Environmental
Pennsylvania's Storage Tank and Spill Prevention Act requires owners of underground storage tanks (USTs) to:
ARegister USTs and maintain them to prevent leaks and spills✓ Correct
BRemove all USTs from residential properties within 5 years
CObtain PREC approval before any property with a UST is listed
DPost environmental bonds equal to 10% of the property value
Explanation
Pennsylvania's Act 32 (Storage Tank and Spill Prevention Act) requires UST owners to register tanks with PADEP, maintain them with spill and overfill protection, and properly close or remove tanks that are out of service. Abandoned USTs are a significant environmental liability in real estate transactions.
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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.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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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