Environmental
A Phase II Environmental Site Assessment differs from a Phase I in that it:
AOnly reviews public records
BInvolves actual sampling and testing of soil and groundwater✓ Correct
CAssesses the property's market value
DIs required for all residential sales
Explanation
A Phase II ESA involves collecting and analyzing soil, water, and air samples to confirm or quantify contamination identified or suspected in a Phase I assessment.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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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