Real Estate Chapter 21 Environmental Issues & RE Transaction Flashcards

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15 cards   |   Total Attempts: 188
  

Cards In This Set

Front Back
Asbestos
When banned?
Health Risks?
- Used as insulation
- banned in 1978
- Airborne contaminants / respiratory diseases
- Encapsulation to seal it off
Lead Paint
When banned?
Health Risks?
- before 1978
- Damage to brain, nervous system, kidneys, blood
- Children under age 6
- Must disclose known information (1992 act) Disclosure statement must be attached for props built b4 1978
Radon
Health Risks?
- Natural gas, may cause lung cancer
- Decay of radioactive substances in the ground
Formaldehyde
Health Risks?
- Also building insulation / building materials (wood)
- Insulation: urea-formaldehyde foam insulation (UFFI)

- Can release gases, respiratory problems, cancer
- SBS (Sick building syndrome)
- Since 1985 HUD has placed regulations on wood used
Carbon Monoxide
- byproduct of burning fuels
- Dangerous in poor ventilation
Polychlorinated Biphenyls (PCBs)
- 1978 banned
- present in electrical equipment
- linger for long periods
Chlorofluorocarbons (CFCs)
- used AC / Fridges / Aerosols / Paint etc not dangerous to person per se
- Dangerous to environment, deplete ozone
Mold
Health Risks?
- Found where moist etc
- Respiratory / asthma
- EIFS (vinyl wallpaper)
Groundwater Protection
- contaminated groundwater can affect drinking / pure water
- 1974 Safe Drinking Water Act
Underground Storage Tanks
- Where found?
- Problems?
- Approx 40% are leaking
- found near Gas station / auto repair (petroleum)
- Paint / paper mills / chemical plants
- State & Federal laws regulate (by the EPA)
- Required to register their tanks (some exemptions)
Waste Disposal Sites
- Landfills
- Capping: Process of sealing off top w/ soil & grass.
Brownfields
- Old industrial sites
- 2002 legislation to give money for their cleanup
- Property owner not liable if they had nothing to do with it
Comprehensive Environmental Response Compensation and Liabilit Act (CERCLA)
- Superfund / EPA determines etc bla bla
Real Estate Professionals' Liability (avoidance of)
- Should be familiar with common problems (in area)
- Can look for signs of contamination
- Advising (and including as a contingency) and environmental audit if suspected contamination
- Giving NO advice on environmental issues

**Appraisers have more responsibility die to lenders / value
** Environmental Auditors can do a study (often a condition of closing)
Disclosure of Hazards
- State law addresses
- Again only liable if should have known x or y facts (chapter 4)
- Be the 'source of the source'