Residential Property Resale Conveyances Quiz
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Questions and Answers

What must be included in the disclosure statement according to the text?

  • Warranties provided by sellers
  • Recommendations from real estate licensees
  • Information regarding sex offenders
  • Declaration from sellers (correct)

    • When must the completion of the disclosure statement be done by the sellers?

  • Within 90 days prior to delivery date
  • Within 30 days after delivery date
  • Within 180 days prior to delivery date (correct)
  • Within 365 days before 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 (correct)
  • To avoid making statements available to potential purchasers
  • To obtain a disclosure statement from the seller
  • To hide known defects in the property

    • What is the definition of psychologically impacted or stigmatized properties?

    <p>Properties causing emotional or psychological concerns due to certain circumstances</p> Signup and view all the answers

    Which condition would NOT be considered a stigmatizing factor according to the text?

    <p>Previous methamphetamine manufacture</p> Signup and view all the answers

    Who is liable for failing to disclose stigmatizing factors about a property?

    <p>Homeowners and their licensees</p> Signup and view all the answers

    When is it mandatory for a licensee to inquire about stigmatizing factors at a property?

    <p>If the tenant expresses concern about such issues impacting the purchase</p> Signup and view all the answers

    What obligation do licensees have regarding disclosing information about sex offenders according to the text?

    <p>Must disclose information if known</p> Signup and view all the answers

    What should be disclosed if known by licensees about a property according to the text?

    <p>'For sale or rent' situations</p> Signup and view all the answers

    What is NOT required from Buyer's Licensee as per the text?

    <p>Avoid making statement available to potential purchasers before accepting an offer</p> Signup and view all the answers

    What is considered a property defect in a residential property re-sale conveyance?

    <p>A condition, malfunction, or problem that would have a materially adverse impact on the property's monetary value or impair health and safety</p> Signup and view all the answers

    What type of properties does the requirement described apply to?

    <p>Residential properties with two or fewer dwelling units</p> Signup and view all the answers

    When should the seller deliver a disclosure statement in a residential property sale?

    <p>Before executing any sales contract</p> Signup and view all the answers

    Which of the following is included in the disclosure statement according to the text?

    <p>Listing items and improvements included in the sale</p> Signup and view all the answers

    What kind of information about water/sewer systems is included in the OREC form?

    <p>Information on source, treatment, and other related matters</p> Signup and view all the answers

    Which systems are covered under structural systems in the OREC form?

    <p>Roof, walls, floors, foundation, basement</p> Signup and view all the answers

    What is considered a major fire/tornado damage as per the text?

    <p>'Damage that results in significant property loss and destruction</p> Signup and view all the answers

    What type of matter is mentioned as important by OREC other than defects known to sellers?

    <p>'Other matters deemed important by OREC'</p> Signup and view all the answers

    Which statement best describes the information contained in the disclosure statement?

    <p>It is seller's declarations/recommendations, not warranties.</p> Signup and view all the answers

    What is required for completion by sellers within a specific timeframe before delivery?

    <p>Completion of OREC forms with amendments.</p> Signup and view all the answers

    What does the disclaimer statement on the OREC form affirm about the seller?

    <p>The seller has no knowledge of property conditions/defects.</p> Signup and view all the answers

    When must a licensee make disclosure statements available to potential buyers?

    <p>Before accepting an offer.</p> Signup and view all the answers

    What responsibility do licensees have concerning known defects not disclosed by sellers?

    <p>Disclose them to potential buyers.</p> Signup and view all the answers

    Who is responsible for failing to disclose stigmatizing factors at a property?

    <p>Licensees assisting with the sale.</p> Signup and view all the answers

    What compels a licensee to inquire about stigmatizing factors at a property?

    <p>'Material concern' expressed by purchaser/tenant.</p> Signup and view all the answers

    Which information is NOT required from Buyer's Licensee according to the text?

    <p>'Material concern' inquiry with owner regarding stigmatizing factors.</p> Signup and view all the answers

    What falls under stigmatizing factors that may affect marketability, according to the text?

    <p>'Being a murder or suicide site.'</p> Signup and view all the answers

    What are the duties of Seller's Licensee according to the text?

    <p>To obtain a disclosure statement/disclaimer from the seller.</p> Signup and view all the answers

    What does a property defect refer to in a residential property re-sale conveyance?

    <p>A problem that impairs health and safety or has a materially adverse impact on the property's value</p> Signup and view all the answers

    Which of the following is NOT required to be disclosed in the disclosure statement for residential property re-sale conveyances?

    <p>Information about sex offenders in the area</p> Signup and view all the answers

    What obligation do sellers have with respect to delivering a disclosure statement in a residential property sale?

    <p>Deliver it before executing the sales contract</p> Signup and view all the answers

    Which of the following is covered under the structural systems section in the OREC form?

