Environmental
Under New York's Property Condition Disclosure Act, if a seller fails to provide the disclosure statement, they must:
ACancel the sale
BGive the buyer a $500 credit at closing in lieu of the statement✓ Correct
CDisclose only defects over $1,000
DProvide disclosure after closing
Explanation
Under the PCDA, if the seller fails to provide the Property Condition Disclosure Statement before the buyer signs a binding contract, the buyer is entitled to a $500 credit toward the purchase price at closing.
Related New York Environmental Questions
- A buyer of commercial real estate in New York conducts a 'Phase I Environmental Site Assessment' to:
- Under CERCLA (the Superfund law), which New York parties may be held liable for cleanup costs at a contaminated site?
- In New York, buildings constructed after 2001 are less likely to contain asbestos because:
- The New York State agency responsible for environmental regulation and remediation is:
- Asbestos in a residential property poses the greatest health risk when:
- Electromagnetic fields (EMFs) from power lines are a concern in real estate because:
- New York's 'Environmental Site Assessment' standard references which ASTM standard for Phase I assessments?
- In New York, a 'brownfield' site is defined as:
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →