Listing Contracts - Practice Quiz
Terms in this set (61)
The answer is all of these. A listing may be terminated by death of the principal broker or seller, bankruptcy of the principal broker or seller, destruction of the property, performance (producing a ready, willing, and able buyer), mutual consent of the principal broker and seller, or expiration of the listing period. Because listings create agency relationships, death of either party will terminate the listing, and the heirs are not bound to the contract. Bankruptcy and destruction of the property would make performance impossible, so they, too, terminate the listing.
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Other sections that may be found on a Property Disclosure Statement include the following:
Water
-The source of the household water
-Any easements regarding the water source
-Problems or repairs
-If the source provides adequate potable water
-Existing water treatments systems
-Existing water rights related to the household supply
-Irrigation water rights for the property, if applicable
-Entity supplying irrigation water to the property
-Condition of
any outdoor sprinkler system
Sewer/On Site Sewage System
-Kind of sewage system on the property
-Connection to public sewer main, if applicable
-Sewage fees or charges
-Construction and upkeep of on-site sewage system, if applicable
-Connection of plumbing fixtures to sewage system
-Changes or repairs
-Location of on-site system
-Frequency of maintenance of on-site system
Structural
-Roof issues
-Basement problems
-Conversions, additions or
remodeling
-Age of the home
-Settling, slippage or sliding, if applicable
-Defects with foundations, sidewalks, slab floors, driveways, etc.
-Pest inspections
-Pest infestations
-Attic and basement insulation
Systems and Fixtures
-Electrical system
-Plumbing system
-Hot water tank
-Garbage disposal
-Appliances
-Sump pump
-Heating and cooling systems
-Security system
Homeowner's Association/Common Interests
-Homeowner's Association, if
applicable
-Periodic assessments
-Pending special assessments
-Shared common areas or existing maintenance agreements for pools, tennis courts, walkways, etc.
Environmental
-Drainage problems
-Fill material
-Damage to the property caused by disasters, such as fire, wind, floods, earthquakes, etc.
-Existing shorelines, wetlands and floodplains
-Existing environmental hazards, such as asbestos, radon gas, fuel or chemical storage tanks, etc.
-Commercial or
industrial use
-Soil or groundwater contamination
-Transmission poles, transformers, or other utility equipment on the property
-Dumping site
-Illegal drug manufacturing
-Radio tower interference
Lead-Based Paint
This section would apply only to homes built prior to 1978. The seller of such a home must disclose information about the possible presence of lead-based paint in the home. The seller also acknowledges whether he or she has provided all documents and reports
pertaining to lead-based paint to the buyer or indicates that he or she has no such reports to provide.
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