Environmental
A Florida real estate agent discovers that a property they are listing may have soil contamination from a prior industrial use. The agent should:
AIgnore it because it is old contamination and not their responsibility
BDisclose the known material fact to prospective buyers✓ Correct
CRemove the contaminated soil before listing the property
DList the property but lower the price without explanation
Explanation
Florida requires licensees to disclose all known facts that materially affect the value of residential real property. Soil contamination is a material fact that must be disclosed to prospective buyers.
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Key Terms to Know
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.
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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