Environmental
The primary purpose of a 'Phase I Environmental Site Assessment' as used in Connecticut commercial real estate is:
ATo determine if the property is in a flood zone
BTo identify recognized environmental conditions (RECs) through records review and site inspection without sampling✓ Correct
CTo measure radon levels in the building
DTo test water quality from the public water supply
Explanation
A Phase I ESA identifies recognized environmental conditions through records research, interviews, and site inspection—without laboratory sampling—to determine whether further investigation (Phase II) is warranted.
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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.
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.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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