A Connecticut real estate licensee, Maria, is listing a property that previously operated as a dry-cleaning business for 20 years. The current owner says the business closed five years ago and the building has been vacant since. Which of the following best describes Maria's obligation under the Connecticut Transfer Act?
Correct Answer
D) Maria must advise the seller that the Transfer Act likely applies and that appropriate Transfer Act compliance forms must be filed before or at closing
Dry-cleaning operations are a classic example of a Connecticut Transfer Act 'establishment' because they historically use perchloroethylene (PERC) and other hazardous solvents. The fact that the business has closed does not eliminate Transfer Act obligations — the Act is triggered by past use of hazardous substances, not current operations. Maria's duty is to recognize the Transfer Act implication and advise the seller that compliance forms (Form I, II, or III, as applicable) must be addressed before or at the time of closing.
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Related Topics & Key Terms
Key Terms:
Related Concepts
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
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