Environmental
A Virginia commercial property has underground storage tanks (USTs) that were removed 10 years ago. A Phase I Environmental Site Assessment reveals a recognized environmental condition (REC). The next step is typically:
AImmediate property condemnation
BA Phase II ESA to collect soil and groundwater samples✓ Correct
CFiling with VREB for a hazardous property disclosure
DAutomatic disqualification from financing
Explanation
If a Phase I ESA identifies a recognized environmental condition (REC), the standard practice is to conduct a Phase II ESA involving soil boring, groundwater sampling, and laboratory analysis to determine whether contamination is actually present.
People Also Study
Related Virginia Questions
- Underground storage tanks (USTs) on a Virginia property are a concern primarily because:Environmental
- A Virginia property that was formerly used as a dry cleaning facility is being sold. A Phase I Environmental Site Assessment (ESA) would:Environmental
- A Virginia property adjacent to a former gas station may have soil contamination from underground storage tanks. The most common contaminants are:Environmental
- A Virginia property previously used as a gas station undergoes a Phase I Environmental Site Assessment (ESA). A Phase I ESA involves:Environmental
- An appraiser in Virginia applies the 'paired sales analysis' technique to determine the market adjustment for a swimming pool. This means:Property Valuation
- A Virginia real estate developer who violates an approved site plan condition may face:Land Use & Zoning
- A Virginia commercial property owner seeks a sign variance because the local zoning ordinance limits sign size and the standard is too small for their business. They would apply to the:Land Use & Zoning
- A Virginia borrower who filed bankruptcy 2 years ago is seeking an FHA loan. FHA's standard waiting period after Chapter 7 bankruptcy discharge is:Finance
Key Terms to Know
Zoning
Local 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.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
Study This Topic
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →