Environmental
A Kentucky real estate licensee becomes aware that a property has an underground storage tank (UST) that may have leaked. The licensee should:
AKeep this information confidential per the seller's instructions
BDisclose this material fact to prospective buyers✓ Correct
COnly disclose if the buyer specifically asks about underground tanks
DContact KREC for a waiver
Explanation
A leaking underground storage tank is a material fact and must be disclosed to prospective buyers by the listing licensee.
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Key Terms to Know
Seller's Agent (Listing Agent)
A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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