During the due diligence period for a commercial building in Laval, the buyer's real estate broker, Catherine, learns that the property was previously an industrial site. The OACIQ's Rule of Professional Ethics requires diligent verification. What investigation should Catherine recommend her client pursue to assess potential environmental liabilities?

Question: During the due diligence period for a commercial building in Laval, the buyer's real estate broker, Catherine, learns that the property was previously an industrial site. The OACIQ's Rule of Professional Ethics requires diligent verification. What investigation should Catherine recommend her client pursue to assess potential environmental liabilities?

Answer options: ✅ A Phase I Environmental Site Assessment (ESA)

• A detailed building inspection report
• A survey certificate update
• A financial audit of the previous owner

Correct answer: A Phase I Environmental Site Assessment (ESA)

Explanation: A Phase I Environmental Site Assessment (ESA) is the standard initial investigation for commercial properties to identify potential or existing environmental contamination liabilities, which is crucial due diligence for a former industrial site as per diligent verification duties under the OACIQ Rules of Professional Ethics.