Florida Real Estate Practice Exam

In caveat emptor states, what is the buyer responsible for?

1. Disclosing all known facts that affect the value of real property

2. Ensuring the seller discloses all known material facts

3. Getting a home inspection for the property

4. Performing due diligence on the property

The correct answer is: Performing due diligence on the property

In caveat emptor states, the principle of "let the buyer beware" applies, meaning the buyer is responsible for conducting their own due diligence on the property and uncovering any potential issues or risks. Option A is incorrect because it is the seller's responsibility to disclose all known facts about the property. Option B is incorrect because it is ultimately the buyer's responsibility to ensure they receive all necessary disclosures from the seller. Option C is incorrect because while a home inspection can be helpful, it is not required and does not relieve the buyer of their responsibility to conduct due diligence.