Environmental
An underground storage tank (UST) on an Alaska property that has leaked petroleum products creates what type of concern for a buyer?
AA minor maintenance issue that can be resolved with standard landscaping
BA potential Superfund liability and cleanup obligation that could cost more than the property's value✓ Correct
CA standard disclosure item that does not affect title
DA concern only if the property is used commercially
Explanation
A leaking underground storage tank creates soil and groundwater contamination that can trigger federal and state environmental cleanup obligations under CERCLA and Alaska's environmental laws. Cleanup costs can be enormous and a buyer who purchases contaminated property may assume strict liability.
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Key Terms to Know
Debt-to-Income Ratio (DTI)
A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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