UNIT 21 ENVIRONMENTAL ISSUES AND THE REAL ESTATE TRANSACTION Flashcards

1
Q

ASBESTOS

A

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

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2
Q

BROWNFIELDS

A

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

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3
Q

CARBON MONOXIDE (CO)

A

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

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4
Q

CHLOROFLUOROCARBONS (CFCs)

A

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.

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5
Q

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

A

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.

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6
Q

ENCAPSULATION

A

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

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7
Q

ENVIRONMENTAL IMPACT STATEMENT (EIS)

A

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

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8
Q

ENVIRONMENTAL SITE ASSESSMENT (ESA)

A

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

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9
Q

FORMALDEHYDE

A

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

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10
Q

GROUNDWATER

A

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

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11
Q

HYDRAULIC FRACTURING (FRACKING)

A

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

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12
Q

LEAD BASED PAINT HAZARD REDUCTION ACT (LBPHRA)

A

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.

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13
Q

MOLD

A

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.

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14
Q

POLYCHLORINATED BIPHENYLS (PCBs)

A

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

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15
Q

RADON

A

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

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16
Q

SMALL BUSINESS LIABILITY RELIEF AND BROWNFIELDS REVITALIZATION ACTION

A

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.

17
Q

SUPERFUND AMENDMENTS AND REAUTHORIZATION ACT (SARA)

A

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

18
Q

UNDERGROUND STORAGE TANKS (USTs)

A

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.

19
Q

UREA FORMALDEHYDE FOAM INSULATION (UFFI)

A

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

20
Q

WATER TABLE

A

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