Environmental
A Florida real estate professional should advise buyers that 'mold' disclosure is required when:
AAny amount of mold is visible in the property
BMold is present in amounts that materially affect the value or habitability of the property✓ Correct
CMold was present but has been remediated
DThe property is in a flood zone
Explanation
Under Florida's disclosure requirements and the duty to disclose material facts, mold that materially affects property value or habitability must be disclosed. Minor surface mold in a bathroom may not be material, but significant mold growth affecting air quality, structural components, or large areas of the property is a material fact.
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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.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
State-Specific Concepts
Disclosure Requirements
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