Idaho Real Estate Practice Exam

What must a seller provide to a buyer in a real estate transaction involving a 6 unit apartment complex?

1. Seller Property Condition Disclosure Form

2. Home Inspection Report

3. Appraisal Report

4. Environmental Assessment

The correct answer is: Seller Property Condition Disclosure Form

In a real estate transaction involving a 6-unit apartment complex, the seller is required to provide a Seller Property Condition Disclosure Form to the buyer. This form is critical as it informs the buyer about the condition of the property and any known issues that may affect their decision to purchase. This requirement helps ensure that buyers can make informed decisions based on the actual state of the property and protects them from future liabilities related to undisclosed defects. The Seller Property Condition Disclosure Form covers various aspects of the property, such as structural integrity, plumbing, electrical systems, and any past repairs or issues that may have arisen. By disclosing this information, the seller fulfills their legal obligation to be transparent, which ultimately helps facilitate a smoother transaction process. Other documents mentioned, like a Home Inspection Report, Appraisal Report, or Environmental Assessment, may be beneficial during the buying process but are not strictly required to be provided by the seller. A home inspection is typically conducted by the buyer after the purchase agreement is signed, the appraisal is often ordered by the lending institution, and an environmental assessment is usually executed based on specific concerns rather than a standard requirement. Therefore, the form specified is the essential document needed to comply with Idaho's real estate transaction regulations in this context.