A Nevada seller is completing the Seller's Real Property Disclosure Form for a rural property that relies on a private well. The seller has been using the well for 15 years without issue. Which of the following disclosures related to water is the seller required to make?
Correct Answer
B) The seller must disclose information about the water source, including whether a well exists and the status of any associated water rights or permits
Under NRS Chapter 113, Nevada sellers are required to complete the Seller's Real Property Disclosure Form, which includes disclosure of the water source and related conditions. For rural properties with wells, this includes information about the existence of the well and the status of any water rights or permits. Because water rights are separate from land in Nevada and not automatically transferred, their status is a material fact that must be disclosed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
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