved by the EPA.
What form is required to be attached to the Agreement according to the Residential Lead-Based Paint Hazard Reduction Act?
A form disclosing the seller's knowledge of lead-based paint hazards (LPD)
Which adverse health effect is linked to asbestos, according to the documentation?
Various forms of cancer.
What type of damage can result from poor or improper installation of exterior building materials?
Mold and damage to a building's frame.
A hydraulic load test may be completed during an on-lot sewage inspection.
True
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
