EnvironmentalIntermediateDelaware Exam

A property located near an EPA Superfund site should be disclosed in Delaware because:

AIt is required by federal tax law

BProximity to a Superfund site is a material fact that may affect value and desirabilityCorrect

CIt automatically reduces transfer taxes

DIt requires rezoning before sale

Why Proximity to a Superfund site is a material fact that may affect value and desirability Is Correct

Answer B: Proximity to a Superfund site is a material fact that may affect value and desirability

Proximity to a Superfund site is a material fact—it can affect property value, desirability, and mortgage availability. Delaware's disclosure requirements and ethical obligations require this be disclosed.

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.

Key Environmental Terms in This Question

Transfer Tax

A tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.

Zoning

Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.

People Also Study

Key Terms to Know

Agency

A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.

Zoning

Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.

Variance

Official 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 Domain

The power of government to take private property for public use, with the requirement to pay the owner just compensation.