Environmental
Vermont's 'phosphorus trading' relevance to real estate is that developers in the Lake Champlain basin must:
APay a flat fee per new building
BAccount for and potentially offset the phosphorus runoff their development adds to the watershed✓ Correct
CInstall water treatment plants
DObtain federal EPA permits for all new construction
Explanation
Vermont's phosphorus management requirements in the Lake Champlain basin require developers to manage stormwater and potentially purchase phosphorus credits to offset their project's contribution to nutrient loading, protecting the lake's water quality.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
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.
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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