Sarah is a licensed New Hampshire salesperson who has listed a 120-acre forested property currently enrolled in the Current Use program. A prospective buyer, Tom, asks Sarah whether the Current Use status will affect his purchase. Which of the following statements most accurately reflects Sarah's disclosure obligation regarding Current Use?
Correct Answer
A) Sarah must disclose the Current Use status and advise Tom that removing the land from the program will trigger a land use change tax
New Hampshire licensees have a duty to disclose material facts that could affect a buyer's decision. Current Use enrollment is a material fact because removal from the program triggers a significant land use change tax (10% of full market value under RSA 79-A). Sarah must proactively disclose the Current Use status and its financial implications so Tom can make an informed decision, consistent with NH license law obligations under RSA 331-A.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
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