    <p>Drainage/grading problems</p> Signup and view all the answers

    When must the completion of the disclosure statement be done by the sellers in a residential property re-sale conveyance?

    <p>Before executing any sales contract</p> Signup and view all the answers

    What type of properties does the requirement described apply to?

    <p>Residential properties with two or fewer dwelling units</p> Signup and view all the answers

    What is a disclosure statement in residential property re-sale conveyances NOT considered to be?

    <p>A warranty</p> Signup and view all the answers

    What type of properties does the requirement described apply to?

    <p>Residential properties</p> Signup and view all the answers

    What falls under stigmatizing factors that may affect marketability, according to the text?

    <p>Prior methamphetamine manufacture</p> Signup and view all the answers

    What is the responsibility of a Buyer's Licensee according to the text?

    <p>To disclose known defects not disclosed by sellers</p> Signup and view all the answers

    What is NOT considered a property defect in a residential property re-sale conveyance?

    <p>Water in heating/AC ducts</p> Signup and view all the answers

    What type of matter is mentioned as important by OREC other than defects known to sellers?

    <p>Hazardous materials existence</p> Signup and view all the answers

    What does the disclaimer statement on the OREC form affirm about the seller?

    <p>The seller disclaims knowledge of certain property aspects</p> Signup and view all the answers

    What is the responsibility of a Buyer's Licensee as described in the text?

    <p>To report back findings on stigmatizing factors to the buyer</p> Signup and view all the answers

    What is mandatory for a licensee if a purchaser expresses concern about stigmatizing factors?

    <p>They must inquire with the owner and report findings back to the purchaser</p> Signup and view all the answers

    What does the completion of a disclosure statement require from sellers?

    <p>Date within 180 days prior to delivery</p> Signup and view all the answers

    In a residential property sale, what does the disclaimer statement on the OREC form affirm about the seller?

    <p>Non-occupation of the property by the seller</p> Signup and view all the answers

    When is it mandatory for a licensee to inquire about stigmatizing factors at a property?

    <p>When a potential buyer expresses concern about such issues</p> Signup and view all the answers

    What is included in the responsibility of Seller's Licensee according to the text?

    <p>To obtain a disclosure statement</p> Signup and view all the answers

    Which factor would classify a property as psychologically impacted or stigmatized according to the text?

    <p>Being a previous residence for an AIDS patient</p> Signup and view all the answers

    What type of properties are covered by the requirement described in the text?

    <p>Residential properties with two or fewer dwelling units</p> Signup and view all the answers

    What is the main purpose of a disclosure statement in residential property re-sale conveyances?

    <p>To list items included in the sale and disclose property defects</p> Signup and view all the answers

    Which of the following is NOT considered a property defect in a residential property re-sale conveyance?

    <p>Minor cosmetic damage</p> Signup and view all the answers

    In a disclosure statement, what kind of systems are covered under the structural systems section as per the OREC form?

    <p>HVAC/electrical/plumbing and structural systems</p> Signup and view all the answers

    What information is NOT required to be disclosed in a disclosure statement for residential property re-sale conveyances?

    <p>Water sources for the property</p> Signup and view all the answers

    Which of the following is NOT part of the responsibilities of a Seller's Licensee as described in the text?

    <p>Ensuring all defects are disclosed by the seller</p> Signup and view all the answers

    What must sellers complete within a specific timeframe before delivering it in a residential property re-sale conveyance?

    <p>'Disclosure statement'</p> Signup and view all the answers

    Which factor may affect the marketability of a property but is NOT classified as psychologically impacted or stigmatized?

    <p>'Land use matters'</p> Signup and view all the answers

    What does a property defect refer to in a residential property re-sale conveyance according to the text?

    <p>'Any condition that may impact monetary value or health/safety'</p> Signup and view all the answers

    What is the responsibility of a Buyer's Licensee as described in the text?

    <p>To inquire and report back findings about stigmatizing factors</p> Signup and view all the answers

    In the context of residential property conveyance, what is the completion requirement for sellers according to the text?

    <p>Completion of a disclosure statement within 180 days prior to delivery</p> Signup and view all the answers

    What does the liability disclaimer for homeowners and their licensees involve regarding stigmatized properties?

    <p>Liability for failing to disclose stigmatizing factors</p> Signup and view all the answers

    Which obligation do licensees have regarding disclosing certain information about a property?

    <p>Disclose information about sex offenders if known</p> Signup and view all the answers

    What falls under stigmatizing factors that may affect property marketability, based on the text?

    <p>Property being a previous residence for an AIDS patient</p> Signup and view all the answers

    What is NOT required from Seller's Licensee according to the text?

    <p>Obtain a disclosure statement from the seller</p> Signup and view all the answers

    What is mandatory for a licensee if a purchaser expresses concern about stigmatizing factors?

    <p>Inquire and report back findings with confirmation from the owner</p> Signup and view all the answers

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