medium · National Real Estate Exam Property Disclosures
A listing agent knows that a property was built on an old landfill. The seller insists that the agent keep this quiet because the landfill has been closed for 40 years and is now a park.
The agent must:
- Disclose the fact that the property was built on a former landfill to all potential buyers.
- Follow the seller's instruction because 40 years is beyond the statute of limitations for such disclosures.
- Only disclose the information if the buyer's home inspection reveals soil issues.
- Keep the information confidential as the landfill is now a public park.
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