Environmental
In Tennessee, a 'Superfund' site on or near a property requires disclosure because it:
AAutomatically voids any sale contract
BMay be a material fact affecting the property's value and the buyer's decision✓ Correct
CIs only relevant to commercial transactions
DIs handled solely by TREC, not real estate agents
Explanation
The proximity of a Superfund site may affect property values, cause stigma, and pose potential liability. Known proximity to a Superfund site is a material fact that Tennessee agents must disclose.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
State-Specific Concepts
TREC Regulation
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