Listing agent Susan learns that her seller's property is located in a flood zone, but FEMA maps show it as Zone X (minimal flood hazard). However, the property flooded during a storm in 2018. What disclosure obligations does Susan have?
Correct Answer
A) Disclose both FEMA zone and actual flooding history
Both official flood zone designation and actual flooding history are material facts requiring disclosure. A is incomplete - actual flooding history is more significant than zone designation. C is incorrect - actual flooding always requires disclosure. D is incorrect - material facts must be disclosed proactively.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Megan's Law requires states to make information about registered sex offenders available to the public. Some states require real estate agents to inform buyers about the availability of sex offender registries.
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
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