Environmental
Wisconsin requires disclosure of 'underground storage tanks' (USTs) on the Real Estate Condition Report. This is important because USTs:
AIncrease property values
BCan leak and cause soil and groundwater contamination, creating significant liability✓ Correct
CAre always removed by the DNR at no cost
DOnly affect commercial properties
Explanation
Leaking USTs can contaminate soil and groundwater, creating significant environmental liability and cleanup costs for property owners.
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Key Terms to Know
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.
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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