Chapter 5. Marketing Regulations

Question 0

Phase I ESA

Answer 0

Phase I will show that environmental due diligence was taken to confirm the presence or absence of environmental issues; and to access liability of ownership prior to its acquisition.

Question 1

Environmental Site Assessment (ESA)

Answer 1

Identify potential or existing environmental liabilities

Question 2

Phase II ESA

Answer 2

If potential environmental issues are identified in Phase I, there will be a Phase II, which involves the collection and analysis of samples to document the presence or absence of regulated substances.

Question 3

Phase III ESA

Answer 3

Phase I and II results are studied to determine an appropriate and reasonable solution for any environmental issues that are found.

Question 4

Percolation Test

Answer 4

Property owners who use septic tanks are required to have a percolation test, which tests the soil’s absorption or drainage capacity.

Question 5

Latent Defect

Answer 5

Hidden structural defects not easily discovered by inspection

Question 6

Patent Defect

Answer 6

Easily visable when inspecting a property.

Question 7

Material Fact

Answer 7

A Fact that is significant or essential to the issue or matter at hand.