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14 Cards in this Set
- Front
- Back
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Material Facts
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Any fact about a property that might influence the decision of a purchaser
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Megan's Law
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A federal law requiring all states to release information to the public about known convicted sex offenders when necessary to protect the public's safety
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Federal Interestate Land Sales Full Disclosure Act
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A federal law regulating the sale of land in one state to buyers in another state with the purpose of preventing fraud in the marketing of land - developers must provide a property report to prospective buyers and tenants
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HOW Program
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A 10 year warranty plan from the home owners warranty corporation covering defects in materials, faulty workmanship and structural problems, available on new construction
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Home Warranty Insurance
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A one year renewable policy for home buyers of existing homes covering such items as heating, air conditioning, electrical, plumbing and appliances
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Radon
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A naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground
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Asbestos
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An insulting material used on pipes, chimneys and in roof, siding and flooring - the dust is extremely hazardous
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Abatement
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A term that describes methods used to handle the control of asbestos found in a property
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Encapsulate
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To contain, as in an asbestos abatement plan
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UFFI
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Urea Formaldehyde Foam Insulation - moisture causes the release of hazardous gas
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Lead
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Contaminant found in paint, pipes and soil - hazardous when eaten or inhaled
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Underground Storage Tanks
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A possible cause of groundwater contamination - licensees should disclose what they know and recommend water testing
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EMF's
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Electro Magnetic Fields - high tension power lines - must be disclosed to prospective buyers
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CERCLA
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Comprehensive Environmental Response Compensation and Liability Act - created the superfund to help pay for spills and set guild lines for liability for cleanup of hazardous material - strict, joint and several, and retroactive
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