Environmental
In Colorado, a 'pre-purchase environmental assessment' for a commercial property typically begins with:
AImmediate soil sampling
BA Phase I Environmental Site Assessment (records review and site reconnaissance)✓ Correct
CA Phase II Assessment with laboratory testing
DA full environmental impact statement
Explanation
A pre-purchase environmental assessment for commercial property typically starts with a Phase I ESA, which involves records review (historical land uses, databases, aerial photos), site reconnaissance, and interviews to identify potential environmental concerns without physical sampling.
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- An appraiser uses the cost approach to value a Colorado commercial property. The replacement cost new is $800,000 and the property has 25% depreciation. The land is worth $150,000. What is the indicated value?Property Valuation
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Key Terms to Know
Zoning
Local 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.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
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