Environmental Concerns Affecting Real Estate Transactions Flashcards
What is CERCLA (Comprehensive Environmental Response, Compensation, and Liability Act?
Broadly defines who is liable for cleanup to include any potentially responsible person (PRP)
Who are Potentially Responsible Persons (PRP) in CERCLA (Comprehensive Environmental Response, Compensation, and Liability Act)?
Present owners and operators of a contaminated site.
Persons who owned or operated a site at the time hazardous substances were located on the site.
Generators of hazardous substances found at a site.
Persons who arranged to transport hazardous substances to a site.
What is the difference between Strict Liability or Joint & Several Liability under CERCLA (Comprehensive Environmental Response, Compensation, and Liability Act)?
Strict Liability - means the government need not show a PRP’s (Potentially Responsible Persons) fault but only prove that a person is a PRP.
Joint and Several Liability - any one or more of a group of PRPs can be sued without including all of them, and those sued are responsible for the total response costs (the costs of cleanup).
What is the National Priorities List
identifies for the public those sites that appear to warrant remedial actions. It is also available online. The available information includes an assigned facility identification number, site name, address, county, copy of site report, and mapping information regarding site location.
NOTE: IT DOES NOT INCLUDE THE APPRAISED VALUE OF THE PROPERTY.
What is environment due diligence?
The process of taking the appropriate steps to determine whether a site is contaminated.
What is a Phase I environment inspection?
Used to determine if potential contamination exist or noncompliance with environmental laws/regulations.
If an owner considers renovating or remodeling a structure containing asbestos materials who should the owner contact?
The owner should contact an asbestos specialist.
What should a licensee do if in a phase I environmental determines asbestos is present.
The licensee should advise to use an asbestos specialist.
What does the mandatory Radon disclosure disclose.
How to find out more information about Radon.
