Environmental
A Virginia property adjacent to a former dry cleaner is being sold. The listing agent should:
AIgnore the adjacent property's history as it does not affect the subject property
BDisclose the known proximity to a former dry cleaner as a potential environmental concern affecting value✓ Correct
COnly disclose if a Phase I environmental study has been performed
DWait to see if contamination is actually found before disclosing
Explanation
Proximity to a known or suspected contamination source is a material fact affecting property value. A Virginia agent who knows of the adjacent dry cleaner's history should disclose it to buyers as a known material adverse fact.
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