Maine Real Estate License Practice Exam

What must Shayna Gartman ask the seller for disclosure information on when listing a convenience store?

1. Location of the private water supply

2. Gross annual income of the convenience store

3. The intent of the seller to offer seller financing

4. How long the seller has operated a store on the property

The correct answer is: Location of the private water supply

When listing a convenience store, Shayna Gartman must prioritize obtaining disclosure information about the location of the private water supply. In real estate transactions, it is crucial to disclose any water supply issues as they can significantly affect the property's value, usability, and attractiveness to potential buyers. This information is particularly vital for businesses, like convenience stores, that rely on a consistent and safe water supply for daily operations. While the gross annual income of the store, the seller's intent to offer financing, and the length of operation are important considerations, they pertain more to the business aspects rather than critical environmental or operational disclosures. The location of the private water supply is fundamentally connected to the physical property and can have legal implications, especially concerning health and safety regulations. Ensuring that this information is disclosed helps in maintaining transparency and protecting all parties involved.