Rhode Island Real Estate Continuing Education
RHODE ISLAND School Permit: REE.0001035License Renewal Requirements
4.0 hours Valuation, Marketing, and Listings Course Syllabus
4.0 Core Topic
What is a Sellers Property Disclosure Statement?
The sellers provide purchasers with a disclosure statement regarding material facts or material defects about a property in most states. This usually applies to real estate purchases and also some property transfers. This information is based on the seller’s actual knowledge of the property when completing the form. A typical Sellers Property Disclosure Statement is multiple pages and ask the seller to report or disclose the condition of the property and any known defects.
Only the seller of the property can complete the statement. Real estate licensees or any other third party are prohibited from completing the statement for the sellers in most states. While the seller is responsible for completing the form, it is important to note that there is usually liability for the licensee as well. The licensee in most states is responsible for what they know or should have known.
This course reviews seller's property disclosure statements and what they might contain. Upon completion of this course, you will have a greater understanding of the major sections of the Residential Seller Property Condition Disclosure and be able to identify potential trouble spots for sellers.