Environmental Issues in Real Estate Flashcards
asbestos
Tiny harmful fibers in old buildings can make you sick if you breathe them in.
encapsulation
Putting a protective cover or seal around something dangerous to keep it from harming you.
formaldehyde
A smelly chemical found in some things at home that can be bad to breathe.
friable
Easily crumbled into tiny pieces, like old materials that can release harmful stuff.
lead
Heavy metal in old paint or things that can be poisonous, especially for kids.
material fact
An important truth about a property that sellers must tell buyers.
radon
Invisible gas that can sneak into homes and might cause health problems
target housing
Homes where kids or pregnant women might be exposed to lead hazards
Underground petroleum storage tanks (USTs)
Buried containers for oil or gas can leak and cause pollution.
urea-formaldehyde foam insulation (UFFI)
Old home insulation that sometimes lets out harmful chemicals.
these 3 strangely specific things are considered material facts lol.
A property that has, or used to have, exterior insulation finish systems (EIFS) or a stucco exterior.
A property that has, or used to have, polybutylene pipes that have leaked.
A property that is, or used to be, a clandestine drug lab. (METH BRO METH) (you can’t live in this. it’s got addictive drugs in the air.)
In which of the following ways does lead pose a hazard in homes? (Select all that apply.)
Lead poses a hazard in homes from children ingesting lead paint chips, lead dust being tracked into the home from contaminated soil, and the corrosion of lead pipes contaminating drinking water.
In 1992, Congress passed the federal Residential Lead-Based Paint Hazard Reduction Act, also known as Title X. It protects people from exposure to lead.
This law directed HUD and EPA to require the disclosure of known info on lead-based paint hazards on the sale or lease of homes built before
1978
The Residential Lead-Based Paint Hazard Reduction Act sets forth the following regulations concerning disclosures. Before ratification of a contract for housing sale or lease, sellers and landlords must:
Disclose any known information concerning lead-based paint or lead-based paint hazards
Provide any records and reports on lead-based paint and/or lead-based paint hazards that are available to the seller or landlord
Include an attachment to the contract or lease (or language inserted in the lease itself) which includes a lead warning statement and confirms that the seller or landlord has complied with all notification requirements
Give the buyer or tenant the EPA-approved information pamphlet on identifying and controlling lead-based paint hazards. This pamphlet is called “Protect Your Family from Lead in Your Home” (check it out on the following screen). It must be provided before the buyer makes an offer, or, for tenants, before the initial lease period.
Provide homebuyers a 10-day period to conduct an inspection or risk assessment for lead-based paint hazards. Parties may mutually agree, in writing, to lengthen or shorten the time period for inspection. Homebuyers may waive this inspection opportunity.
Brokers have legal duty to ensure compliance with the above lead paint disclosure requirements. They should:
Inform seller/lessor of their obligations under these rules
Ensure compliance, either by ensuring that seller/lessor has performed all activities required by the rules, or by the broker themselves personally ensuring compliance
Disclosure of lead paint was required by federal law in
1992
radon material fact level
4 picocuries
A listing broker should disclose the presence of the mitigation system so as to
allow potential buyers to make a fully informed decision before going under contract.
A buyer’s agent should inquire as to why a mitigation system was installed. They should also advise their buyer clients to include the following tests in their due diligence:
Have the property tested for radon gas
Have the mitigation system tested to make sure it is functioning properly
The owner of a property (residential or commercial) with a problematic underground storage tank may be liable for cleanup even if
the leak was caused by the previous owner. They may also have to pay heavy fines and receive other penalties.
Any broker who knows of any current or previous USTs on the property _______ this to all prospective purchasers or tenants.
A buyer’s agent should _______ the buyer to hire an expert to _____ the tank and conduct a soil contamination test.
must disclose
strongly encourage, inspect
Chlorofluorocarbons (CFCs) are
chemical compounds containing chlorine, fluorine, and carbon atoms.
Under CERCLA, a landowner may be liable for cleanup when contamination exists, even if
they didn’t cause the contamination. This liability includes the cleanup not only of the landowner’s property but also of any neighboring property that has been contaminated.
Congress enacted the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). CERCLA provides broad
federal authority to respond directly to releases or threatened releases of hazardous substances that may endanger public health or the environment (for example, a hazardous waste spill.
An agent may be held liable under CERLA for
improper disclosure
As a real estate agent, it’s your responsibility to disclose hazards of which the seller is aware, but has failed to
disclose or is attempting to conceal.
