An Arizona seller is required to disclose the existence of a registered underground storage tank (UST) on the property because it is:
Why A material fact that could affect the property's value and the buyer's decision to purchase Is Correct
Answer B: A material fact that could affect the property's value and the buyer's decision to purchase
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
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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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