Agent Patricia is listing a home in a Mello-Roos Community Facilities District in Irvine, California. A prospective buyer asks about the Mello-Roos tax. Which disclosure obligation applies?
Correct Answer
D) The seller must provide the buyer with a notice of the Mello-Roos special tax lien, including amount and duration
Under California Government Code §53341.5, the seller of property subject to a Mello-Roos special tax must provide the buyer with written notice, including information about the tax amount and duration. This is a statutory disclosure requirement.
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Related Topics & Key Terms
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Related Concepts
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
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.
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- → A developer proposes a new eight-unit condominium building in San Francisco on a parcel that an NHD report shows lies within a delineated Alquist-Priolo Earthquake Fault Zone. Under the Alquist-Priolo Act, what must happen before the city may approve the project?
- → At a DRE administrative disciplinary hearing in California, what standard of proof must the Department meet to sustain a finding against a licensee?
- → The Transfer Disclosure Statement requires sellers to disclose various known property conditions under California Civil Code §1102 et seq. All of the following must be disclosed on the TDS EXCEPT:
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Previous Question
Broker Juan lists a house for 11 months without selling it. Broker Juan is aware the building needs major structural repairs and is listed at 10% above its fair market value. Broker Juan runs an advertisement in a newspaper stating, “Three bedroom, Adobe. The price will amaze! Move-in ready and turnkey condition. Call Broker Juan today!” This advertisement is improper since:
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Maria is selling her single-family home in Sacramento. Her listing agent, James, provides her with a Transfer Disclosure Statement (TDS) form. Under California Civil Code §1102.6, which portion of the TDS is Maria, as the seller, responsible for completing?