Idaho Real Estate Practice Exam

What must a buyer typically do once they receive a seller's property condition disclosure?

1. Proceed with the purchase

2. Submit a new offer

3. Accept or rescind the contract

4. Request repairs

The correct answer is: Accept or rescind the contract

When a buyer receives a seller's property condition disclosure, the typical course of action involves making a decision based on the information provided about the property's condition. Accepting or rescinding the contract allows the buyer to review the disclosed information thoroughly. If significant issues are revealed in the disclosure, a buyer might decide to rescind the contract, prioritizing their interests and potentially avoiding future problems. Alternatively, if the disclosure does not raise any red flags, the buyer may choose to move forward with the purchase. The other options suggest actions that do not typically represent the standard procedure following receipt of the disclosure. For instance, proceeding with the purchase does not take into account the necessity of evaluating the disclosure's contents first. Submitting a new offer could imply that the buyer is trying to negotiate based on the disclosure, but it does not address the immediate need for a decision based on the current contractual agreement. Lastly, requesting repairs may be a subsequent step, but it is not the initial decision that must be made once the buyer receives the disclosure. The key here is that the buyer's first obligation is to assess the situation and decide whether to accept or rescind based on the information provided.