Environmental
In Hawaii, what is the significance of a Property Condition Disclosure Statement (PCDS)?
AA. It replaces the need for a home inspection
BB. It requires the seller to disclose known material conditions affecting the property's value or desirability✓ Correct
CC. It is completed by the home inspector, not the seller
DD. It is only required for commercial properties
Explanation
The PCDS requires sellers to disclose known material conditions including physical defects, environmental hazards, legal issues, and neighborhood conditions that could affect the buyer's decision.
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Key Terms to Know
Comparable Sales (Comps)
Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
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.
State-Specific Concepts
Disclosure Requirements
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