Like Gary said the only way to find out for sure is test for it. Some one should stop right now and where the floor cupped, scrape clean an area and do a dome test. Thats the only way to tell unless your man has a Wagner Moisture Encounter pin-less meter. Everyone is purely speculating right now.
MVP is not a cure all, if it was Bostik would not make this
http://www.bostik-us.com/TDS/TDSFiles/D261.pdf
The catch with all of these membranes is you have to start with a pretty dry slab that test 3lbs. or under at the time of application. That means (to me) that the slab may have to sit awhile uncovered and dry down before you apply something to it. Call Bostik's and let them explain it to you.
My hunch is the terrazzo has one or many coats of a sealer applied over over all these years and sealers have to be removed for a membrane or adhesive to work . That usually means bead blasting or scarifying the terrazzo.