Environmental
A Virginia property that was formerly used as a dry cleaning facility is being sold. A Phase I Environmental Site Assessment (ESA) would:
AConfirm the property is clean and ready for sale
BReview historical records and site conditions to identify recognized environmental conditions (RECs) without soil sampling✓ Correct
CTest soil and groundwater for contaminants
DClean up any contamination found
Explanation
A Phase I ESA reviews historical records, aerial photos, regulatory databases, and conducts a site walkthrough to identify RECs. It does not involve sampling.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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.
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