In Colorado, disclosure of a 'superfund site' (CERCLA National Priorities List site) near a property is relevant because:
Why B. Proximity to a Superfund site may affect property values, mortgage availability, and potential liability for future contamination, making it a material fact for disclosure Is Correct
Answer B: B. Proximity to a Superfund site may affect property values, mortgage availability, and potential liability for future contamination, making it a material fact for disclosure
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
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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