When a seller is aware that a property is located near a Superfund or environmental contamination site, the seller's agent in Missouri should:
Correct Answer
B) Disclose the known material fact to prospective buyers, as environmental contamination proximity is a material defect affecting value and desirability
In Missouri, licensees are required to disclose known material facts that affect the value or desirability of a property. Proximity to environmental contamination or a Superfund site is a material fact that must be disclosed to prospective buyers. Failure to disclose known material defects can expose the agent and seller to liability.
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Related Topics & Key Terms
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Related Concepts
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
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