What is a 'property report' and when is it required in Delaware?
Why A detailed disclosure document required under ILSA (Interstate Land Sales Full Disclosure Act) for subdivisions with 25 or more unimproved lots sold across state lines Is Correct
Answer B: A detailed disclosure document required under ILSA (Interstate Land Sales Full Disclosure Act) for subdivisions with 25 or more unimproved lots sold across state lines
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
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Key Terms to Know
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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