EnvironmentalIntermediateAlabama Exam

A due diligence environmental Phase II Assessment involves:

AReviewing historical records only, which most practitioners would generally accept

BCollecting and analyzing soil, water, and air samples to test for contaminationCorrect

CFiling a report with the EPA

DInterviewing previous owners

Why Collecting and analyzing soil, water, and air samples to test for contamination Is Correct

Answer B: Collecting and analyzing soil, water, and air samples to test for contamination

A Phase II ESA involves physical sampling and laboratory analysis of soil, groundwater, and building materials to confirm or rule out contamination identified in the Phase I.

Exam Tip: Environmental

Environmental questions test knowledge of hazards like asbestos, lead-based paint, radon, and mold. Know the disclosure requirements and when a professional inspection is required. CERCLA liability is strict, joint, and several.

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Key Terms to Know

Depreciation

A reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.

Zoning

Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.

Variance

Official permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.

Eminent Domain

The power of government to take private property for public use, with the requirement to pay the owner just compensation.