Louisiana License Law
Which of the following requires disclosure under the Louisiana Property Disclosure Act when selling residential property?
AThe seller's asking price negotiation strategy
BKnown material defects and conditions affecting the property✓ Correct
CThe seller's reasons for selling
DPrior listing prices of the property
Explanation
Louisiana's Residential Property Disclosure Act (RS 9:3196 et seq.) requires sellers to disclose known material defects and conditions affecting the property to buyers before or at the time of accepting an offer.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
State-Specific Concepts
License Law
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