Environmental
A Phase I Environmental Site Assessment (ESA) is designed to:
ATest soil and water samples for contamination
BIdentify recognized environmental conditions through records review and site inspection without sampling✓ Correct
CRemediate contaminated soil on the property
DDetermine property market value after contamination
Explanation
A Phase I ESA identifies recognized environmental conditions (RECs) through a review of records, interviews, and site inspection without collecting or testing physical samples. Sampling is done in a Phase II ESA.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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