Environmental
In Nevada, a property is found to contain naturally occurring asbestos (NOA) due to the local geology. Who bears responsibility for disclosure?
AOnly the seller's agent, not the seller
BThe seller must disclose known naturally occurring asbestos as a material fact affecting the property's value or desirability✓ Correct
CNaturally occurring asbestos requires no disclosure because it is not a man-made hazard
DOnly the Nevada Department of Environmental Protection (NDEP) is required to provide notice
Explanation
In Nevada, sellers must disclose all known material facts affecting a property's value or desirability. Naturally occurring asbestos (common in parts of Nevada due to serpentine rock formations) is a material fact that must be disclosed.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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.
State-Specific Concepts
Disclosure Requirements
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