Environmental
Underground storage tanks (USTs) containing petroleum products are regulated in Illinois primarily by:
AThe Illinois Department of Commerce and Economic Opportunity
BThe Illinois Environmental Protection Agency (IEPA) under the Illinois Underground Storage Tank program✓ Correct
CThe Illinois Department of Agriculture
DThe Illinois State Fire Marshal
Explanation
The Illinois EPA's Division of Petroleum and Chemical Safety regulates underground storage tanks (USTs) in Illinois under both state and federal UST regulations. USTs containing petroleum products or hazardous chemicals that leak can contaminate soil and groundwater.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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