Texas Real Estate

Card Set Information

Texas Real Estate
2013-12-12 14:21:01
06 Mandated Disclosures

Mandated Disclosures
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  1. Material Fact
    Any fact about a property that might influence the decision of a purchaser
  2. Stigmatized Property
    Any property where there has been a murder, alleged haunting, or in the vicinity of the residence of a known sexual offender
  3. Megan's Law
    A federal law requiring all states to release information to the public about known convicted sex offenders when necessary to protect the public's safety
  4. Puffing
    Marketing using adjectives an opinions - not facts or details
  5. Seller's Disclosure
    A statement of property condition provided to prospective buyers by the seller
  6. Federal Interestate Land Sales Full Disclosure Act
    A federal law regulating the sale of land in one state to buyers in another state with the purpose of preventing fraud in the marketing of land - developers must provide a property report to prospective buyers and tenants
  7. HOW program
    A 10 year warranty plan from the home owners warranty corporation covering defects in material, faulty workmanship and structural problems, available on new contruction
  8. Home Warranty Insurance
    A one year renewable policy for home buyers of existing homes covering such items as heating, air conditioning, electrical, plumbing and appliances
  9. Radon
    A naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground
  10. Mitigation
    The term that describes methods used to lower levels of radon in homes and other buildings
  11. Asbestos
    An insulating material used on pipes, chimneys and in roof, siding and flooring - the dust is extremely hazardous
  12. Abatement
    The term that describes methods used to handle the control of asbestos found in a property
  13. Encapsulate
    To contain, as in an asbestos abatement plan
  14. UFFI
    Urea formaldehyde foam insulation - moisture causes the release of hazardous gas
  15. Lead
    Contaminant found in paint, pipes and soil - hazardous when eaten or inhaled
  16. Lead Paint Disclosure
    Notice to prospective buyers and tenants that there may be lead on a property - must be provided for all properties built before 1978
  17. Underground Storage Tanks
    A possible cause of groundwater contamination - licensees should disclosure what they know and recommend water testing
  18. EMF's
    Electro magnetic fields - high tension pwer lines - must be disclosed to prospective buyers
  19. CERCLA
    Comprehensive Environmental Response Compensation and Liability Act - created the superfund to help pay for spills and set guidelines for liability for cleanup of hazardous materials - strict, joint and several, and retroactive