Environmental
Mold in a residential property is considered a material fact that must be disclosed because it can:
AIncrease the property's value
BCause health problems and structural damage✓ Correct
CAttract insects to the property
DIncrease the property's energy efficiency
Explanation
Mold can cause serious health problems (respiratory issues, allergic reactions) and structural damage. It is a material defect that must be disclosed by sellers and agents who are aware of it.
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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.
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.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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