A listing agent discovers that a property is located within 1,000 feet of a site where underground storage tanks were removed 10 years ago. Soil contamination reports for that site are inconclusive. What is the listing agent's obligation under Georgia law?
Correct Answer
B) Must disclose the known proximity to the former underground storage tank site as a material fact
Under BRRETA (O.C.G.A. § 10-6A-5), a broker must disclose known material facts that could affect the value or desirability of the property. The known proximity to a former underground storage tank site with inconclusive contamination reports constitutes a material fact that must be disclosed to prospective buyers, regardless of whether contamination has been confirmed on the subject property itself.
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