FINC 676 Exam 1 Questions &
Answers 100% Verified (Grade A+)
AAI - CORRECT ANSWER-All Appropriate Inquiry. This is required to qualify
as a BFPP
ESA - CORRECT ANSWER-Environmental Site Assessment
BFPP - CORRECT ANSWER-Bona Fide Prospective Purchasers
REC - CORRECT ANSWER-Recognized Environmental Condition. The
presence or likely presence of hazardous substances or petroleum products due to
a release.
RCRA - CORRECT ANSWER-Resource Conservation and Recovery Act
TCEQ - CORRECT ANSWER-Texas Commission on Environmental Quality
EPA - CORRECT ANSWER-Environmental Protection Agency
VCP - CORRECT ANSWER-Voluntary Cleanup Program- Release of Liability for
future landowners -"Final certification of Completion" recorded in deed records -
runs with the land
APAR - CORRECT ANSWER-Affected Property Assessment Report
,NFA/CA - CORRECT ANSWER-No Further Action acknowledgment in the
Corrective Action Section-No release of Liability
WOTUS - CORRECT ANSWER-Waters of the United States. The Clean Water
Act (federal).
GCD - CORRECT ANSWER-Groundwater Conservation District. Texas
groundwater is regulated/restricted by GCDs
MUD - CORRECT ANSWER-Municipal Utility District . A special purpose
district created by Texas Water Code Chapter 54 to finance utility construction
PID - CORRECT ANSWER-Public Improvement District. A special purpose
district created by Local Gov't Code Chapter 372 that can be used to finance utility
construction
TIF - CORRECT ANSWER-Tax Increment Financing. This can be used to
finance utility construction.
TIRZ - CORRECT ANSWER-Tax Increment Reinvestment Zone. The real
property area that is taxed to fund the TIF project.
CCN - CORRECT ANSWER-Certificate of Convenience and Necessity. This
protects the investment that a utility makes in a its system infrastructure from
competitors
Which of the following is NOT considered separate property in Texas?
A. Property owned by a spouse before marriage
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, B. The income generated by separate property
C. Property acquired after marriage by gift or inheritance
D. Recovery for personal injury - CORRECT ANSWER-B. The income generated
by separate property
Which of the following entities pass ordinances?
A. Congress
B. States
C. Cities and Counties
D. Judges - CORRECT ANSWER-C. Cities and Counties
What is a statute?
A. A law created by a state legislature or by Congress
B. A law created by a city or municipality
C. A law created by court rulings
D. A law created by a State or U.S Supreme Court - CORRECT ANSWER-A. A
law created by a state legislature or by Congress
The process by which a neutral third-Party assists parties in a conflict situation,
hopefully arriving at a mutually acceptable solution, is called ____________
A. Court of equity
Answers 100% Verified (Grade A+)
AAI - CORRECT ANSWER-All Appropriate Inquiry. This is required to qualify
as a BFPP
ESA - CORRECT ANSWER-Environmental Site Assessment
BFPP - CORRECT ANSWER-Bona Fide Prospective Purchasers
REC - CORRECT ANSWER-Recognized Environmental Condition. The
presence or likely presence of hazardous substances or petroleum products due to
a release.
RCRA - CORRECT ANSWER-Resource Conservation and Recovery Act
TCEQ - CORRECT ANSWER-Texas Commission on Environmental Quality
EPA - CORRECT ANSWER-Environmental Protection Agency
VCP - CORRECT ANSWER-Voluntary Cleanup Program- Release of Liability for
future landowners -"Final certification of Completion" recorded in deed records -
runs with the land
APAR - CORRECT ANSWER-Affected Property Assessment Report
,NFA/CA - CORRECT ANSWER-No Further Action acknowledgment in the
Corrective Action Section-No release of Liability
WOTUS - CORRECT ANSWER-Waters of the United States. The Clean Water
Act (federal).
GCD - CORRECT ANSWER-Groundwater Conservation District. Texas
groundwater is regulated/restricted by GCDs
MUD - CORRECT ANSWER-Municipal Utility District . A special purpose
district created by Texas Water Code Chapter 54 to finance utility construction
PID - CORRECT ANSWER-Public Improvement District. A special purpose
district created by Local Gov't Code Chapter 372 that can be used to finance utility
construction
TIF - CORRECT ANSWER-Tax Increment Financing. This can be used to
finance utility construction.
TIRZ - CORRECT ANSWER-Tax Increment Reinvestment Zone. The real
property area that is taxed to fund the TIF project.
CCN - CORRECT ANSWER-Certificate of Convenience and Necessity. This
protects the investment that a utility makes in a its system infrastructure from
competitors
Which of the following is NOT considered separate property in Texas?
A. Property owned by a spouse before marriage
COPYRIGHT ALL RIGHTS RESERVED ©️ 2025
, B. The income generated by separate property
C. Property acquired after marriage by gift or inheritance
D. Recovery for personal injury - CORRECT ANSWER-B. The income generated
by separate property
Which of the following entities pass ordinances?
A. Congress
B. States
C. Cities and Counties
D. Judges - CORRECT ANSWER-C. Cities and Counties
What is a statute?
A. A law created by a state legislature or by Congress
B. A law created by a city or municipality
C. A law created by court rulings
D. A law created by a State or U.S Supreme Court - CORRECT ANSWER-A. A
law created by a state legislature or by Congress
The process by which a neutral third-Party assists parties in a conflict situation,
hopefully arriving at a mutually acceptable solution, is called ____________
A. Court of equity
