Environmental
In Florida, a property owner who discovers petroleum contamination from an old underground storage tank should first:
AImmediately sell the property as-is
BReport the discharge to the Florida Department of Environmental Protection (FDEP) within the required timeframe✓ Correct
COnly notify the county health department
DWait to see if the contamination spreads before reporting
Explanation
Florida law requires property owners to report petroleum discharges from underground storage tanks to FDEP within required timeframes. Failure to report can result in significant additional liability.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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