which best describes a realestate’s agent liabilities concerning environmental hazards?

October 24th, 2009 | by admin |

choices.
a-residential realestate agents do not need to know about environmental conditions.
b-realestate licensee could be liable if he or she should have known about a condition/even if the seller neglected to disclose it
c-disclosure of environmental hazards is the responsibility of the seller
d-unless the buyer asks,the realestate agent does’nt have to worry about it.

B & C. A real estate agent has the duty to find out what he can immediately see or to disclose what the seller tells him. That is where his liability ends. The seller though, if they knew of this hazard and did not disclose it, is liable. That is why a buyer should always make sure a disclosure statement is filled out upon sale.

Definitely call your escrow officer though. Escrow insurance often covers this kind of thing and if not, they are an excellent resource. (Providing you used a title company to handle your sale)

  1. 4 Responses to “which best describes a realestate’s agent liabilities concerning environmental hazards?”

  2. By shelster10 on Oct 25, 2009 | Reply

    I believe the answer is b. If a real estate agent has knowledge he is responsible even if the seller neglects to disclose.
    References :

  3. By Gregory B on Oct 25, 2009 | Reply

    First throw out a & d.
    Both b & c apply. The agent should obtain a disclosure statement from the seller. He should also make a reasonable inspection of the property and note any possible defects or hazards. Then both the disclosure statement and his findings need to be given to the buyer.
    References :

  4. By ImMACulate on Oct 25, 2009 | Reply

    Environmental hazards affect the price of subject property… If the property is below market value, there is obviously a reason behind this. The buyer should take this into account.
    The real estate agent should research the preliminary title for suspect history, and if he/she has any integrity and long-term desire to remain in this industry, should disclose all pertinent facts. Reputations spread fast in this business and it is a tightly nit community, whether one is a lender, broker or agent. It’s not like selling the property is the difficult part of the entire process, anyway…
    The lender will also need to know if the environmental hazard has been cleared by the city, as this will jeopardize funding of the property, and will most likely come to light during the underwriting process.
    References :

  5. By WiserAngel on Oct 25, 2009 | Reply

    B & C. A real estate agent has the duty to find out what he can immediately see or to disclose what the seller tells him. That is where his liability ends. The seller though, if they knew of this hazard and did not disclose it, is liable. That is why a buyer should always make sure a disclosure statement is filled out upon sale.

    Definitely call your escrow officer though. Escrow insurance often covers this kind of thing and if not, they are an excellent resource. (Providing you used a title company to handle your sale)
    References :

Post a Comment