All of these transactions are exempt from the duty to provide a written disclosure of property condition under the Texas Property Code EXCEPT

A) sale by a real estate license holder of a previously occupied single-family residential property.
B) foreclosure sale.
C) sale by a father to his son.
D) conveyance of a primary residence from one former spouse to another under a divorce settlement agreement.

Answer: A) sale by a real estate license holder of a previously occupied single-family residential property.
With a few exceptions, the Seller's Disclosure of Property Condition applies to the transfer of most previously occupied single-family residential dwelling units. It does not apply to a duplex, triplex, et cetera, even though they are residential. It does not apply to commercial property, a foreclosure sale, a transfer between family members in the lineal line of consanguinity of one or more of the transferors, new homes not previously occupied, or a conveyance from one former spouse to another under a divorce settlement agreement. The Property Code places on the seller, not the real estate licensee, the requirement to provide the written disclosure notice. A licensee acting as the agent of the seller has a fiduciary duty to inform his client about the requirements of the Property Code.

Business

You might also like to view...

Which of the following terms refers to a work stoppage by a number of employees caused by a disagreement with management over certain issues such as contract negotiations, grievances, or unfair labor practices?

a. lockout b. whistleblowing c. impasse d. strike

Business

Getting paid after exporting a shipment to a foreign buyer is complicated by what issues?

a. The buyer and seller are from different countries. b. There are no third parties to assist in the transaction. c. No one knows the terms of the deal. d. All of the above

Business