Real Estate Exam Part 2 2024 with 100% correct answers
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Course
Real Estate E Part 2
Institution
Real Estate E Part 2
In addition to disclosures that are mandated on the state level, there are also items that are mandated from the FEDERAL level. They include: correct answers-Lead-based paint
-Underground storage tanks
-CERCLA
1. ______, ______, and _______ are responsible for providing a Lead-Based Paint Disc...
Real Estate Exam Part 2
In addition to disclosures that are mandated on the state level, there are also items that are mandated from the FEDERAL level. They include: correct answers-Lead-based paint
-Underground storage tanks
-CERCLA
1. ______, ______, and _______ are responsible for providing a Lead-Based Paint Disclosure information to the buyer or renter before sale or lease.
2.______, ______, and _______ share responsibility for ensuring _________ correct answers1. Sellers, landlords, and their real estate agents
2. Sellers, landlords, and their real estate agents; compliance
_______ and ________ must give buyers and renters a pamphlet titled Protect Your Family from Lead in Your Home, which was developed by the EPA, HUD, and the Consumer Product Safety Commission (CPSC). correct answersSellers and landlords
Once the purchase agreement is signed, home buyers get a _______ period to conduct a lead-based paint inspection or risk assessment at their own expense. correct answers10-day
The lead-based paint rules ________ any testing or removal of lead-based paint by sellers or landlords, and they do not ________ leasing and sales contracts. The ruling is that any _________ must be disclosed. correct answersdo not require; invalidate; known information
owners of homes built before _____ are responsible, and liable, for accurate disclosure of any known lead-based paint on the property. correct answers1978
The lead-based paint disclosure is the only disclosure that requires initials by __________. By signing the
form they are stating that they have complied with the law by informing the sellers of their obligations in
regards to lead-based paint disclosure. In other words, they handed the seller the _____ pamphlet. correct answersthe real estate agent; HUD Remember This In Minnesota, who signs the Addendum to Purchase Agreement Disclosure of Information on Lead-
Based Paint and Lead-Based Paint Hazards? correct answersbuyers, sellers, and listing agent
A tank, and any underground piping connected to the tank, that has at least 10 percent of its combined volume underground. correct answersunderground storage tank (UST; not al but part of it has to be underground to be considered a UST.)
The federal UST regulations apply only to underground tanks and piping that store either __________ or __________. These can seep into the soil and contaminate _________ correct answerspetroleum or certain other hazardous substances; ground water
In 1986, Congress created the __________(LUSTTF), which is to be used for two purposes: correct answersLeaking Underground Storage Tank Trust Fund; 1. To oversee cleanups by responsible parties
2. To pay for cleanups at sites where the owner or operator is unknown, unwilling, or unable to respond; or situations which require emergency action
1. EPA's __________ are designed to reduce the chance of releases from UST's, detect leaks and spills when they do occur, and secure a prompt cleanup. ____________ are responsible for reporting and cleaning up any releases. 2. The __________ for UST's are designed to ensure that, in the event of a leak or spill, an owner or operator will have the resources to pay for costs associated with cleaning up releases and compensating third parties. 3. EPA recognizes that, because of the large size and great diversity of the regulated community, _______
and _________ are in the best position to oversee UST's. correct answers1. technical regulations; UST owners and operators
2. financial responsibility regulations
3. AKA State program approval objectives; state and local governments
True or False: Not all UST's need to meet federal EPA regulations correct answersTrue The following UST's do not need to meet federal requirements:
1. _____ and _____ tanks of ______ gallons or less capacity holding _____ fuel used for __________ purposes
2. Tanks storing _________ used on the premises where it is stored
3. Tanks storing ______ gallons or less of ______ correct answers1. Farm and residential; 1,100; motor; noncommercial
2. heating oil
3. 110; petroleum
True or False: Some state and local regulatory authorities may include the above tank types correct answersTrue
In Minnesota, underground tanks containing flammable or combustible liquids which have been removed from service for _______ or more are considered to be ________. correct answersone year; abandoned
At this time, there is not a UST disclosure form in Minnesota; it is covered in the ____________. correct answersSeller's Property Disclosure Statement
The term _________ is real estate jargon that describes a normal house stigmatized because someone has been murdered or committed suicide in it. correct answersstigmatized property
On a _________ level, disclosure of a stigmatized property must happen if the stigma is _______. correct
answersnational; factual
As of today, there is not a stigmatized property disclosure form. This information is disclosed on the ________________. correct answersSeller's Property Disclosure Statement
True or False: State requirements about stigmatized properties will trump any national level regulation. correct answersTrue
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