Leasing License Practice Exam

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How many units must a residential property have to require disclosure under the Residential Real Property Disclosure Act?

One unit or greater
Two units or greater
Three units or greater
Four units or greater

The correct answer is: Four units or greater

Under the Residential Real Property Disclosure Act, disclosure requirements are applicable to properties that have four or more residential units. This means that if a property consists of four or more units, the seller is required to provide prospective buyers with a disclosure statement that details the condition of the property and any known issues. This aims to ensure transparency and protect buyers by informing them of any potential problems before they make a purchase. The requirement to disclose applies only when there are four or more residential units because the act primarily focuses on larger multifamily properties where there may be more complex issues related to occupancy, maintenance, and management. Properties with fewer than four units, such as single-family homes or duplexes, are typically exempt from these specific disclosure requirements.