Three Questions Answered in BCREA's Property Disclosure Statement (PDS) Online Course
TAGS: Online Courses PDP Property Disclosure Property Disclosure Statement Standard Forms
Last month, BCREA updated the Property Disclosure Statement Standard Forms and released an accompanying guide to explain the revisions. Among the changes to these forms was the removal of the term "material" in relation to latent defects, the inclusion of questions about radon gas, and updated language around cannabis.
In tandem with the form updates, the new online course Standard Form Essentials: The Property Disclosure Statement was released.
While the PDS guide provides additional details on the April 2020 form changes and why those changes were made, the Standard Form Essentials: The Property Disclosure Statement course offers a deep dive into the Property Disclosure Statement - Residential, specifically, and answers questions on property disclosures, such as:
1. Who is obligated to disclose what?
REALTORS® and sellers have different disclosure obligations. This course clarifies the differences between a seller's obligation to disclose latent defects under common law and a Realtor's obligations to disclose material latent defects under the Rules. Patent defects and stigmas are also discussed.
2. How can I use the information contained in the PDS to best serve the interests of my clients?
A good understanding of the PDS standard form is helpful, whether you are representing a buyer or a seller in a transaction. This course provides practical tips, further questions, and additional resources for each question on the Property Disclosure Statement - Residential, including the new questions on radon.
3. What are the new disclosures on radon?
You and your clients might have questions about radon gas. This course provides a high-level overview of what radon is, where radon is found, and what disclosures are required before entering into a conversation on radon gas with your client. Practical tips and clauses included in the course help better protect your buyer's or seller's interests and reduce risk.
These are just a few of the key takeaways from the new Standard Form Essentials: The Property Disclosure Statement online course, which earns learners three Professional Development Program hours upon completion.
For more about the course, including a course outline and preview, click here.
To help Realtors use the time during the COVID-19 pandemic to further enhance their skills and look to the future, BCREA has discounted all online courses, including Standard Form Essentials: The Property Disclosure Statement, by 25% until July 31, 2020. This discount is already applied to the price of the course, which has been reduced from $80 to $60.
To subscribe to receive BCREA publications, or to update your email address or current subscriptions, click here.
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