A listing agent in New York is preparing to market a 1960s office building. The seller mentions that asbestos-containing materials were identified in the building during a previous inspection but have not been disturbed. What is the agent's primary obligation regarding this information?
Correct Answer
D) Disclose the presence of asbestos to all prospective buyers and their agents
Under New York law, real estate agents have a duty to disclose known material facts that could affect the value or desirability of the property. The presence of asbestos-containing materials is a material environmental condition that must be disclosed to prospective buyers, regardless of whether the materials have been disturbed.
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A New York buyer's agent learns that their client's target property received petroleum spill remediation under New York's Voluntary Cleanup Program, and DEC issued a Certificate of Completion in 2019. The buyer is concerned about financing the purchase. How might this environmental history affect mortgage lending?
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Under New York environmental disclosure requirements, all of the following would typically require disclosure to prospective buyers EXCEPT: