PSI Oklahoma Real Estate Practice Test

If a seller discovers a new defect in the property after submitting a disclosure statement, what action must they take?

1. Ignore the defect

2. Amend the Disclosure Statement

3. Wait for the buyer to notice

4. File a complaint with the real estate commission

The correct answer is: Amend the Disclosure Statement

When a seller discovers a new defect in the property after submitting a disclosure statement, amending the disclosure statement is the required course of action. This is essential because disclosure laws mandate that sellers must provide accurate and up-to-date information about the condition of the property. If new defects arise, failing to disclose this information could lead to legal issues, including claims of misrepresentation or fraud. By amending the disclosure statement, the seller ensures that potential buyers have access to the latest information, allowing them to make informed decisions regarding their purchase. This aligns with the seller's legal obligation to disclose material facts that could affect the value or desirability of the property. Maintaining transparency fosters trust and helps to facilitate a smoother transaction process.