Environmental
A Montana property owner discovers an underground storage tank (UST) on their land that previously held petroleum products. Their primary obligation is to:
ALeave it in place and disclose it at sale
BNotify Montana DEQ and follow applicable UST regulations for assessment and potential remediation✓ Correct
CFill it with concrete to prevent future leaks
DOnly remove it if required by a lender
Explanation
Underground storage tanks are regulated under both federal and Montana DEQ rules. Discovery of a UST requires notification to Montana DEQ and compliance with assessment and cleanup requirements.
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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.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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.
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