A Colorado property is discovered to have naturally occurring arsenic in the groundwater from the well. This condition:
Why Must be disclosed as an adverse material fact and may affect property value and insurability Is Correct
Answer B: Must be disclosed as an adverse material fact and may affect property value and insurability
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 condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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