A parcel of land was owned by oil company in 1954 and sold it at that time. The buyer Riley Harper corp held the property for less than a year and than sold it. now the new owner looking to sell it in 2018 and it goes through a phase 1 test, who is NOT responsible for the oil mess that’s on the property 1) Riley Harper corp 2) current owner 3) 1954 company 4) state Arizona WQARF
Under CERCLA law all owners, past and previous and lenders may be liable for cleanup. A buyer under contract would not be liable, all others would. What are the choices for the answers?
Hi, A Phase 1 would involve a title search, an inspection of the property to see if there are red flags indicating potential problems and a review of the property's uses to look for uses such as gas stations, dry cleaners, etc. I also includes a list of questions for the current owner regarding environmental issues.
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A parcel of land was owned by oil company in 1954 and sold it at that time. The buyer Riley Harper corp held the property for less than a year and than sold it. now the new owner looking to sell it in 2018 and it goes through a phase 1 test, who is NOT responsible for the oil mess that’s on the property
1) Riley Harper corp
2) current owner
3) 1954 company
4) state Arizona WQARF
Under CERCLA law all owners, past and previous and lenders may be liable for cleanup. A buyer under contract would not be liable, all others would. What are the choices for the answers?
Best answer is AZ WQARF
Hogan School of Real Estate, Inc. thank you sir, I’m just one point back to pass my state exam
@@hiralalpeshpatel Let me know if you have other questions or remember others from your exam
This specific question was on the state exam 2022
Please help me with this
Would a Phase 1 be a title research?
Hi, A Phase 1 would involve a title search, an inspection of the property to see if there are red flags indicating potential problems and a review of the property's uses to look for uses such as gas stations, dry cleaners, etc. I also includes a list of questions for the current owner regarding environmental issues.
@@hoganschoolofrealestateinc500 thank you so much for replying!! This is so helpful!