NV 4.0 hours Disclosure Is Not A Secret Course Syllabus
4.0 Elective Hours
Why is it important to be knowledgeable about property disclosure? There are many possible penalties if disclosures are not made:
- Actual damages: actual cost to repair and restore; loss in value. If you can prove that the house has a defect that causes a loss of value, that is an actual damage for which you can sue.
- Punitive damages: the court can award punitive damages to punish the offender and deter or prevent the offender from doing the same thing in the future.
- Rescission: the court can set the entire sale aside; the house goes back to the seller, and the buyer gets all of his money back. The Statute of Limitations on fraud is four years from cause of action or when it could have reasonably been discovered.
- License suspension or revocation.
Failure to disclose knowledge of adverse material defects about the property is fraud. Fraud is a deliberate act. It is not an error or omission; it is not covered by agent's Errors and Omissions insurance. This course discusses how failure to disclose knowledge of adverse material defects about a property is fraud. This course is a great review for real estate professionals.