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Real Life Real Estate: Disclosure Issues - (DISC) New

Course Description

Course Category: Disclosures

Introduction (Approx. 1 minute)
This course provides detailed information regarding laws and regulations governing disclosure requirements for the Licensee, the Buyer, and the Seller in residential real estate transactions in the state of Arizona. It will address new disclosure laws that have come into effect recently, and legal precedent that further underscores the need for full and proper disclosure by all parties. This course will also examine some very common “real life real estate” disclosure dilemmas, and offer expert advice on how to handle them. We will also review what the Arizona Department of Real Estate requires to be disclosed by licensees and brokers, as well as some of the accepted disclosure forms provided by the Arizona Association of Realtors.

  • Lesson 1 will review the Licensee’s disclosure obligations to client and others, disclosure obligations to the Department of Real Estate, as well as seller’s and buyer’s disclosure obligations to each other.
  • Lesson 2 will discuss common material facts warranting disclosure and liability for failure to disclose, as well as common “red flags” in a real estate transaction, and your obligations regarding advising buyers and sellers of these “red flags.” We will also review Home Owners Association disclosures, “area” disclosures, obtaining information, and how to avoid inadvertent non – disclosures.
  • Lesson 3 will review disclosure documents that should be used in residential real estate sales.
  • As the student completes this course, he or she should try to develop a full understanding of what types of disclosures are required, how best to obtain accurate information, how to advise their client in matters of disclosure, and how to protect themselves from litigation by properly disclosing, educating, and advising. The student should also become very familiar with the Arizona Department of Real Estate’s required licensee disclosures. Ultimately, the student will obtain additional knowledge to help them conduct their real estate business to the benefit of themselves and their clients.
  • SME Info (Approx. 1 minute)
    Brenda Savage is a real estate broker and instructor licensed in the state of Arizona. She has been active in the real estate industry since 1988, and has been teaching since 1999. Brenda worked as a successful real estate salesperson for many years prior to becoming a managing broker. She has been involved with the Scottsdale Area Association of REALTORS© as committee vice chair and chair, with the Arizona Association of REALTORS© as a state director, and has been featured as a cover story of BROKER AGENT™ Magazine.

    Key Terms and Learning Objectives (Approx. 2 minutes)
    Upon completion of this module, the student will be able to.

  • Disclosures required by licensees to the Department of Real Estate
  • Common “red flags” that must be pointed out to clients
  • How to use specific forms related to disclosures
  • How to avoid inadvertent non – disclosure
  • How to advise and educate clients regarding Arizona Disclosure Issues
  • Recent legislation relating to required disclosures
  • What choices should be made when considering disclosure and ethical issues
  • Recent lawsuits which help determine what is current accepted practice
  • Lesson One: Basic Disclosure Obligations (Approx. 40 minutes)
    This lesson focuses on the following topics.

  • The Licensee’s disclosure obligations to client and others, disclosure obligations to the Department of Real Estate, as well as seller’s and buyer’s disclosure obligations to each other

    A. Introduction
    B. Licensee’s Disclosure Obligations to the Client and Customer

  • Disclosure to the Client
  • Agency Disclosure
  • C. Licensee’s Disclosure Obligations to the Arizona Department of Real Estate
    D. Seller and Buyer Disclosure Obligations to Each Other, and Licensee’s Duties to All Parties
    E. Disclosure Laws Limiting Disclosure Obligation
    F. Summary
    G. Lesson One Quiz

    Lesson Two: Real Life Real Estate: Common Material Fact Requiring Disclosure, “Red Flags”, and Avoiding Inadvertent Non – Disclosure (Approx. 37 minutes)
    This lesson focuses on the following topics.

  • Common material facts warranting disclosure
  • Liability for failure to disclose
  • Common “red flags” and licensee obligations regarding them
  • Various required disclosures, including:
  • Swimming Pool Barrier Disclosure
  • Lead based paint disclosure in properties built prior to 1978
  • Planned Community/Condominium information
  • Affidavit of Disclosure for properties located in un – subdivided, unincorporated areas
  • Public airport disclosure
  • Subdivision and public report disclosures
  • Fissure disclosures
  • Military airport disclosures
  • Third party disclosure reports
  • A. Introduction
    B. Common Material Facts Warranting Disclosure
    C. “Red Flags”
    D. Other “Specialized” Disclosures
    E. Summary
    F. Lesson Two Quiz.

    Lesson Three: Disclosure Documents (Approx. 45 minutes)
    This lesson focuses on the following topics.

  • Disclosure documents to be used in the residential transaction
  • A. Introduction
    B. Agency Disclosure

  • Real Estate Agency Disclosure and Election
  • Consent to Limited Representation (“Consent”) Commonly Referred to as “Dual Agency Disclosure”
  • Agency Disclosure in the AAR Residential Resale Real Estate Purchase Contract
  • C. Disclosures in the AAR Contract

  • Other Disclosures in the AAR Residential Resale Real Estate Purchase Contract
  • D. Other Disclosure Documents

  • Residential Seller’s Property Disclosure Statement
  • H.O.A. Condominium/Planned Community Addendum
  • “As is” Addendum
  • Disclosure of Information on Lead – Based Paint and Lead – Based Paint Hazards
  • On – Site Wastewater Treatment Facility Addendum
  • Domestic Well Water Addendum
  • Domestic Well Water Use Addendum Seller’s Property Disclosure Statement (DWWA SPDS)
  • E. Summary
    F. Lesson Three Quiz

    Final Exam (Approx. 30 minutes)

    At the conclusion of the course material you will be given a 15 question final exam. You will be required to pass the final exam in order to receive credit for the course.

    TOTAL ESTIMATED SEAT TIME = 156 minutes (2 hours, 36 minutes)



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