EnvironmentalIntermediateAlabama Exam

A Superfund site (CERCLA National Priorities List site) near a residential neighborhood may affect property values because:

AIt automatically triggers relocation assistance

BIt signals potential contamination, stigma, and health concerns that can reduce demand and valueCorrect

CIt increases taxes in the surrounding area

DSuperfund sites are only in industrial areas with no residential impact, across most transactions

Why It signals potential contamination, stigma, and health concerns that can reduce demand and value Is Correct

Answer B: It signals potential contamination, stigma, and health concerns that can reduce demand and value

Proximity to a Superfund site can stigmatize neighboring properties, reduce demand, and create actual or perceived health and environmental concerns that negatively impact property values.

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

Comparable Sales (Comps)

Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.

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.