Chapter 5 Review-Property Disclosures and Environmental Issues Flashcards
What does CERCLA stands for?
Comprehensive Environmental Response, Compensation and Liability Act
What does SARA stand for?
Superfund Amendments and Reauthorization Act
A _____________ substance is any material that poses a threat to the public health or environment.
hazardous
What is usually solid and has the potential to cause or significantly contribute to an increase in mortality?
hazardous waste
The fiduciary duty of disclosure requires licensees to disclose any known _________ _________ and this includes ________________ issues
material defects
environmental
What are hidden defects that are not found upon inspection called?
latent defects
What defects, that can be seen by anyone, called?
patent
What does “caveat venditor” mean?
Let the seller beware
What does “caveat emptor” mean?
Let the buyer beware
Any property can become ___________ because of an event that occurred that would affect the desirability of the property.
stigmatized
The federal Lead-based Paint Disclosure law requires that sellers disclose any known lead-based paint hazard with property built prior to what year?
1978
How many days are buyers given to have an inspection done for lead paint hazards?
10 days
A real estate licensee is responsible for informing the _________ and _____________ of their obligations to complete the form, providing the lead-based paint disclosure form, providing the brochure and attaching to a contract or inserting language in the contract of the “Lead Warning Statement”
Seller
Landlord
Under the federal Lead-based Paint Disclosure law a seller, lessor, or agent who fails to give the proper information can be sued for ____________ the amount of damages and they may be subject to civil and criminal penalties.
triple
What does RRP stand for?
Renovation, Repair and Painting Rule
What is a carcinogen that can be found in well water and pressure treated wood?
arsenic
This mineral was used to insulate in furnaces, heat ducts, wall cavities and electrical wiring.
What is it called?
asbestos
What is called when asbestos can be broken into a powder with hand pressure?
friable
What are the 3 abatement methods for asbestos?
Removal, enclosure, and encapsulation
What is colorless, odorless gas that is a by-product of incomplete combustion form burning fuels such as wood, oil and natural gas?
carbon monoxide
What can probably be found in every building and usually doesn’t cause a problem?
mold
- some molds are toxic and can trigger allergies.
- sellers need to disclose if there has ever been a mold problem in the property
What is the abbreviation for Polychlorinated biphenyls?
PCB’s
-they were used as insulators for electrical transformers and were banned in 1979
What can cause environmental issues when they leak?
underground storage tanks
What is odorless colorless gas that occurs as the by-product of the decay of radium?
radon
A ____________ site means real property, the expansion, redevelopment, or reuse of which may be complicated by the presence of hazardous substance, pollutant or contaminant.
Brownfield
Many lenders require the buyers of commercial property to perform the “ all appropriate inquiry” to assess environmental conditions on the property prior to its acquisition. What is this called?
Environmental Site Assessment
-aka Phase 1 - ESA, Phase 2-ESA and Phase 3-ESA
What kind of insurance will protect the buyer against certain types of environmental liabilities?
Environmental liability insurance
