Mississippi Real Estate Broker Exam — All Questions
2 questions
Mississippi's residential property condition disclosure requirement (Miss. Code Section 89-1-501 et seq.) applies to the sale of:
- a.Only newly constructed homes
- b.Residential property of one to four dwelling units✓
- c.Only commercial buildings
- d.Only vacant land
Mississippi's property condition disclosure law generally requires the seller of residential real property of one to four dwelling units to deliver a written disclosure of the property's known condition. It is aimed at residential resales rather than at commercial buildings or vacant land, and it applies broadly to covered residential transactions, not only to new construction.
Under Mississippi's property condition disclosure statute, the written disclosure statement is the responsibility of the:
- a.Seller of the property✓
- b.Buyer's lender
- c.County tax assessor
- d.Home inspector
The statutory property condition disclosure is the seller's representation about the known condition of the property, delivered to the prospective buyer. The licensee must not help conceal known defects and owes an independent duty to disclose known material problems, but the disclosure form itself belongs to the seller, not the lender, assessor, or inspector.