Environmental
What is a 'recognized environmental condition' (REC) as defined in an ASTM Phase I ESA?
AA confirmed contamination requiring immediate cleanup
BThe presence or likely presence of hazardous substances or petroleum products on a property that indicates a past or present release that could affect the property's value or use✓ Correct
CAn environmental condition that must be disclosed in Nevada
DA condition recognized by Nevada state law as requiring remediation
Explanation
A Recognized Environmental Condition (REC) is defined by ASTM Standard E1527 as the presence (or likely presence) of hazardous substances or petroleum products on a property under conditions indicating a past or present release. RECs trigger the need for Phase II investigation in Nevada commercial transactions.
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