Property Management
A Missouri property manager who discovers environmental contamination in a managed property should:
AIgnore it until it becomes a problem
BNotify the owner immediately and recommend they consult an environmental attorney✓ Correct
CRemediate it without telling the owner
DReport it directly to MREC
Explanation
Environmental contamination is a material issue that must be disclosed to the property owner immediately. The manager should recommend the owner seek legal and environmental guidance.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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