Environmental

An Alaska property is found to have underground storage tanks (USTs) on the premises. A real estate agent must:

ARemove the tanks before listing the property

BDisclose the presence of USTs as a material fact to potential buyers✓ Correct

COnly disclose if the tanks are currently leaking

DRefer the matter to the Alaska Department of Environmental Conservation without disclosure

Explanation

Underground storage tanks are a material fact that must be disclosed to potential buyers. USTs may contain petroleum products or other hazardous substances and can be a source of soil and groundwater contamination, making them a significant environmental liability.

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Key Terms to Know

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

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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.

Adverse Possession

A doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.