Leasing License Practice Exam

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Who must complete the Residential Real Property Disclosure form?

Any homeowner
Sellers of property containing 1 to 4 units
Buyers of residential property
Real estate agents

The correct answer is: Sellers of property containing 1 to 4 units

Sellers of property containing 1 to 4 units are specifically required to complete the Residential Real Property Disclosure form. This requirement is designed to ensure that potential buyers are fully informed of any known issues or defects related to the property before purchasing. The form covers essential information about the condition of the property, including any repairs, maintenance issues, and environmental hazards. This disclosure process protects both buyers and sellers by promoting transparency in real estate transactions. Homeowners in general, buyers of residential property, and real estate agents do not have the same obligation to complete this specific form, which is why they are not the correct choice in this context. Homeowners may provide disclosure in various circumstances, but it is the sellers of those specific property types who hold the responsibility for this particular form.