In Alaska, a seller's duty to disclose permafrost conditions on a residential property is based on which principle?
Why Permafrost is a known material fact that materially affects the property's value and must be disclosed Is Correct
Answer B: Permafrost is a known material fact that materially affects the property's value and must be disclosed
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 legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
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