64 Questions
What must be included in the disclosure statement according to the text?
Declaration from sellers
When must the completion of the disclosure statement be done by the sellers?
Within 180 days prior to delivery date
What is the responsibility of a Buyer's Licensee according to the text?
To make such statements available prior to acceptance of an offer
What is the definition of psychologically impacted or stigmatized properties?
Properties causing emotional or psychological concerns due to certain circumstances
Which condition would NOT be considered a stigmatizing factor according to the text?
Previous methamphetamine manufacture
Who is liable for failing to disclose stigmatizing factors about a property?
Homeowners and their licensees
When is it mandatory for a licensee to inquire about stigmatizing factors at a property?
If the tenant expresses concern about such issues impacting the purchase
What obligation do licensees have regarding disclosing information about sex offenders according to the text?
Must disclose information if known
What should be disclosed if known by licensees about a property according to the text?
'For sale or rent' situations
What is NOT required from Buyer's Licensee as per the text?
Avoid making statement available to potential purchasers before accepting an offer
What is considered a property defect in a residential property re-sale conveyance?
A condition, malfunction, or problem that would have a materially adverse impact on the property's monetary value or impair health and safety
What type of properties does the requirement described apply to?
Residential properties with two or fewer dwelling units
When should the seller deliver a disclosure statement in a residential property sale?
Before executing any sales contract
Which of the following is included in the disclosure statement according to the text?
Listing items and improvements included in the sale
What kind of information about water/sewer systems is included in the OREC form?
Information on source, treatment, and other related matters
Which systems are covered under structural systems in the OREC form?
Roof, walls, floors, foundation, basement
What is considered a major fire/tornado damage as per the text?
'Damage that results in significant property loss and destruction
What type of matter is mentioned as important by OREC other than defects known to sellers?
'Other matters deemed important by OREC'
Which statement best describes the information contained in the disclosure statement?
It is seller's declarations/recommendations, not warranties.
What is required for completion by sellers within a specific timeframe before delivery?
Completion of OREC forms with amendments.
What does the disclaimer statement on the OREC form affirm about the seller?
The seller has no knowledge of property conditions/defects.
When must a licensee make disclosure statements available to potential buyers?
Before accepting an offer.
What responsibility do licensees have concerning known defects not disclosed by sellers?
Disclose them to potential buyers.
Who is responsible for failing to disclose stigmatizing factors at a property?
Licensees assisting with the sale.
What compels a licensee to inquire about stigmatizing factors at a property?
'Material concern' expressed by purchaser/tenant.
Which information is NOT required from Buyer's Licensee according to the text?
'Material concern' inquiry with owner regarding stigmatizing factors.
What falls under stigmatizing factors that may affect marketability, according to the text?
'Being a murder or suicide site.'
What are the duties of Seller's Licensee according to the text?
To obtain a disclosure statement/disclaimer from the seller.
What does a property defect refer to in a residential property re-sale conveyance?
A problem that impairs health and safety or has a materially adverse impact on the property's value
Which of the following is NOT required to be disclosed in the disclosure statement for residential property re-sale conveyances?
Information about sex offenders in the area
What obligation do sellers have with respect to delivering a disclosure statement in a residential property sale?
Deliver it before executing the sales contract
Which of the following is covered under the structural systems section in the OREC form?
Drainage/grading problems
When must the completion of the disclosure statement be done by the sellers in a residential property re-sale conveyance?
Before executing any sales contract
What type of properties does the requirement described apply to?
Residential properties with two or fewer dwelling units
What is a disclosure statement in residential property re-sale conveyances NOT considered to be?
A warranty
What type of properties does the requirement described apply to?
Residential properties
What falls under stigmatizing factors that may affect marketability, according to the text?
Prior methamphetamine manufacture
What is the responsibility of a Buyer's Licensee according to the text?
To disclose known defects not disclosed by sellers
What is NOT considered a property defect in a residential property re-sale conveyance?
Water in heating/AC ducts
What type of matter is mentioned as important by OREC other than defects known to sellers?
Hazardous materials existence
What does the disclaimer statement on the OREC form affirm about the seller?
The seller disclaims knowledge of certain property aspects
What is the responsibility of a Buyer's Licensee as described in the text?
To report back findings on stigmatizing factors to the buyer
What is mandatory for a licensee if a purchaser expresses concern about stigmatizing factors?
They must inquire with the owner and report findings back to the purchaser
What does the completion of a disclosure statement require from sellers?
Date within 180 days prior to delivery
In a residential property sale, what does the disclaimer statement on the OREC form affirm about the seller?
Non-occupation of the property by the seller
When is it mandatory for a licensee to inquire about stigmatizing factors at a property?
When a potential buyer expresses concern about such issues
What is included in the responsibility of Seller's Licensee according to the text?
To obtain a disclosure statement
Which factor would classify a property as psychologically impacted or stigmatized according to the text?
Being a previous residence for an AIDS patient
What type of properties are covered by the requirement described in the text?
Residential properties with two or fewer dwelling units
What is the main purpose of a disclosure statement in residential property re-sale conveyances?
To list items included in the sale and disclose property defects
Which of the following is NOT considered a property defect in a residential property re-sale conveyance?
Minor cosmetic damage
In a disclosure statement, what kind of systems are covered under the structural systems section as per the OREC form?
HVAC/electrical/plumbing and structural systems
What information is NOT required to be disclosed in a disclosure statement for residential property re-sale conveyances?
Water sources for the property
Which of the following is NOT part of the responsibilities of a Seller's Licensee as described in the text?
Ensuring all defects are disclosed by the seller
What must sellers complete within a specific timeframe before delivering it in a residential property re-sale conveyance?
'Disclosure statement'
Which factor may affect the marketability of a property but is NOT classified as psychologically impacted or stigmatized?
'Land use matters'
What does a property defect refer to in a residential property re-sale conveyance according to the text?
'Any condition that may impact monetary value or health/safety'
What is the responsibility of a Buyer's Licensee as described in the text?
To inquire and report back findings about stigmatizing factors
In the context of residential property conveyance, what is the completion requirement for sellers according to the text?
Completion of a disclosure statement within 180 days prior to delivery
What does the liability disclaimer for homeowners and their licensees involve regarding stigmatized properties?
Liability for failing to disclose stigmatizing factors
Which obligation do licensees have regarding disclosing certain information about a property?
Disclose information about sex offenders if known
What falls under stigmatizing factors that may affect property marketability, based on the text?
Property being a previous residence for an AIDS patient
What is NOT required from Seller's Licensee according to the text?
Obtain a disclosure statement from the seller
What is mandatory for a licensee if a purchaser expresses concern about stigmatizing factors?
Inquire and report back findings with confirmation from the owner
Test your knowledge on the requirements, property types, defects, and disclosures related to residential property re-sales. Learn about the importance of disclosure statements in property transactions.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
