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Question & Answer: 15. A licensee is representing buyers in the purchase of a property. Included in the parcel is a pond…..

15. A licensee is representing buyers in the purchase of a property. Included in the parcel is a pond. On the pond surface, there is an iridescent rainbow. The licensee suspects that the iridescence may be caused by a hazardous substance that would require a specialized inspection to discover. What is the licensees obligation to the buyers in this situation? (Choose from the following options) 1. direct the purchasers to authoritative information about the possible problem. ア2. inform the buyers that such iridescence usually indicates the presence of a petrochemical substance. 3, say nothing, as the licensee does not have the technical expertise to state with certainty that there is a problem. 4, advise the buyers to purchase another property that does not have the potential problem associated with this property
15. A licensee is representing buyers in the purchase of a property. Included in the parcel is a pond. On the pond surface, there is an iridescent rainbow. The licensee suspects that the iridescence may be caused by a hazardous substance that would require a specialized inspection to discover. What is the licensee’s obligation to the buyers in this situation? (Choose from the following options) 1. direct the purchasers to authoritative information about the possible problem. ア2. inform the buyers that such iridescence usually indicates the presence of a petrochemical substance. 3, say nothing, as the licensee does not have the technical expertise to state with certainty that there is a problem. 4, advise the buyers to purchase another property that does not have the potential problem associated with this property

Expert Answer

Answer

15. Ans 1. The buyers should have all the information required about the property they are buying and it is the licensee’s duty to do as per the option 1.

16. Ans 2. Metes and Bounds is an old syle of describing real estate which uses local geography , distances adn directions to describe a location.

17. Ans. 2. Broker B who is the seller broker only will be responsible for it becuse he is the one who brings in the buyer. So, the buyers will hvae their point of contact as the selller broker only and so will the seller’s party.

18. Ans 4. It should be made available to the public by all real estate brokers and real estate salespersons i.e real estate licensees.

20. Ans 1. The title is transferred in case of deed. In Easement the title remains witht the owner, only the right to use the property is given to the other person.

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