Under the Tennessee Residential Property Condition Disclosure Act, which of the following transactions is NOT exempt from the seller's disclosure requirement?
Correct Answer
C) A sale of a residential duplex by an individual owner to an unrelated third-party buyer
Under Tenn. Code Ann. § 66-5-209, the specific exemptions from the disclosure requirement include foreclosure sales, new construction with a builder's warranty, estate sales, and transfers between co-owners. A standard sale of a residential duplex (one-to-four units) by an individual owner to an unrelated third-party buyer is squarely within the Act's coverage and is NOT exempt. The seller must provide the Property Condition Disclosure form.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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."
A material defect is a condition that significantly affects the value, desirability, or safety of a property and that would likely influence a reasonable buyer's decision to purchase or the price they would pay.
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