New York License Law
Under New York law, which of the following is required to be disclosed to a buyer of residential property?
AThe seller's reason for moving
BDefects known to the seller under the Property Condition Disclosure Act✓ Correct
CThe amount the seller originally paid for the property
DWhether the property has ever been listed before
Explanation
New York's Property Condition Disclosure Act (PCDA) requires sellers of residential property to provide a written disclosure statement about known defects. Alternatively, the seller may pay the buyer a $500 credit in lieu of disclosure.
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