Environmental
The federal Emergency Planning and Community Right-to-Know Act (EPCRA) is relevant to Colorado real estate because it requires:
AAll property sellers to disclose environmental test results
BLocal emergency planning committees to maintain information about hazardous chemicals at facilities, which can affect nearby properties✓ Correct
CAll commercial tenants to purchase environmental insurance
DReal estate agents to complete hazardous materials training
Explanation
EPCRA (Title III of SARA) requires businesses to report storage and releases of hazardous chemicals and gives communities the right to know about chemical hazards in their area. This information can affect property values and is relevant to real estate transactions near industrial facilities.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
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