UNIT 21 ENVIRONMENTAL ISSUES AND THE REAL ESTATE TRANSACTION

Question 1

ASBESTOS

Answer 1

A mineral once used in insulation and other materials that can cause respiratory diseases.

Question 2

BROWNFIELDS

Answer 2

Defunct, derelict, or abandoned commercial or industrial sites; may have toxic wastes.

Question 3

CARBON MONOXIDE (CO)

Answer 3

A colorless, odorless gas that occurs as a by product of fuel combustion that may result in death in poorly ventilated areas.

Question 4

CHLOROFLUOROCARBONS (CFCs)

Answer 4

Nontoxic, nonflammable chemicals containing atoms of carbon, chlorine, and fluorine, such as air conditions and refrigerators. CFCs are safe in application but cause ozone depletion.

Question 5

COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION, AND LIABILITY ACT (CERCLA)

Answer 5

A federal law administered by the Environmental Protection Agency that establishes a process for identifying parties responsible for creating hazardous waste sites, forcing liable parties to clean up toxic sites, bringing legal action against responsible parties, and funding the abatement of toxic sites.

Question 6

ENCAPSULATION

Answer 6

A method of controlling environmental contamination by sealing off a dangerous substance, such as asbestos.

Question 7

ENVIRONMENTAL IMPACT STATEMENT (EIS)

Answer 7

A statement that details the impact a project will have on the enviornment.

Question 8

ENVIRONMENTAL SITE ASSESSMENT (ESA)

Answer 8

An evaluation of property to show that due care was exercised in the determination of environmental impairments.

Question 9

FORMALDEHYDE

Answer 9

An air pollutant that is acolorless chemical used to manufacture building materials and many household products, such as particleboard, plywood paneling, and foam insulation.

Question 10

GROUNDWATER

Answer 10

Water that exists under the earth’s surface within the tiny spaces or crevices in geological formations.

Question 11

HYDRAULIC FRACTURING (FRACKING)

Answer 11

The process used to extract natural gas from the deep layers of rock in which it is embedded.

Question 12

LEAD BASED PAINT HAZARD REDUCTION ACT (LBPHRA)

Answer 12

Federal legislation requiring disclosure of the presence of any known lead based paint hazards to potential buyers or renters. The law does not require that anyone test for the presence of lead based paint, however.

Question 13

MOLD

Answer 13

A form of fungus that can be found almost anywhere and can grow on almost any organic substance, so long as moisture and oxygen are present. Mold growth can gradually destroy what it is growing on, as well as cause serious health problems.

Question 14

POLYCHLORINATED BIPHENYLS (PCBs)

Answer 14

Used as an insulating material in dielectric oil. It can linger in the environment for long periods of time and can cause health problems.

Question 15

RADON

Answer 15

A naturally occurring gas that is suspected of causing lung cancer.

Question 16

SMALL BUSINESS LIABILITY RELIEF AND BROWNFIELDS REVITALIZATION ACTION

Answer 16

Law that provides funds to assess and clean up brownfields, clarifies liability protections, and provides tax incentives toward enhancing state and tribal response programs. Also known as Brownfields law.

Question 17

SUPERFUND AMENDMENTS AND REAUTHORIZATION ACT (SARA)

Answer 17

An amendatory statue that contains stronger cleanup standards for contaminated sites, increased funding for Superfund, and clarifications of lender liability and innocent landowner immunity.

Question 18

UNDERGROUND STORAGE TANKS (USTs)

Answer 18

Commonly found on sites where petroleum products are used or where gas stations and auto repair shops are located, and subject to federal and state regulations. In residential areas, tanks are used to store heating oil. Over time, neglected tanks may leak hazardous substances into the environment.

Question 19

UREA FORMALDEHYDE FOAM INSULATION (UFFI)

Answer 19

Insulating foam that can release harmful gasses. It causes some individuals to suffer from respiratory problems, as well as eye and skin irritation.

Question 20

WATER TABLE

Answer 20

The natural level at which the ground is saturated. The water table may be several hundred feet underground or near the surface.