Lisa is selling a townhome in California. Her property is part of a homeowners association (HOA). In addition to the TDS, what additional disclosures must Lisa provide to the buyer regarding the HOA?
Correct Answer
C) The HOA's governing documents, financial statements, and any pending special assessments as required by Cal. Civil Code §4525
Under California Civil Code §4525, sellers of properties in common interest developments must provide buyers with extensive HOA documentation, including governing documents (CC&Rs, bylaws, rules), the most recent financial statement, pending assessments, reserve fund information, and other material HOA information.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Death on property disclosure addresses whether sellers must inform buyers about deaths that occurred on the property, including natural deaths, suicides, and murders. Requirements vary significantly by state.
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
More Practice Of Real Estate Disclosures Questions
At a DRE administrative disciplinary hearing in California, what standard of proof must the Department meet to sustain a finding against a licensee?
A California property owner in a Mello-Roos CFD discovers that the bond proceeds were mismanaged by the CFD administrator and the planned community park was never built, even though property owners have been paying the special tax for 10 years. What legal recourse does the property owner have?
A seller in Sacramento is selling a single-family home. The listing agent wants to ensure accurate NHD information. Under California law, can the seller's agent rely on a third-party NHD report from a qualified company to satisfy the disclosure requirement?
A landlord instructs a California real estate agent to apply stricter application screening criteria to rental applicants based on their national origin. The agent follows these instructions. Which of the following best describes the agent's legal exposure?
Under California law, how often must a broker reconcile the trust account?
- → A California broker places an ad that states: 'As seen on HGTV — our agents are the best in the state!' None of the broker's agents have appeared on HGTV. Under California law, this advertisement:
- → Under California law, several disclosures relate to property taxes and special assessments. All of the following must be disclosed to a buyer EXCEPT:
- → A landlord must give a month-to-month tenant how many days' notice to terminate the tenancy in California (for tenancies less than one year)?
- → A California broker is ready to assign a new salesperson to handle client showings and write offers. Under Cal. B&P Code §10159.2 and DRE regulations, which of the following best describes the broker's licensing-related responsibility before the salesperson begins working?
- → George, a California seller, completes the TDS for his home in Anaheim. He marks 'Yes' to the question about whether he is aware of any room additions or structural modifications. He then writes that he added a bedroom and bathroom three years ago with a building permit. Under California law, is this disclosure adequate?
- → A salesperson receives a $2,000 cash earnest money deposit from a buyer during a property showing. Under Commissioner's Regulation 2832, what is the salesperson's required next step?
- → A commission check payable to a California brokerage arrives after a transaction closes. The salesperson who closed the deal asks the broker to endorse the check directly to the salesperson rather than processing it through the brokerage. Under DRE regulations, what is the broker's correct course of action?
- → During a DRE audit of a California broker's office, the auditor finds that the last completed trust account reconciliation is dated eight months ago. Which of the following best describes the broker's compliance status under Commissioner's Regulation 2831.2?
- → Under Cal. B&P Code §10159.2, a California broker is required to maintain a written office policy manual. Which of the following most accurately describes the scope of topics the manual must address?
- → California requires notice for estate at will termination:
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Previous Question
A California listing agent is aware that a death occurred on a residential property 18 months before the current buyer submitted an offer. The agent does not proactively disclose this fact to the buyer. The buyer discovers the history after closing and threatens legal action. Under California Civil Code §1710.2, which factor is MOST determinative in assessing whether the agent had a disclosure obligation?
Next Question
Under California Civil Code §1102.6, which of the following categories of information is a seller required to address when completing the Transfer Disclosure Statement (TDS) for a residential property?