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Real Estate - Ch. 21
Environmental Issues and the Real Estate Transaction
Term | Definition |
---|---|
asbestos | A mineral once used in insulation and other materials that can cause respiratory diseases. |
brownfields | Defunct, derelict, or abandoned commercial or industrial sites; many have toxic wastes. |
carbon monoxide (CO) | A colorless, odorless gas that occurs as a by-product of fuel combustion that may result in death in poorly ventilated areas. |
chlorofluorocarbons (CFCs) | Nontoxic, nonflammable chemicals containing atoms of carbon, chlorine, and fluorine, such as air conditioners and refrigerators. CFCs are safe in application but cause ozone depletion. |
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) | 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. |
encapsulation | A method of controlling environmental contamination by sealing off a dangerous substance, such as asbestos. |
environmental impact statement (EIS) | A statement that details the impact a project will have on the environment. |
environmental site assessment (ESA) | An evaluation of property to show that due care was exercised in the determination of environmental impairments. |
formaldehyde | An air pollutant that is a colorless chemical used to manufacture building materials and many household products, such as particleboard, hardwood plywood paneling, and urea-formaldehyde foam insulation. |
ground water | Water that exists under the earth’s surface within the tiny spaces or crevices in geological formations. |
hydraulic fracturing (fracking) | The process used to extract natural gas from the deep layers of rock in which it is embedded. |
lead | Used as a pigment and drying agent in alkyd oil-based paint in about 75% of housing built before 1978. An elevated level of lead in the body can cause serious damage to the brain, kidneys, nervous system, and red blood cells. |
Lead-Based Paint Hazard Reduction Act (LBPHRA) | 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. |
polychlorinated biphenyls (PCBs) | Used as an insulating material in dielectric oil. It can linger in the environment for long periods of time and can cause health problems. |
radon | A naturally occurring gas that is suspected of causing lung cancer. |
Small Business Liability Relief and Brownfields Revitalization Act | 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). |
Superfund Amendments and Reauthorization Act (SARA) | An amendatory statute that contains stronger cleanup standards for contaminated sites, increased funding for Superfund, and clarifications of lender liability and innocent landowner immunity. |
underground storage tanks (USTs) | 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. |
urea-formaldehyde foam insulation (UFFI) | Insulating foam that can release harmful formaldehyde gases. Formaldehyde causes some individuals to suffer respiratory problems, as well as eye and skin irritations. |
water table | The natural level at which the ground is saturated. The water table may be several hundred feet underground or near the surface. |
wetlands | include swamps, marshes, bogs, and even wet meadows, river overflows, and mud flats as well as natural ponds. They can be habitats for fish and wildlife and also serve as water storage as well as drainage areas. |