Aceable Level 12 Assessment – Questions and Answers An agent is listing a property built in 1964. The agent is required by federal law to provide the buyer with a disclosure on which environmental hazard? - Answer- lead- based paint For which property condition issues should a client hire a licensed specialist outside of an inspection? - Answer- HVAC (heating, ventilation, and air conditioning) issues Seller Brian is selling his mother's home after her death from natural causes. Does Brian have to disclose this information to the buyer? - Answer- No, because it is not relevant to the condition of the property.All of the following material facts require disclosure by the seller EXCEPT: - Answer- a murder or suicide on the property A seller reveals to their agent that a water well on the property is no longer functional, but on the written statement the seller indicates that it is in working order. The buyer does not discover that the well is not functional until after closing. Can the agent be found liable? - Answer- Yes, the agent could be found liable because the agent knew of the material defect and omitted this disclosure, thereby committing silent fraud.Which of the following is the seller required to disclose to the buyer? - Answer- a death that occurred as the result of lead in the property's water pipes If a general home inspector discovers a red flag indicating a possible problem with the
foundation, the inspector may recommend: - Answer- getting an inspection by a
foundation expert
Megan's Law is the name given to the 1994 federal law that requires: - Answer-
authorities to make information available to the public regarding registered sex offenders A general home inspection reveals potential foundation issues. Buyer Mark asks his agent Laura for her advice on how to proceed. Which of the following is the BEST response for Laura to give her buyer client? - Answer- Laura should advise that the buyer seek the professional opinion of a foundation specialist.Which of the following is TRUE about home warranties? - Answer- Coverage and exclusions may differ from one company to another.All of the following are benefits of home warranties EXCEPT: - Answer- They cover property damage that might occur as the result of natural disasters
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