Environmental
What is an 'underground storage tank' (UST) and why is it significant in Oregon real estate?
AA water storage tank required by building codes
BA buried tank for hazardous liquids that may leak and contaminate soil/groundwater, requiring disclosure and remediation✓ Correct
CAn approved septic system component
DA natural gas storage facility under commercial properties
Explanation
Underground storage tanks (USTs) — commonly used for heating oil or gasoline — are significant environmental concerns because they can leak over time, contaminating soil and groundwater. Oregon requires disclosure of known USTs, and removal/remediation of leaking USTs can be extremely costly.
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Key Terms to Know
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.
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.
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