Underground Storage Tanks (USTs) are a concern in commercial real estate transactions because:
Why They can leak petroleum or chemicals contaminating soil and groundwater Is Correct
Answer B: They can leak petroleum or chemicals contaminating soil and groundwater
Exam Tip: Environmental
Environmental questions test knowledge of hazards like asbestos, lead-based paint, radon, and mold. Know the disclosure requirements and when a professional inspection is required. CERCLA liability is strict, joint, and several.
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Related North Carolina Questions
- Underground storage tanks (USTs) containing petroleum products are regulated in NC primarily to prevent:Environmental
- Under CERCLA (Superfund), which party bears the LEAST liability for cleanup costs if contamination is discovered on a property?Environmental
- CERCLA (the Superfund law) imposes cleanup liability on:Environmental
- The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) is also known as:Environmental
Key Terms to Know
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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