Under Kentucky law, which of the following transactions is NOT exempt from the seller disclosure requirements of KRS 324.360?
Correct Answer
B) A sale of residential property by an owner-occupant listing the property 'as-is'
Under KRS 324.360, an 'as-is' sale by an owner-occupant is NOT exempt from Kentucky's seller disclosure requirements. Owner-occupants who list their property for sale as-is are still required to complete the standardized Kentucky Seller Disclosure form and disclose known material defects. This is one of the most important Kentucky-specific exam traps: candidates often assume that an as-is designation eliminates disclosure obligations, but Kentucky law does not recognize as-is sales as a disclosure exemption.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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