In Alaska, a real estate licensee who lists a property with known underground storage tanks (USTs) on the property should:
Why Disclose the existence of the tanks as a known material fact Is Correct
Answer B: Disclose the existence of the tanks as a known material fact
Exam Tip: Environmental
Environmental questions test knowledge of hazards like asbestos, lead-based paint, radon, and mold. Know the disclosure requirements and when a professional inspection is required. CERCLA liability is strict, joint, and several.
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Key Terms to Know
A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
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