CALIFORNIA INTERACTIVE STUDY GROUP UNIT 8: BOBRA TAHAN HOWARD HARRIS DISCLOSURES

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1 CALIFORNIA INTERACTIVE STUDY GROUP 1 UNIT 8: BOBRA TAHAN HOWARD HARRIS DISCLOSURES

2 Study Group Information 2 Information regarding the Study Group may be found at: At this location you will find: Calendar of discussion topics Links to discussion questions

3 Notes for Tonight Chat has now been switched to a Moderated Mode. 3 Bobra Tahan and Howard Harris will both still see your Chat; however, the other students will no longer see Your chat unless either instructor sends your chat to the classroom. This will help preserve the anonymity of your answers. Even so, do not put anything into the chat that you would not want everyone to see.

4 Contact Information 4 Bobra Tahan and Howard Harris both have access to this account: releadinstructorca@brightwood.edu If you would like to discuss something on the phone, please send your phone number in the and the best times to reach you.

5 Unit 8: Land Use Control Summary TOPICS TO BE DISCUSSED: Transfer Disclosure Statement Natural and Environmental Hazard Disclosure Statements Megan s Law Lead-Based Paint 5 Disclosure of Material Facts Affecting Property Value

6 A Real Estate Transfer Disclosure Statement (TDS) is required: 6 A. If the property is being sold AS-IS B. If the property sold is a tri-plex being sold to an investor who is not going to occupy a unit C. If the property is a foreclosure listing for sale and the bank is the seller D. All of the above

7 The TDS triggers a right of recission: 7 A. Always B. Never C. If the TDS is provided to the buyer after the contract is consummated D. If the TDS is provided to the buyer after escrow is opened

8 8 Amending a TDS: A. Can occur anytime prior to the close of escrow without consequences B. Can occur anytime prior to the close of escrow C. Can never occur D. Can only occur prior to the loan funding

9 In filling out the TDS: QUESTION 9 A. The listing agent fills out the entire form B. The listing agent and the selling agent fill out the entire form C. No form is used if the property is sold by a FSBO D. The seller, listing agent and selling agent each fill out part of the form

10 An earnest money deposit could be: 10 A. A post dated check B. The pink slip to a car C. Cash D. All of the above

11 A real estate broker wishing to perform escrow services without being licensed as an escrow company: 11 A. Must first get licensed as an escrow B. May do so if their real estate license is already involved in the transaction C. May never do so D. May do so with their real estate license any time

12 12 Who is the primarily responsible to disclose a Mello- Roos liens to a potential buyer when a house is sold? A. Seller B. Broker C. Escrow officer D. Title insurance company

13 A broker s advertisement giving a description of a house, listing price, and contact phone number, but which does not include a notation that a broker is involved would be A. Legal B. Illegal C. Legal if the agent is selling the property as a FSBO D. Legal only with the approval of the BRE 13

14 14 The Subdivided Lands Law: A. Must be followed for any new subdivision B. Only relates to residential subdivisions C. Relates to subdivisions resulting in 2 or more lots D. None of the above

15 Present apartment tenants must be given notices of their right to purchase their units after they are converted to condominiums: 15 A. Always B. Never C. Only if the units are not designated as low income D. If the local municipality requires it

16 Which of the following would be considered an environmental hazard? 16 A. Earthquakes B. Dam failure C. Wildfire risk area D. Asbestos in a home

17 17 Which of the following would be considered a natural hazard A. 100-year flood B. Formaldehyde in a home C. Hazardous waste affecting a home D. Lead in a home

18 Which of the following are considered natural hazards? 18 A. Mold B. Radon C. Both D. Neither

19 A home seller must disclose environmental hazards 19 A. In the Real Estate Transfer Disclosure Statement (TDS) B. By giving an environmental hazards pamphlet C. Never D. Both A and B

20 Which of the following is true regarding the registered sex offender database: A. Licensees must check the database and advise their clients as to what they find there B. Licensees need not check the database C. Licensees must confirm the accuracy of the database for anyone said to be located on the same block D. Licensees have no responsibilities regarding the database 20

21 MEGAN S LAW 21

22 22 The possible presence of lead-based paint must be disclosed for all homes built prior to what cutoff year A B C D. 1981

23 Compliance with the Lead Based Paint rules: 23 A. Relates to the sellers of apartments built prior to 1978 B. Relates to the sellers of raw land C. Relates to the sellers of Commercial offices D. Relates to property managers of apartment complexes

24 Who must test for lead based paint: 24 A. Sellers B. Buyers C. Property Managers D. No one

25 If a form does not exist mandating that a disclosure must be made: 25 A. It need not be made B. It need not be made unless specifically asked for by the buyer C. It must always be made D. It must be made if it affects the value or desirability of a property

26 CONCLUSION 26 Both Bobra Tahan and Howard Harris have access to this account: If you would like to discuss something on the phone, please send your phone number in the and the best times to reach you.

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