Under Utah law, what is a seller of residential property generally required to disclose to a buyer?
Correct Answer
B) All known material defects that could affect the value or desirability of the property
Under Utah Code §57-27, sellers of residential real property are required to disclose all known material defects that could affect the value or desirability of the property, using the Seller's Property Condition Disclosure form. This obligation applies regardless of whether the property is sold 'as-is.' Sellers are not required to investigate for unknown defects, but they may not conceal or fail to disclose defects they are aware of. Buyers are also encouraged to obtain an independent home inspection.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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