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Real Estate Obligations: Multiple Choice Questions and Answers, Exams of Real Estate Management

Tennessee State University (TSU)Real Estate Management

A series of multiple-choice questions related to real estate obligations, covering topics such as seller disclosures, lead-based paint, and property conditions. Each question includes a correct answer and a brief explanation, providing a valuable resource for students and professionals seeking to understand real estate law and practice.

Typology: Exams

2024/2025

Available from 02/15/2025

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Obligations Questions with verified solutions
| Latest 2025| Already Passed
When must a seller complete a real estate condition report?
* A: Only when the seller is selling the property without listing it.
* B: Only if the seller wants the property listed in the MLS.
* C: Only when the seller is listing the property with a broker.
* D: If the property is sold for sale by owner or listed by a broker. โœ”โœ”* D: If the property is sold for sale
by owner or listed by a broker.
A single-family home built in 1960 is being sold as-is. Which of the following forms must be included in
the negotiations?
* A: A real estate condition report.
* B: A separate agency disclosure form.
* C: A counter-offer.
* D: A lead-based paint addendum. โœ”โœ”* D: A lead-based paint addendum.
What must a property owner do after purchasing a property with a 1,200 gallon underground storage
tank?
Real estate Chapter 4 - Disclosure
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Download Real Estate Obligations: Multiple Choice Questions and Answers and more Exams Real Estate Management in PDF only on Docsity!

Obligations Questions with verified solutions

| Latest 2025| Already Passed

When must a seller complete a real estate condition report?

  • A: Only when the seller is selling the property without listing it.
  • B: Only if the seller wants the property listed in the MLS.
  • C: Only when the seller is listing the property with a broker.
  • D: If the property is sold for sale by owner or listed by a broker. โœ”โœ”* D: If the property is sold for sale by owner or listed by a broker. A single-family home built in 1960 is being sold as-is. Which of the following forms must be included in the negotiations?
  • A: A real estate condition report.
  • B: A separate agency disclosure form.
  • C: A counter-offer.
  • D: A lead-based paint addendum. โœ”โœ”* D: A lead-based paint addendum. What must a property owner do after purchasing a property with a 1,200 gallon underground storage tank?

Real estate Chapter 4 - Disclosure

  • A: Remove the tank.
  • B: Drain the tank and fill it with sand.
  • C: Register the tank with Department of Agriculture Trade and Consumer Protection.
  • D: Register the tank with the DNR. โœ”โœ”* C: Register the tank with Department of Agriculture Trade and Consumer Protection. Within how many days of an accepted offer must a seller of a 1 - 4 family property provide a buyer with a real estate condition report?
  • A: 20 days.
  • B: 15 days.
  • C: 5 days.
  • D: 10 days. โœ”โœ”* D: 10 days. What type of gas is thought to cause lung cancer after long-term exposure?
  • A: Carbon dioxide.
  • B: Hydroxide.
  • C: Radon.
  • D: Carbon monoxide. โœ”โœ”* C: Radon.
  • B: A seller must remediate all lead-based paint hazards according to a buyer's specifications.
  • C: A buyer must rescind a purchase agreement if the listing broker does not provide lead-based paint disclosures prior to closing.
  • D: A seller must give a buyer an opportunity to conduct a risk assessment or inspection for the presence of lead-based paint. โœ”โœ”* D: A seller must give a buyer an opportunity to conduct a risk assessment or inspection for the presence of lead-based paint. A broker lists a property in "as is" condition. The seller disclosed to the listing broker that the roof leaks, the furnace is 30 years old, and the plumbing needs repairs. A buyer writes an offer on the property and neither the seller nor the listing broker disclose any of the problems with the property because the seller listed it "as is." Which of the following statements is true?
  • A: The seller does not have to disclose conditions as long as the buyer writes an offer knowing it is listed "as is."
  • B: A seller cannot list a property "as is" when the property has condition problems.
  • C: A broker must disclose an "as is" property's material adverse facts.
  • D: The listing broker does not have to disclose conditions as long as the seller is selling it "as is." โœ”โœ”* C: A broker must disclose an "as is" property's material adverse facts. The presence of mold:
  • A: May need to be disclosed.
  • B: Is unavoidable and never needs to be disclosed.
  • C: Should be tested for by every licensee
  • D: Is a material adverse fact. โœ”โœ”* A: May need to be disclosed. Which of the following is true of a transaction where a buyer received a real estate condition report before writing an offer on a property?
  • A: A buyer cannot rescind an offer based on a condition that the seller disclosed in the seller's real estate condition report.
  • B: A seller can cancel the transaction if a buyer requires repairs prior to closing.
  • C: A buyer cannot include an inspection contingency in an offer if a seller provided a real estate condition report before the buyer wrote an offer.
  • D: A buyer can require the seller to repair all defects on the property prior to closing. โœ”โœ”* A: A buyer cannot rescind an offer based on a condition that the seller disclosed in the seller's real estate condition report. When does Wisconsin's seller disclosure law require a seller to complete a real estate condition report?
  • A: If the property is located in Illinois but owned by Wisconsin residents.
  • B: If the property was built before 1978.
  • C: If the property includes 1 - 4 dwelling units.
  • D: If the property contains five or more dwelling units. โœ”โœ”* C: If the property includes 1 - 4 dwelling units.
  • D: Sellers must search the property for underground storage tanks. โœ”โœ”* C: Sellers must disclose known environmental hazards. What material is most dangerous in its friable state?
  • A: Mercury.
  • B: Lead.
  • C: Radon.
  • D: Asbestos. โœ”โœ”* D: Asbestos. A buyer told a licensee that the buyer cannot live in a house that has or had cats. What are a licensee's responsibilities to the buyer?
  • A: Disclose to the buyer the presence of cats if known.
  • B: Ask all property owners if there have been cats on the property.
  • C: Hire a third-party inspector to investigate for the presence of cats.
  • D: Say nothing because cats are not considered a material adverse fact. โœ”โœ”* A: Disclose to the buyer the presence of cats if known. By when must a seller comply with lead-based paint disclosure obligations?
  • A: Before completing the real estate condition report.
  • B: Before binding acceptance of a buyer's offer.
  • C: Before closing if the buyers have children.
  • D: Before a buyer drafts an offer. โœ”โœ”* B: Before binding acceptance of a buyer's offer. What information must a salesperson include in advertisements for real estate on the salesperson's website?
  • A: A list of personal property the seller is including in the sale.
  • B: The listing price.
  • C: The employing broker's name.
  • D: The address of the advertised property. โœ”โœ”* C: The employing broker's name. Which of the following is a licensee required to disclose to a buyer with children?
  • A: The house has been on the market for years because of a murder-suicide that occurred on the property.
  • B: A sex offender has just been released from prison and has moved into the neighborhood.
  • C: The seller failed to have the required tightness test conducted on the underground storage tank.
  • D: The home inspector found significant structural damage to the property, which is outlined in the inspector's report provided to the buyer and the seller. โœ”โœ”* C: The seller failed to have the required tightness test conducted on the underground storage tank.