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(Week 1) Chapter 3
Environmental Hazards
| Term | Definition |
|---|---|
| 9 Types of Environmental Hazards | 1. Asbestos 2. Electro-magnetic Fields 3. Groundwater contamination 4. Lead poisoning 5.Radon 6. Underground storage tanks 7. Urea formaldehyde foam insulation 8. Carbon monoxide 9. Waste disposal sites |
| ASBESTOS | Found in exterior housing shingles, siding, and roofing materials, interior floor and ceiling tiles, materials used for insulating hot water pipes and heating ducts, vinyl and acoustical tiles, and some textured paints. |
| ASBESTOS health concerns | Building materials either begin to deteriorate to the point of flaking or crumbling or when the asbestos material are removed or altered through remodeling. |
| ELECTRO-MAGNETIC FIELDS (EMF) | Public controversy over safety. Studies show inconsistent and inconclusive results. Buyers will want to know about such potential concerns and may avoid buying in such areas. |
| GROUND WATER CONTAMINATION | Result of the use or disposal into the soil of toxic wastes, fertilizers, pesticides, agricultural chemicals, hazardous industrial substances, and leaking underground storage tanks, municipal sewer systems and private septic systems. |
| LEAD POISONING 2 major concerns | 1. Lead in drinking water 2. Lead in paint (prior to 1978) |
| Federal Law RESIDENTIAL LEAD-BASED PAINT HAZARD REDUCTION ACT Agreement of sale must contain: | A lead warning statement A statement allowing a prospective buyer 10 days to obtain a certified inspection or assessment of the property prior to be obligated to purchase the property. |
| Federal Law RESIDENTIAL LEAD-BASED PAINT HAZARD REDUCTION ACT Sell and real estate agents acting for seller… | Must disclose any known information about existing lead paint to the purchaser as well as give to the purchaser a lead hazard brochure. |
| RADON | Common radioactive gas that is disbursed from the natural decay of minerals in the earth such as uranium. Odorless, colorless, tasteless Radon contingency clause to the agreement of sale |
| REMEDIATION | The process used to reduce or eliminate environmental hazards |
| UNDERGROUND STORAGE TANKS (UST) | Tanks deteriorate (frequently by rust) and then leak toxic substances into the soil and ground water. Check current regulations |
| FORMALDEHYDE | Colorless, gas that is emitted from various building materials that use formaldehyde based compounds. Particularly in the foam used since the 1970’s in insulate homes. |
| CARBON MONOXIDE | Gas that is created from the burning of fuels. Odorless and colorless |
| LANDFILLS | Waste disposal sites |
| UNITED STATES ENVIRONMENTAL PROTECTION AGENCY (EPA) | Federal governmental level for monitoring environment hazards |
| DEPARTMENT OF ENVIRONMENTAL PROTECTION (DEP) | Pennsylvania agency for monitoring environment hazards |
| REAL ESTATE SELLER’S DISCLOSURE ACT | PA law 1996 seller provide buyer a signed and dated disclosure statement. Any seller who intends to transfer an interest in residential real property shall disclose to the buyer all material defects to the property including environmental hazards. |
| LATENT DEFECT | Seller knows about buy buyer does not |
| MATERIAL DEFECT | A problem with the property or any portion of it that would have an sign I can’t adverse impact on the value of the residential real property or that involves and unreasonable risk to people on the land. |
| A broker, associate broker or salesperson who represents a seller must… | Provide the seller with a copy of REAL ESTATE SELLER’S DISCLOSURE FORM |
Created by:
crochetchick
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