Utah License Law
A Utah licensee who discovers during a listing that the property is in a flood zone must:
AImmediately terminate the listing
BDisclose this material fact to prospective buyers✓ Correct
CNotify only buyers who specifically ask about flooding
DOnly disclose if the property has actually flooded
Explanation
FEMA flood zone designation is a material fact that affects a property's value, insurability, and mortgage requirements. Utah agents must disclose known material facts including flood zone status to prospective buyers.
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Key Terms to Know
Seller's Agent (Listing Agent)
A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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
License Law
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