Environmental
A 'brownfield' in Michigan refers to:
AAgricultural land converted to residential use
BPreviously developed property that may be complicated by real or perceived environmental contamination✓ Correct
CUndeveloped land in rural areas
DLand subject to annual flooding
Explanation
Brownfields are properties previously used for industrial or commercial purposes that may be contaminated. Michigan offers brownfield redevelopment incentives (tax increment financing, grants) to encourage cleanup and reuse of these properties.
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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.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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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