Environmental
In South Dakota, 'environmental covenants' recorded against property:
AProvide government guarantees of property value
BRestrict future use of contaminated property based on remediation conditions (e.g., no residential use, no well installation)✓ Correct
CAre required on all agricultural properties
DAre optional and rarely used in South Dakota
Explanation
Environmental land use covenants (institutional controls) are recorded restrictions that limit property use to protective levels consistent with the cleanup — for example, prohibiting residential use or groundwater wells on a site cleaned up to commercial standards.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Math Concepts
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