Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
19 Cards in this Set
- Front
- Back
|
5 Ways to Reduce Risk
|
1. Sensory Inspections
2. Disclosure of Red Flags 3. Seller Disclosure Statements 4. Disclaimer Clauses 5. Refrain from representations or advice on environmental condition of property, status of the law, or interpretation of environmental provisions in the contract. |
|
|
Agents Role in Disclosure of Environmental Hazards
|
1. Discovery
2. Disclosure 3. Documentation |
|
|
What is Material Facts?
|
Providers of goods and services to disclose informaion that consumers need to make prudent purchasingdecisions, even when they do not ask for it.
|
|
|
Asbestos
|
A mineral that has been popular component in bldg materials because it is resistant to fire and contains heat effectively.
|
|
|
Common Environmental Hazards
|
1. Asbestos
2. Carbon Monoxide 3. Radon Gas 4. Indoor Mold 5. Lead Based Paint |
|
|
Carbon Monoxide
|
A colorless, odorless gas that occurs as a natural byproduct of combustion.
|
|
|
Indoor Mold
|
Commonplace, thriving in the damp or dark recesses of buildings.
|
|
|
Lead-based Paint
|
Used as a pigment & drying agent in alkyd oil-based paint. Can cause serious damage to brain, kidneys, nervous system & red blood cells. Common in houses built prior to 1978.
|
|
|
Lead-Based Paint Hazard Reduction Act includes what requirements:
|
1. Persons selling or leasing res. housing constructed b4 1978 must disclose the presence.
2. Lead-based paint disclosure statement must be attached to all sales or lease agreements of res. properties built prior to 78. 3. A lead hazard pamphlet must be given 4. Must give 10 days to conduct risk assessments 5. Regs specifically require agents ensure all parties comply with the law. |
|
|
Radon
|
Radioactive gas produced by the natural decay of other radioactive substances.
|
|
|
Urea-formaldehyde
|
1st used in bldg materials, particularly insulation in the 70s.
|
|
|
What is EMFs?
|
Elctromagnetic Fields (high-voltage lines produce)
|
|
|
What is RCRA?
|
Resource Conservaion & Recovery Act
|
|
|
What is PA's enforcement agency for environment?
|
Department of Environmental Protection
|
|
|
What is CERLA?
|
Comprehensive Environmental Response, Compensation, and Liability Act. Created in 1980 & administered by EPA. Created $9 billion superfund
|
|
|
What is SARA?
|
Superfund Amendments & Reauthorization Act. Passed in 1986 and created 5 times the funding of the original superfund
|
|
|
What is ILD?
|
Innocent Landowner Immunity (created by SARA) to rcognize certain cases of landowners in the chain of ownership was completely innocent of all wrongdoing and therefore should not be held liable.
|
|
|
What is the Sewage Facilities Act?
|
Pennsylvania's Dept of Environmental Protection passed this act in 1994. It identifies if a property is not serviced by a public sewage system, a permit for an individual system must be obtained.
|
|
|
What is UECA?
|
Unifrom Environmental Covenants Act (Feb 2008) provides rehab or recycling of brownfields (contaminated properties that have sat idle). Purpose of UECA is to make these properties more attactive for development
|
