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Real Estate > Chapter 6 Property Disclosures and Environmental Issues > Flashcards

Chapter 6 Property Disclosures and Environmental Issues Flashcards

1
Q

Most environmental regulations and enforcement on the federal level is through:

A

EPA

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2
Q

Property Conditions & Environmental Issues:

A

Hazardous Substances
Clean Air and Water Acts
EPA

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3
Q

Lead

A

is found in paint and pipes, and soil.

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4
Q

Buyer has right to inspect for lead

A

within 10 days of the effective date of the contract and may terminate the contract due to the inspection within 14 days of the effective date by providing written notice to the seller

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5
Q

Does the disclosure allow buyers to waive their rights to a lead inspection?

A

Yes

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6
Q

How many years must a seller keep a record/copy of disclosure?

A

at least three years from the sale date

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7
Q

Landfills or waste disposal sites

A

improperly constructed, can lead to groundwater contamination. (know locations and disclose. Recommend water testing.

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8
Q

Underground storage fuel tanks (UST)

A

10% or more below the ground that are old, rusty, leaking, can cause groundwater contamination.

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9
Q

UST are sometimes found on commercial and residential property

A

Yes

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10
Q

Exempt for federal UST

A

Farm & residential tanks of 1,100 gallons or less capacity holding motor fuel used for noncommercial purposes

Tanks storing heating oil used on the premises where it is stored

Tanks on or about the floor of underground areas, such as basements or tunnels

Septic tanks and systems for collecting storm water and wastewater

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11
Q

Farming herbicides and pesticides

A

are other sources of groundwater contamination - recommend water testing

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12
Q

Asbestos

A

is an insulating material……problems arise in its removal.

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13
Q

ACM (Asbestos Containing Materials)

A

can be friable or easily crumbled.

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14
Q

Methods of abatement include

A

removal, encapulation, and/or enclosure or sealing the area.

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15
Q

Radon

A

is a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.

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16
Q

Radon

A

enter homes through the foundation

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17
Q

randon mitigation plans

A

can reduce radon levels through the installation of pipes and fans

18
Q

Radon

A

mostly likely to exist in colder climates

19
Q

Mold

A

mold needs water, oxygen, nutrients, and the right to temperature to grow

20
Q

A source of nutrients for mold is :

A

paper - it is basically pre-digested wood

21
Q

Greenfields

A

land that has never previously been developed

22
Q

Greyfields

A

land able to be redeveloped ( empty Walmart)

23
Q

Brownfields

A

land known to be hazardous - most likely a hazardous industrial site

24
Q

Greywater

A

is gently used water from your bathroom sinks, showers, tubs and washing machines.

25
Q

Greywater

A

may contain traces of dirt, food, grease, hair and certain household cleaning products

26
Q

Blackwater

A

denotes wastewater from toilets, which likely contains pathogens

27
Q

Wetlands

A

are a link between land and water

28
Q

Wetlands

A

government defines wetlands as : an area where water covers the soil, or is present either at or near the surface of the sil all year or far varying periods of time during the year, including during the growing season.

29
Q

EPA

A

regulates many wetlands

30
Q

Wetlands

A

are sometimes called a mire, swamp, bog, peat or marsh

31
Q

FEMA (Federal Emergency Management Agency)

A

oversees the National Flood Insurance Program (NFIP) in the USA

32
Q

Army of Corps of Engineers

A

Flood-prone areas throughout the country have been identified on maps

33
Q

homeowner policy

A

will protect the property from damage due to a variety of reasons, including but not limit to fire, storms, some, vandalism, and other perils.

34
Q

Clean Air & Water Acts-

A

sets guidelines for emissions of hazardous air pollutants.

35
Q

EPA

A

administer the Clean Air & Water Acts

36
Q

EPA

A

charged with administering all environmental laws in the US. CERLA (administered by the EPA

37
Q

CERLA

A

passed in 1980 and created the Superfund to help pay for the cleanup of hazardous spills and waste.

38
Q

What two agencies have the authority to spend CERCLA funds?

A

Indian Tribes & Federal & State Regulatory Agencies

39
Q

Past & Present property owners

A

are liable for the cleanup

40
Q

SARA (Superfund Amendment and Reauthorization Act)

A

passed to increase the balance available for cleanups

41
Q

Phase 1 ESA

A

commercial property where there might be hazardous materials on site

Real Estate (5 decks)

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