Housing and Community Development (HCD) Practice Exam

What is the requirement upon a dealer after accepting a buyer's written offer for a used manufactured home?

1. Provide the seller written disclosure of the offer within 3 days but no less than 48 hours from close of escrow

2. Notify the seller immediately of the buyer's offer

3. Disclose the offer to the seller only if it is above a certain amount

4. Send the offer to the buyer for confirmation before notifying the seller

The correct answer is: Provide the seller written disclosure of the offer within 3 days but no less than 48 hours from close of escrow

The requirement upon a dealer after accepting a buyer's written offer for a used manufactured home is to provide the seller with a written disclosure of the offer within three days but no less than 48 hours from the close of escrow. This ensures that all parties involved in the transaction are kept informed and that the seller has timely knowledge of the buyer's intentions. Such a requirement is designed to promote transparency and facilitate a fair transaction process. This timeframe also allows the seller adequate opportunity to respond to the offer or make any necessary arrangements based on the buyer's intentions. By mandating that the dealer provide this information promptly, the regulatory framework aims to protect the interests of both buyers and sellers in the transaction. The other options do not align with the established protocol in this context. For instance, immediately notifying the seller without the specific time frame mentioned disrupts the standardized process established for disclosures. Similarly, only disclosing offers above a certain amount could lead to unfair treatment of other offers and would not maintain the transparency that the regulations intend to uphold. Sending the offer to the buyer for confirmation before notifying the seller would not fulfill the requirement of timely disclosure to the seller, impacting the overall integrity of the transaction process.