Environmental
Ohio's Voluntary Action Program (VAP) certificate of completion benefits property owners by:
APermanently lowering property taxes on contaminated sites
BProviding a covenant not to sue from the Ohio EPA upon successful cleanup✓ Correct
CExempting the property from future environmental regulations
DAutomatically increasing the property's appraised value
Explanation
Completion of the VAP process results in a covenant not to sue from the Ohio EPA, giving the property owner assurance of no further state enforcement action for the cleaned-up contamination.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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