Tennessee Realtor State Practice Exam

Who is responsible for completing the property condition disclaimer statement in a transaction involving Marissa and Tommy?

1. Tommy

2. Tony, Marissa's agent

3. Layton, Tommy's agent

4. Marissa

The correct answer is: Marissa

In real estate transactions, the responsibility for completing the property condition disclaimer statement typically falls to the seller. In this case, Marissa is involved in the transaction as either the seller or a party representing the property being sold. This document is crucial because it provides potential buyers with information about the condition of the property, including any known issues or defects. Marissa, as the seller, is in the best position to disclose this information accurately, as she is most familiar with the property's history and condition. While agents like Tony and Layton may assist in the process and guide their clients regarding the requirements and implications of the statement, the ultimate responsibility for providing accurate and complete disclosures lies with the seller. This ensures transparency and protects all parties involved in the transaction, particularly the buyer. Tommy, if involved as a buyer or a co-seller without additional context to indicate otherwise, would not typically have the responsibility to complete the disclaimer, as that duty is designated for the seller. Therefore, Marissa retaining that responsibility aligns with standard real estate practices.