Environmental
In South Dakota, the requirement for a 'Phase II Environmental Site Assessment' is typically triggered when:
AAny commercial property is sold
BRecognized environmental conditions (RECs) are identified in a Phase I ESA and further investigation is warranted✓ Correct
CAll properties near agricultural land are sold
DAny property with an older building is transferred
Explanation
A Phase II ESA is conducted when a Phase I ESA identifies recognized environmental conditions (RECs) that suggest contamination may be present. Phase II involves physical sampling and testing of soil, groundwater, or building materials to determine whether contamination is actually present.
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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.
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.
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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