Environmental
Mold in a New Mexico property is considered a material fact that must be disclosed because:
AMold is always toxic and lethal
BMold can cause health problems and property damage, affecting the value and desirability of the property✓ Correct
CThe NMREC requires all environmental conditions to be disclosed regardless of materiality
DFederal law mandates mold disclosure in all 50 states
Explanation
Mold is a material defect because it can cause health issues and structural damage, affecting the property's value and habitability. New Mexico agents and sellers must disclose known mold conditions.
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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.
Community PropertyIn community property states, most property acquired during marriage is owned equally by both spouses, regardless of who paid for it.
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.
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