Environmental Issues and Real Estate Transactions Flashcards
mineral composed of fibers that have fireproofing and insulating qualities, but it is a health hazard when fibers break down (become friable) and are inhaled. Banned for use in insulation in 1978
Asbestos
can prevent asbestos fibers from becoming airborne.
encapsulation
can be found in pipes, pipe solder, paints, air, and soil
lead
found in many of the housing units built before 1978. Lead accumulates in the body and can damage the brain, nervous system, kidneys, and blood.
lead-based paint
requires disclosure of known lead-based paint hazards to potential buyers or renters.
Lead-Based Paint Hazard Reduction Act of 1992 (LBPHRA)
Real estate professionals must provide buyers and lessees with a pamphlet created by EPA, HUD, and the Consumer Product Safety Commission. Contractors and remodelers who disturb painted surfaces in homes, schools, and child care facilities built before 1978 must be trained and certified in the EPA’s lead-based work practices.
Protect Your Family from Lead in Your Home
an odorless, tasteless, radioactive gas produced by the natural decay of radioactive substances in the ground and is found throughout the United States.
radon
described as a hazardous air pollutant in the Clean Air Act Amendments of 1990, is used for building and household products
Formaldehyde
is a colorless, odorless gas that is by-product of fuel burning.
Carbon-monoxide
uspected of causing health problems, may be found in electrical equipment. The manufacture and commercial distribution of PCBs has been banned since 1979.
Polychlorinated biphenyls (PCBs),
used in refrigerators, aerosol sprays, paints, solvents, and foam applications, are no longer manufactured worldwide, for the most part since 1996.
Chlorofluorocarbons (CFCs)
found under the earth’s surface and forms the water table
groundwater
regulates the public drinking water supply.
Safe Drinking Water Act (SDWA) of 1974
contain petroleum products, industrial chemicals, and other substances are subject to federal law (regulated by EPA) and state law When a purchase is being considered, a careful inspection of any property on which USTs are suspected should be conducted.
Underground Storage Tanks
encourages development of abandoned properties by shielding innocent developers from liability for toxic wastes that existed at a site prior to purchase.
brownfields legislation
a Superfund to clean up uncontrolled hazardous waste sites and identifies potential responsible parties (PRPs).
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
means that the landowner has no defense to the responsibility for cleanup
strict liability
means that each of several landowners is responsible for the entire cleanup
joint and several liability
occurs when the present owner and previous owners are considered responsible for cleanup.
retroactive liability
physical examination of the property and investigation of its history
Phase 1 ESA
includes sampling of soil and other materials, and is performed if it appears a problem may exist.
Phase 2 ESA
required for federally funded projects and may be required by the state or locality.
Environmental Impact Statement
Real estate professionals should always recommend testing the water supply when it is not part of
municipal water supply
The federal underground storage tanks (UST) program is regulated by
EPA
Federal regulation of numerous environmental hazards is carried out by
EPA
MOST seller property disclosures are required for
only residential properties.
Tombs buried deep underground contain materials such as
radioactive waste
Who should real estate professionals rely on for sound environmental information?
technical experts in the field
For residential property, some jurisdictions may mandate
the placement of carbon monoxide detectors.
To avoid liability associated with environmental issues, the real estate professional should
become familiar with common environmental problems.
The MOST common source of harmful lead in older residential properties is
alkyd oil-based paint.
A federally funded project requires
an environmental impact statement.
Waste disposal sites are
capped with soil for aesthetic reasons.
The EPA requires that water suppliers report any health risk situation within
24 hours.
According to the U.S. General Accounting Office, brownfields plague communities and
often contribute to a decline in property values.
The process used to extract natural gas from deep layers of rock is known as
fracking
At least how much of a tank must be underground for it to be considered an underground storage tank?
10%
A prospective buyer of commercial or industrial property should include in an offer to purchase
a contingency to allow for an environmental site assessment.
What is provided by the Brownfields Law?
Funding to clean up abandoned industrial sites
Sealing off asbestos instead of removing it is called
encapsulation
Which of these is responsible for administering the Superfund?
EPA
With the exception of the innocent landowner, liability under the Superfund is
strict, joint and several, and retroactive.
The natural level at which ground is saturated with water is called
water table
