Environmental
When selling a commercial property in Illinois that was formerly used as a dry cleaning business, what environmental concern is most relevant?
ALead-based paint from older equipment
BPerchloroethylene (PERC) or other chlorinated solvent contamination of soil and groundwater✓ Correct
CRadon gas from the dry cleaning chemical reactions
DPCBs from electrical transformers used in commercial laundry equipment
Explanation
Dry cleaning operations commonly use perchloroethylene (PERC, also known as tetrachloroethylene or PCE), a chlorinated solvent that is a probable human carcinogen. PERC readily contaminates soil and groundwater and can migrate significant distances.
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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.
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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