A Seller Generally Has a Duty to Disclose Any Known

question 15

True/False

A seller generally has a duty to disclose any known defect that materi?ally affects the value of the property.

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Definitions:

Collusion

A secret agreement between two or more parties for a deceitful, illegal, or fraudulent purpose to deceive others.

Prescribed Controls

Specific procedures and policies implemented by a company to safeguard its assets, ensure accurate financial reporting, and comply with laws and regulations.

Petty Cash Fund

A small amount of cash on hand used for paying expenses too small to merit writing a check.

Bank Checking Account

A bank account that allows for easy access to funds through checks, debit cards, and electronic transfers, used for managing daily transactions.