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Exam Prep - Ch 6

Property Disclosures and Environmental Issues

QuestionAnswer
Lead is found in paint, pipes and soil. Mandatory disclosure for all properties built before 1978 The buyer has the right to have inspected for lead w/in 10 days of the effective date of the contract & may terminate the contract due to the results of the lead inspection w/in 14 days of the effective date by providing written notice to the seller.
Duties of Sellers regarding Lead There is no duty to remediate lead. A seller must keep a record/ copy of the disclosure for at least three years from the sale date
Asbestos is friable Or easily crumbled. Methods of abatement include removal, encapsulation, and/or enclosure or sealing the area.
Mold Mold needs water, oxygen, nutrients, and the right temperature to grow. - Humidity exacerbates mold growth. Newer homes with tighter construction can add to mold growth, hence the addition of ventilating fans in wet areas.
Greenfields • Land that has never previously been developed
Greyfields • Land able to be redeveloped (empty Walmart)
Brownfields • Land known to be hazardous - most likely a hazardous industrial site
Greywater - Gently used water from your bathroom sinks, showers, tubs, and washing machines. - Greywater may contain traces of dirt, food, grease, hair, and certain household cleaning products.
Blackwater Denotes wastewater from toilets, which likely contains pathogens.
Hazard and Flood insurance – FEMA – the Federal Emergency Management Agency Oversees the National Flood Insurance Program (NFIP) in the United States, which is available for residential and commercial.
EPA administers CERCLA – the Comprehensive Environmental Response, Compensation and Liability Act Was passed in 1980 and created the Superfund (SARA)to help pay for the cleanup of hazardous spills and waste.
SARA – (Superfund Amendment and Reauthorization Act) When the Superfund ran out of money, SARA was passed to increase the balance available for cleanups
Phase 1 ESA For commercial property, or any property where there is reason to believe there might be hazardous materials on site, a Phase 1 ESA should be recommended.
Environmental Impact Statement (EIS) For government projects, an Environmental Impact Statement (EIS) will be done
Seller’s Disclosure The seller prepares a Seller’s Disclosure. The seller is responsible for its accuracy.
“red flag” issues A “red flag” is defined as something that would warn a reasonably observant agent that there may be an underlying problem
Liability considerations - The broker’s responsibility The broker’s responsibility is limited to areas accessible for visual inspection.
EPA, the Environmental Protection Agency. Most environmental regulation and enforcement on the federal level is through the EPA, the Environmental Protection Agency.
How long does a seller keep a record/ copy of the disclosure for lead There is no duty to remediate lead. A seller must keep a record/ copy of the disclosure for at least 3 years from the sale date
Can a malfunctioning flapper can cause a leak in underground tanks. Yes - A malfunctioning flapper can cause a leak in these tanks.
The following tanks are exempt from the federal UST rules: • Farm & residential tanks of 1,100 gallons< capacity • Tanks storing heating oil used on the premises where it is stored • Tanks on or above the floor of underground areas (basements or tunnels) • Septic tanks & systems for collecting storm water
A leak in a septic system can lead to rapid mold growth True
White or clear water is tap water and potable (able to be used for drinking and food preparation.)
Wetlands They are sometimes a habitat for endangered species, including plants and animals. An area of wet lands can be called a mire, swamp, bog, peat, or marsh
the Federal Emergency Management Agency (FEMA) oversees the National Flood Insurance Program (NFIP) in the United States.
Created by: deidresj
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