Under Washington's Seller Disclosure Act (RCW Chapter 64.06), which of the following transactions would generally require the seller to provide a completed Form 17 Seller Disclosure Statement to the buyer? Select the answer that does NOT represent an exempt transaction.
Correct Answer
B) A seller transferring a single-family home to a buyer through an arm's-length purchase and sale agreement
Under RCW 64.06.013, the Form 17 Seller Disclosure Statement is required for most arm's-length sales of residential real property. A standard purchase and sale agreement between a seller and an unrelated buyer is the core transaction the statute is designed to cover. This is the transaction that does NOT qualify for an exemption, making it the correct answer to this EXCEPT/NOT question.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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- → A Hawaii licensee is reviewing the commission asks to inspect escrow and trust records. What is the best answer?
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