Environmental
What is an 'underground storage tank' (UST) and why is it relevant to Illinois real estate?
AA water retention system required by Illinois EPA for new developments
BA buried tank (often for petroleum) that may leak and contaminate soil and groundwater, creating environmental liability✓ Correct
CA basement storage area that must be disclosed under Illinois law
DA cistern used for rainwater collection; encouraged by Illinois EPA
Explanation
Underground storage tanks (USTs), commonly used for petroleum products at gas stations and industrial sites, can leak and contaminate soil and groundwater. The presence of USTs creates significant environmental liability.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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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