Iowa Real Estate Practice Exam

What does Iowa's Groundwater Hazard Statement disclosure require?

1. Disclosure of financial transactions

2. Notification about remodeling plans

3. Details about burial sites and hazardous waste

4. An inspection report of the property

The correct answer is: Details about burial sites and hazardous waste

The Groundwater Hazard Statement disclosure in Iowa specifically requires sellers of residential property to provide information regarding any known groundwater hazards. This includes disclosing details about burial sites, hazardous waste, and other potential sources of contamination that could affect groundwater quality. The purpose of this requirement is to protect public health and the environment by ensuring that buyers are aware of any issues that could impact the safety and usability of groundwater resources near the property. Other responses do not align with the specific focus of the Groundwater Hazard Statement. For instance, financial transactions and remodeling plans do not pertain to groundwater hazards or environmental concerns. Similarly, an inspection report, while generally valuable in real estate transactions, is not a specific requirement tied to the disclosure about groundwater hazards. This underscores the importance of understanding what particular disclosures are mandated by law to ensure informed decisions in real estate.