Environmental
In Tennessee, agricultural use of land may create environmental liability concerns for real estate investors if:
AThe land is currently in greenbelt assessment
BPast use of pesticides, herbicides, or fertilizers has contaminated soil or groundwater✓ Correct
CThe farmland is adjacent to residential zoning
DThe crops grown were not organically certified
Explanation
Agricultural properties may have soil and groundwater contamination from pesticides, herbicides, fertilizers, and other agricultural chemicals. A Phase I ESA is advisable for agricultural properties being converted to other uses.
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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.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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