Idaho Real Estate Practice Exam

When must the seller of a residential four-plex deliver the seller's property condition disclosure to the buyer?

1. At the time of the listing

2. 1 day before closing

3. 10 calendar days after offer acceptance

4. 15 calendar days prior to closing

The correct answer is: 10 calendar days after offer acceptance

The seller of a residential four-plex is required to deliver the property condition disclosure to the buyer within 10 calendar days after the acceptance of the offer. This timeframe is established to ensure that the buyer has adequate information about the property's condition before proceeding further in the transaction, which includes obtaining financing, conducting inspections, and ultimately closing on the property. By providing this disclosure shortly after the offer is accepted, the seller facilitates transparency and allows the buyer to make informed decisions based on the property's current state. This is particularly important for a four-plex, where the condition of the property can significantly impact the buyer's plans for occupancy or rental. The other timing options, such as at the time of listing or just before closing, do not align with the regulations intended to protect the buyer's interests in a timely manner following offer acceptance. This ensures that the buyer has enough time to review the information, ask questions, and potentially negotiate repairs or concessions based on the findings disclosed.