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Property Condition Disclosure Statement: Definition & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following is the appropriate term for a piece of knowledge that would affect a buyer's decision to buy the property?

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1. Which of the following conditions could reasonably result in a seller being held liable? In none of these situations has the buyer been given any disclosure information.

2. Homes built before which year require mandatory lead paint disclosure law compliance?

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About This Quiz & Worksheet

There are a number of responsibilities and duties of real-estate sellers and agents, including informing potential buyers of property concerns. This assessment has been assembled to help you reinforce your understanding of the these responsibilities and duties and help you review some of the vocabulary used to describe them.

Quiz & Worksheet Goals

With this worksheet/quiz you will be able to test your knowledge of:

  • Information that can affect a buyer's decision
  • Real-estate seller responsibilities
  • The duties of real-estate agents

Skills Practiced

This assessment allows individuals to test the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related lesson about terms used to describe issues that would affect a buyer's decision to buy a property
  • Information recall - access the knowledge you've gained regarding duties and responsibilities of real-estate sellers and agents
  • Interpreting information- verify that you can read information regarding the mandatory lead paint disclosure law and interpret it correctly

Additional Learning

Along with completing this assessment you will also review the lesson titled Property Condition Disclosure Statement: Definition & Examples. This lesson will provide you with an in-depth review of:

  • Seller's property disclosure statements
  • Typical things mentioned on disclosure statements
  • Concepts and vocabulary used to describe disclosure statements
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