Under the Alaska Seller Disclosure Act (AS 34.70), which of the following is a required item on the seller's written disclosure statement for a residential property of one to four units? Select the answer that is NOT a required disclosure item under AS 34.70.
Correct Answer
C) The seller's original purchase price and financing terms for the property
The seller's original purchase price and financing terms are NOT required disclosure items under AS 34.70. The Alaska Seller Disclosure Act focuses on the physical condition of the property, including known defects, environmental conditions such as permafrost, flooding history, and other material conditions affecting the property itself. Financial history of the seller's acquisition is not a component of the mandatory disclosure statement.
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Related Concepts
Many states and localities have fair housing laws that expand upon the protections offered by the federal Fair Housing Act.
A stigmatized property is one that has an undesirable reputation due to events that occurred on the property or nearby, such as a murder, suicide, alleged haunting, or proximity to a registered sex offender. The stigma is psychological, not physical.
An as-is clause in a real estate contract states that the buyer accepts the property in its current condition without requiring the seller to make any repairs. However, an as-is sale does NOT eliminate the seller's obligation to disclose known defects.
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Previous Question
James is purchasing a remote cabin near Talkeetna that is accessible only by small aircraft. The listing agent, Sandra, knows the property has no road access, no connection to the electrical grid, and that conventional mortgage lenders have declined to finance similar properties in the area. Sandra has not mentioned any of these facts to James, who is relocating from Ohio and is unfamiliar with Alaska's remote property market. Which of the following best describes Sandra's disclosure obligations under Alaska law?
Next Question
Elena is selling a duplex in Anchorage that sits on land she purchased from an Alaska Native village corporation. The surface rights were conveyed to Elena at purchase, but the subsurface rights were retained by the corporation under ANCSA. Elena's listing agent, David, is preparing the seller disclosure statement under AS 34.70 and is also advising Elena on what additional information buyers must receive. A prospective buyer, Tom, asks David whether the property comes with full ownership of the land. Which of the following responses by David most accurately reflects Alaska law and proper disclosure practice?