Environmental
An Oklahoma real estate agent who lists a property containing an abandoned oil well should advise the seller to:
AIgnore the well since it is no longer producing
BDisclose the abandoned well on the property disclosure form and determine its plugging status with the Oklahoma Corporation Commission✓ Correct
CFill the well opening with concrete independently
DOnly disclose if a buyer asks about oil wells
Explanation
Abandoned oil wells are a material fact requiring disclosure. The seller should check with the OCC regarding the well's plugging status and any remediation obligations.
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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.
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.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
Math Concepts
State-Specific Concepts
Disclosure Requirements
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