medium · National Real Estate Exam disclosures
A buyer is looking at a home where the adjacent property is a derelict gas station with several visible underground storage tank vent pipes.
The buyer's agent should treat this as:
- A matter of external obsolescence that only affects the adjacent property and has no bearing on the subject property's value.
- A violation of the Fair Housing Act because it makes the neighborhood less desirable for protected classes.
- An environmental red flag that suggests potential soil or groundwater contamination on the subject property.
- A confidential defect that the seller's agent must disclose only if the buyer signs a non-disclosure agreement.
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