An Arizona seller is aware that the property was previously used for a 'junkyard' operation for 20 years and may have buried waste. Regarding disclosure, the seller should:
Why Disclose this prior use on the SPDS as it represents a material potential environmental condition Is Correct
Answer B: Disclose this prior use on the SPDS as it represents a material potential environmental condition
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.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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