Mandated Disclosures Exam Questions
Mandated Disclosures covers the legally required information that sellers, buyers, and agents must provide during a real estate transaction, including property condition disclosures, lead-based paint disclosures, and natural hazard disclosures. Although it carries a lower exam weight at 6%, this topic offers relatively straightforward questions that represent easy scoring opportunities for well-prepared candidates. The most frequently tested area is the federal Lead-Based Paint Disclosure requirement for homes built before 1978, along with the concept of "material facts" that must be disclosed regardless of whether a property is sold "as-is." State-specific disclosure forms and timing requirements also appear, so understanding the general framework is essential even if your state has unique rules.
What You Need to Know About Mandated Disclosures
Mandated Disclosures covers the legally required information that sellers and agents must provide to buyers during a real estate transaction. While this topic carries a lower exam weight at 6%, the questions tend to be straightforward, making it an excellent area to score easy points.
The most important federal disclosure requirement is the Lead-Based Paint Disclosure for homes built before 1978. Sellers must disclose known lead paint hazards, provide the EPA pamphlet "Protect Your Family from Lead in Your Home," and give buyers 10 days to conduct a lead inspection. This applies to all residential sales and leases of pre-1978 housing, with limited exemptions.
Beyond lead paint, agents must disclose all known material facts — any information that could affect the buyer's decision to purchase or the price they would offer. Even in "as-is" sales, disclosure obligations remain. Many states have specific disclosure forms covering property conditions, natural hazards, environmental hazards, and neighborhood conditions. Know your state's requirements, including timing deadlines for providing disclosures.
- Lead paint disclosure applies to ALL residential properties built before 1978
- Buyers get 10 days for lead inspection — this is a federal requirement
- "As-is" does NOT eliminate disclosure obligations
- Agents must disclose known material facts even if the seller doesn't want them to
Sample Disclosures Questions
200+ in bankIn Vermont, a client refuses to allow a disclosure the licensee believes is necessary. Which statement is correct?
In Vermont, unpermitted construction or septic work affects a Vermont property. Which statement is correct?
A Vermont licensee is asked about a seller's agent knows a serious property defect or limitation. What is the best answer?
In Vermont, a licensee markets a pre-1978 Vermont residential rental property. Which statement is correct?
In Vermont, a seller's agent knows a serious property defect or limitation. Which statement is correct?
In Vermont, covered pre-1978 property is shown to a buyer. Which statement is correct?
In Vermont, the property is subject to a right of first refusal. Which statement is correct?
A Vermont licensee is asked about unpermitted construction or septic work affects a Vermont property. What is the best answer?
An Oklahoma licensee is asked about a seller learns of a new defect after already delivering a disclosure or disclaimer statement. What is the best answer?
Which Oklahoma rule applies when a seller wants to use the Oklahoma disclaimer statement instead of a disclosure statement?
An Oklahoma licensee is asked about a seller of covered Oklahoma residential property is preparing for a buyer’s offer. What is the best answer?
In Oklahoma real estate practice, a seller has not yet accepted a purchaser’s offer. What should the licensee remember?
For the Oklahoma salesperson state portion, a disclosure statement is delivered after an offer to purchase has been made. Which statement is correct?
Which Oklahoma rule applies when a real estate licensee actually knows of a property defect that is not included in the seller’s disclosure statement?
In Oklahoma real estate practice, a newly constructed dwelling has never been occupied. What should the licensee remember?
Frequently Asked Questions
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