About This Chapter
Property Disclosures - Chapter Summary
Refresh your knowledge of property disclosures with this collection of informative and engaging real estate lessons. As you work through the chapter, you'll examine disclosure statements pertaining to property and environmental conditions, as well as other property requirements and restrictions. When you're finished working through the chapter, you should be able to:
- Recognize stigmatized property requirements
- Share information about the property condition disclosure statement
- Understand the purpose of covenants, conditions and restrictions
- Outline real estate's mandatory federal and state disclosures
- Explain well, septic tank and environmental disclosures in real estate
- Assess contaminated property restrictions and environmental health hazards/risks in real estate
Each lesson in the chapter comes with a short self-assessment quiz to help you reinforce your understanding of key terms and concepts. If you have any questions about the material, our instructors will be happy to help you out. Your course dashboard tracks your progress throughout the chapter, and you can access the lessons and quizzes on any device that has an Internet connection.
1. 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.
2. 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.
3. Covenants, Conditions & Restrictions: Definition, Purpose & Limitations
If you own a condominium, a townhouse or even a single-family home in a modern residential real estate development, there's a good chance you're subject to covenants, conditions and restrictions, which you can read about in this lesson.
4. 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.
5. 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.
6. Environmental Health Hazards & Risks in Real Estate
There are many environmental hazards and risks that are very important in Real Estate. Many of these hazards have disclosure laws while some do not. Real estate buyers and/or tenants need a real estate agent that is informed enough to ensure they are buying safe property.
7. Contaminated Property Restrictions in Real Estate
The EPA oversees restrictions regarding the sale of contaminated property. There are several acts under the Superfund/CERCLA to ensure that property owners and buyers are protected from environmental hazards. Through the EPA website, any buyer or real estate agent is able to review this legislation to ensure that they are informed and fully prepared to buy safe and hazard-free property for themselves and their family.
8. 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.
9. Encumbrances: Definition, Types & Importance
It's important to know what encumbrances are on a parcel of real estate before a purchase is concluded. In this lesson, you'll learn what encumbrances are, the different types and how they affect property rights. A short quiz follows.
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Other chapters within the Florida Real Estate Broker License Exam: Study Guide course
- Becoming a Licensed Real Estate Broker in Florida
- Opening a Real Estate Business
- Workplace Requirements in a Real Estate Office
- Managing & Supervising a Real Estate Office
- Escrow Management
- Real Estate Valuation
- Market & Site Analysis
- Business Valuation
- Agency Relationships in Real Estate
- Understanding Real Estate Contracts
- Real Estate Financing Terminology
- Financing in Real Estate
- Real Estate Financing Regulations
- Real Estate Closing & Settlement Procedures
- Property Taxes
- Real Estate Investment & Analysis
- Land Use & Regulations
- Property Rights
- Leases & Property Management
- Florida Real Estate Broker License Exam Flashcards
- Florida Real Estate Rules, Regulations & Laws