45-HR. CA REAL ESTATE PRACTICE COURSE » Summer 2021 » Section 11 Unit 4 Exam
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Question #1
Your clients have made an offer to purchase on a beautiful home that is in a perfect location for their family. The offer is accepted. A week later, the seller’s agent finally provides the TDS and other required disclosures. To everyone’s dismay, the disclosures show that there are some serious issues that were not apparent in your visual inspection. What can your buyers do?
A.
Buyers have three days after delivery of the TDS to rescind the purchase agreement.
B.
They must continue with the purchase, but they can sue the seller for breach of contract.
C.
They can back out of the contract, but will have to give up their earnest money.
D.
Buyers have seven days after delivery of the TDS to rescind the purchase agreement.
Question #2
What is the name of the standard form that allows sellers of residential property to provide buyers with disclosures required by statute?
A.
The Agent Visual Inspection Disclosure
B.
The Required Property Disclosure Form
C.
The Seller Property Questionnaire
D.
The Real Estate Transfer Disclosure Statement
Question #3
Sellers Matt and Kyle are fed up with their obnoxious neighbor, who insists on doing home construction work with power tools late at night, and having loud arguments with his family during the day. Does the TDS require them to disclose this type of nuisance?
A.
Yes, they can record such issues in the seller's information section of the TDS
B.
No, but this issue can be added as a Supplemental Disclosure
C.
Yes, but only if a complaint has been made to the police so that an official report can be attached
D.
No, there is no requirement that nuisance neighbors be disclosed
Question #4
One of the listing agent’s main responsibilities regarding the TDS is to ______________.
A.
Ensure that buyers do not see it prior to closing
B.
Educate buyers of their option to waive receipt of the TDS
C.
Educate the seller regarding the legal responsibility to complete it properly
D.
Complete the seller's information section
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