Environmental
Heating oil tank leaks are a particular concern for Alaska residential properties because:
AHeating oil is used as jet fuel and regulated by the FAA
BMany older Alaska homes relied on heating oil, and abandoned or leaking tanks can contaminate soil and groundwater✓ Correct
CHeating oil tanks are required to be above ground in Alaska
DThe Alaska Real Estate Commission requires heating oil inspections on all sales
Explanation
Heating oil was (and is) widely used in Alaska. Abandoned underground heating oil tanks are a common environmental liability.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial 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.
Math Concepts
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