unit 6 property disclosures and environmental issues

Question 1

radon, mold, and asbestos may require mitigation, cleanup, or abatemnet

Answer 1

true

Question 2

asbestos encapsulation is often a safer and better solution than abatement or removal

Answer 2

true

Question 3

real estate professionals need to be aware of issues about wetlands, floodplains, and protected species

Answer 3

true

Question 4

the EPA regulates most environmental issues, including lead-based paint

Answer 4

true

Question 5

a seller of a property that was built in 1988 will need to give the buyer a lead-based-paint disclosure

Answer 5

false
it would not be illegal for the seller to provide the disclosure. however, only properties built before January 1, 1978, are required to disclose

Question 6

radon and carbon monoxide are colorless and odorless gases that can cause harm or death

Answer 6

true

Question 7

CERCLA is a fund used to clean up large hazardous waste areas

Answer 7

true

Question 8

federal flood insurance is available for all properties

Answer 8

false

properties must be in a floodplain and in community that is part of the NFIP

Question 9

a seller has knowledge of an environmental impact report that is being done on a nearby industrial park. because the report is not complete, the seller does not have to disclose the report

Answer 9

false

because the report may impact the value and the buyer’s decision, this is a material fact that must be disclosed

Question 10

real estate professionals do not have to disclose material facts if the seller is selling “as is”

Answer 10

false

known material facts must be disclosed to all parties.