Environmental
A Virginia agent discovers that a property's underground storage tank (UST) may have leaked. What is the agent's responsibility?
AFix the problem before listing
BDisclose the known condition to potential buyers as a material fact✓ Correct
CIgnore it unless the buyer specifically asks
DReport it directly to the VA DEQ without telling the seller
Explanation
Known environmental hazards such as UST leaks are material facts that must be disclosed. An agent who knows of contamination must disclose it to prospective buyers.
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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.
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