Under Oregon's Seller's Property Disclosure Act (ORS 105.462–105.490), which of the following transactions is NOT exempt from the seller's obligation to provide a written disclosure statement?
Correct Answer
B) A sale of a single-family home by a seller who has never occupied the property
Under ORS 105.465, a seller who has never occupied the property is still required to complete the disclosure statement to the best of their knowledge. The exemptions listed in ORS 105.465 do not include a general exemption for sellers who have not personally lived in the property. Therefore, a sale of a single-family home by a non-occupant seller is NOT exempt and requires a disclosure statement.
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Related Topics & Key Terms
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Related Concepts
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.
HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
The Lead-Based Paint Disclosure is a federally mandated disclosure required for all residential properties built before 1978. Sellers and landlords must disclose known lead-based paint hazards and provide the EPA pamphlet "Protect Your Family From Lead in Your Home."
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