Environmental
Under Hawaii Revised Statutes, sellers of property near state-regulated underground injection control (UIC) wells must be aware that:
AA. All UIC wells are safe and require no disclosure
BB. UIC wells may be used for wastewater disposal and can affect groundwater; nearby property may require investigation✓ Correct
CC. UIC wells automatically increase property value
DD. UIC wells are only relevant to commercial properties
Explanation
Underground injection control wells can affect groundwater quality. Properties near UIC wells may require groundwater investigation, and buyers should be informed of any nearby injection wells.
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Key Terms to Know
Capitalization Rate (Cap Rate)
A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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.
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