IA 4.0 hours Disclosure Is Not A Secret Course Syllabus
4.0 Elective Hours
Understand disclosure law is a must. The best way to avoid misunderstandings is to remember when in doubt - disclose.
Make all existing reports known to the buyer. If there's an inspection report, no matter how old, disclose it. Not providing an old report can be damaging to you and the seller if a problem crops up later.
Disclose anything that can materially affect value or desirability. Deciding what affects the value is not judged subjectively, and it doesn't matter if the item seems like a concern to you or even bothered the seller.
Don't fill out the disclosure form for the seller. If there's a dispute, the seller could claim the sales associate filled out the paperwork improperly and thus was at fault.
Don't make representations about permits. Many permit files are incomplete or have errors. By pulling the file and including it in the packet without a disclaimer that you have not reviewed it, you're opening yourself up to a legal allegation that you represented the correct permit history.
Make it clear that any estimates you provide are just that. If you don't have the exact square-footage figures to enter the MLS, be sure to make clear that the numbers are just estimates.
If a buyer or a seller asks you a question that another professional should answer, refer the buyer or seller in writing to the appropriate professional.
This course summarizes the top legal issues real estate licensees face when dealing with disclosure. Guidelines regarding disclosure that can help you avoid legal trouble are presented as well as case studies for review.