Environmental
What is 'Phase II' of an Environmental Site Assessment in Delaware commercial real estate?
AA review of historical records for environmental concerns
BSampling and testing of soil, groundwater, and building materials to confirm or deny environmental contamination✓ Correct
CRemediation and cleanup of identified contamination
DNotification to state environmental authorities of contamination
Explanation
A Phase II ESA involves physical sampling and laboratory analysis of soil, groundwater, and building materials to confirm or rule out contamination identified as a concern in the Phase I assessment.
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Key Terms to Know
Depreciation
A reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
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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