Aceable Exam Questions and answers with complete solutions 2025 | Verified

Seller's Disclosure Statement - aka property condition disclosure statement; A written seller's disclosure statement would include a checklist of common items that would typically be considered to be material facts, or facts that could cause someone to take a different course of action or make a different decision regarding the property to be purchased; It helps the seller fulfill their obligation to disclose **known** material facts and defects on the property, thereby reducing the likelihood that they might omit material facts (either accidentally or intentionally) and reduces the liability faced by the seller's agent; the seller is responsible for filling out a seller's disclosure statement, not the seller's agent. 3 situations a seller has a duty to speak the truth - 1. in the fiduciary relationship between the seller of property and his or her real estate broker,**both parties have the duty to speak the truth and to make a full disclosure to all the facts to each other** 2. **If one party to the contract knows an important material fact not known by the other, the courts could rule that the contract is voidable** 3. **when a person misstates or unintentionally misrepresents an important material fact** Upon discovering this misrepresentation, the person must correct the mistake immediately or at the latest when negotiations resume. If the aggrieved party can prove the person making the unintentional misrepresentation subsequently learned of the error and did not correct it, the courts may allow the aggrieved party to void the contract.