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15
Apr
0

Mishandled Disclosure ? Practice Real Estate Exam

Posted by on in Mandated Disclosures
Who is responsible for a mishandled disclosure ? Check out this suretestsagent.com question.   If a property is built before January 1st, 1978 a lead based paint disclosure form is required to be signed by whom?              A) BUYER, SELLER, BOTH AGENTS B) SELLER AND BOTH AGENTS C) BUYER AND SELLER D) BOTH AGENTS   All parties involved in the transition must sign a lead based paint disclosure form, including both agents. A power of attorney (POA) is a written agreement to represent and act on another's behalf in private affairs, business, or some other legal matter.... Continue reading
01
Apr
0

Real Estate Settlement Procedures Act (RESPA)

Posted by on in Mandated Disclosures
In accordance with Real Estate Settlement Procedures Act (RESPA), a buyer can expect to sign which of the following documents at the closing of the transition?   1) HUD-1 FORM 2) LAND SURVEY 3) AVADAVAT 4) POWER OF ATTORNEY     The HUD-1 form is a document that according to federal law, must be signed by the buyer. The HUD-1 form details the closing transaction, and provides each party with a complete list of incoming and outgoing funds. A power of attorney (POA) is a written agreement to represent and act on another's behalf in private affairs, business, or some... Continue reading
27
Mar
0

Penalties and the Lead Based Paint Hazard Reduction Act

Posted by on in Mandated Disclosures
Penalties and the Lead Based Paint Hazard Reduction Act   Laura, a licensed real estate agent, fails to give a buyer a signed lead based paint disclosure form as well as the mandatory lead based paint literature. According to the Lead Based Paint Hazard Reduction Act, how may Laura be penalized as a result of this            A) ALL OF THE ABOVE B) ORDERED TO PAY THREE TIMES THE COMPENSATORY DAMAGES IN A LAWSUIT C) $10,000 FINE D) A YEAR IN JAIL   Explanation The Environmental Protection Agency (EPA) has the power and right to pursue all these... Continue reading

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