Chapter 22-Enviromental Issues And The Real Estate Transaction

Question 1

OVERVIEW

Answer 1

Most states, including Illinois, recognize the need to balance commercial use of land with the need to preserve vital resources and to protect our air, water, and soil.

Question 2

HAZARDOUS SUBSTANCES

Question 3

ASBESTOS

Answer 3

Asbestos insulation can create airborne contaminants that may result in respiratory diseases.
Is a fire-resistant mineral that was once used extensively as insulation and to strengthen other building materials…..

Question 4

LEAD-BASED PAINT AND OTHER LEAD HAZARDS

Answer 4

-Lead was use as a pigment and drying agent in alkyd oil-based paint.
-Residential dwellings built before 1978
-Landlords must disclose known information
-Seller must disclose known information
-Buyers have up to ten days to conduct a risk….

Question 5

RADON

Answer 5

RADON is natural occurring, colorless, odorless, tasteless, radioactive gas produced by the decay of other radioactive substances….

Question 6

FORMALDEHYDE

Answer 6

Is colorless chemical with a strong, pronounced odor. It was widely use in the manufacture of building materials and household products because of its preservative characteristics.

Question 7

CARBON MONOXIDE

Answer 7

Is odorless gas due to incomplete combustions….

Question 8

MOLD(no require a disclosure in Illinois)

Answer 8

Can be found almost anywhere and can grow on almost any organic substance, so long as moisture, oxygen, and an organic food source are present.

Question 9

ADDITIONAL ENVIRONMENTAL HAZARDS
Ground Water protection

Answer 9

Is the water that exits under the earth’s surface within the tiny spaces or crevices in geological formations

Question 10

UNDERGROUND STORAGE TANKS
(They need to be heavily regulated)

Question 11

WASTE DISPOSAL SITES

Answer 11

LANDFILL- is an enormous hole, either savaged for the purpose of waste disposal or left over from surface mining operations
CAPPING-…

Question 12

BROWNFIELDS

Answer 12

Are defunct, derelict, or abandoned commercial or industrial sites, many of which are suspected to contain toxic wastes.

Question 13

ENVIRONMENTAL PROTECTION

Comprehensive environmental response, compensations and liability

Question 14

LIABILITY OF REAL ESTAE LICENSEES…

Answer 14

-DISCOVERY OF ENVIRONMENTAL HAZARDS

Question 15

ENVIRONMENTAL SITE ASSESSMENTS