About This Chapter
Disclosures of Property Conditions - Chapter Summary
A buyer wants to know everything possible about a property before purchasing it. However, a seller may not want to tell everything about a property - especially if there are known problems. What's an agent to do? This chapter will tell you. After completing these lessons on disclosures, you'll understand:
- Mandatory federal disclosures
- Disclosing environmental information
- Seller's property disclosure statements
- How to handle stigmatized properties
The engaging video lessons throughout this chapter will help you master the topic of real estate disclosures, and our subject experts are just a message away should you have any questions. Study at your own speed, and review as much as you like. Written transcripts make quick work of looking up a key term, and the video Timeline feature gives you quick access to individual topics without viewing an entire video. As you complete each lesson and feel confident in your progress, take the self-assessment quiz before continuing. You'll know you have mastered the topic before moving on to another.
1. Mandatory Federal & State Disclosures in Real Estate
This lesson will explore common mandatory disclosures required in real estate sales. The federal government and individual states set disclosure requirements. The major disclosures required involve lead paint, asbestos, wetlands, and floodplain disclosures.
2. Environmental Disclosures in Real Estate
Although state laws vary, there are common environmental disclosures that sellers and agents must provide to buyers. In this lesson, we will look at some of these common disclosures along with how and when the buyer receives the information.
3. Well & Septic Tank Disclosures in Real Estate
Home buying and selling requires some written disclosures to protect both parties. In this lesson, you'll learn more about the general requirements for property disclosures pertaining to wells and septic systems.
4. Property Condition Disclosure Statement: Definition & Examples
Sellers must disclose any known issues with the property before a real estate sale is completed. Let's look at sellers' and their agent's responsibilities and liabilities with disclosing common defects or issues.
5. Stigmatized Property: Definition, Requirements & Examples
Real Property can be stigmatized by tragedy. In this lesson, stigmatized property is defined and examples of stigmas are given. Learn from two tragic events how property is stigmatized and what disclosures are required.
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Other chapters within the Real Estate Exam Prep course
- Forms of Property Ownership
- Encumbrances in Real Estate
- Land Use & Regulations
- Land Descriptions & Surveys
- Transfer of Real Property
- Fair Housing & Consumer Protection
- Contracts In Real Estate Transactions
- Role of Agencies in Real Estate
- Property Valuation & Appraisal
- Real Estate Investment & Analysis
- Real Estate Financing
- Real Estate Closing & Settlement Procedures
- Leases & Property Management
- Principles of Practicing Real Estate
- Real Estate Ethics & Professional Responsibility
- Real Estate Exam Prep Flashcards