Environmental
Underground storage tanks (USTs) are a concern in real estate because they:
AReduce the property's square footage
BMay leak and contaminate soil and groundwater✓ Correct
CRequire special zoning permits to remove
DAlways indicate a prior commercial use
Explanation
USTs containing petroleum products or chemicals can corrode and leak over time, potentially contaminating soil and groundwater. Properties with USTs may require environmental remediation, which can be very costly.
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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.
Math Concepts
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