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ASSIGNMENT INTRODUCTION
1. Regarding disclosures in real estate, please define what a material fact is, and give examples.
2. Name and describe the 5 different sections of the Transfer Disclosure Statement (see pages 73 – 75).
3. Name and describe the 6 areas addressed in the Natural Hazard Disclosure Statement (see pages 62 – 63).
4. Explain what exactly is Megan’s Law, does a real estate agent need to do any research for or with the buyer? What is the website to conduct this research?
5. Describe the purpose of the Agent’s Visual Inspection Disclosure form, how is it different from the Transfer Disclosure Form? (see pages 76 – 78).
HOW TO WORK ON THIS ASSIGNMENT ( EXAMPLE ESSAY/ DRAFT)
- A material fact in real estate refers to any information that could significantly impact a buyer’s decision to purchase a property. This can include information about the property’s condition, history, or future development plans, among others. Examples of material facts in real estate include the presence of lead paint, prior flooding, zoning changes, and property boundary disputes.
- The Transfer Disclosure Statement is a document that is used in California to disclose information about the property being transferred to the buyer. The 5 different sections of the Transfer Disclosure Statement include: a. Property condition – This section asks about the current state of the property, including any repairs or renovations that have been made. b. Neighborhood and zoning information – This section provides information about the property’s location and zoning classification. c. Utilities and services – This section details the available utilities and services, such as water and sewage, electricity, and internet access. d. Natural hazards – This section asks about potential natural hazards, such as earthquakes, wildfires, and floods. e. Personal property included – This section lists any personal property that is included with the sale of the property.
- The Natural Hazard Disclosure Statement is a document that provides information about potential natural hazards that may affect a property. The 6 areas addressed in the Natural Hazard Disclosure Statement are: a. Earthquake fault zones – This section provides information about the proximity of the property to known earthquake fault zones. b. Special flood hazard areas – This section details any flood hazards that may affect the property. c. Wildfire hazard zones – This section provides information about the likelihood of wildfire in the area. d. Seismic hazard zones – This section provides information about the potential for seismic activity in the area. e. Dam inundation zones – This section provides information about the proximity of the property to any dam inundation zones. f. Other natural hazards – This section includes information about any other natural hazards that may affect the property.
- Megan’s Law is a law that requires sex offenders to register with law enforcement and provides information about sex offenders to the public. As a real estate agent, you are not required to conduct research for or with the buyer about this information. However, the information can be easily accessed by the public through the California Department of Justice’s Megan’s Law website.
- The Agent’s Visual Inspection Disclosure form is used to describe the condition of a property as seen during a visual inspection. This form is different from the Transfer Disclosure Form because it provides a detailed description of the current condition of the property, including any deficiencies or damages, rather than asking questions about the property’s history or plans. The purpose of this form is to provide the buyer with a clear understanding of the property’s condition before they decide to purchase it.
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