Recognized Environmental Condition (REC)
A term used to identify environmental liability within the context of a Phase I Environmental Site Assessment (ESA); indicates the presence or likely presence of any hazardous substances or petroleum products in, on, or at a property that is (i) due to release to the environment, (ii) under conditions indicative of a release to the environment, or (iii) under conditions that pose a material threat of a future release to the environment.