Unit 21: Environmental Issues and the Real Estate Transaction

Unit 21: Environmental Issues and the Real Estate Transaction

Flashcards CERCLA regulations for administration of the Superfund, which helps pay for cleanup of uncontrolled hazardous waste sites, impose strict, joint and several, and retroactive liability on potentially responsible parties.The federal underground storage tanks (UST) program is regulated by the Environmental Protection Agency.Groundwater that exists under the earth's surface forms the water table, which is the natural level at which the ground becomes saturated.A hole lined with clay or a synthetic liner to prevent leakage of waste material into the water supply describes a landfill.The fire-resistant mineral once used extensively as insulation but now banned from use in construction is asbestos Radon isa known human carcinogen.The parties to a real estate transaction should be aware that many older tanks have never been registered and may not comply with federal and state laws.Encapsulation is often a better solution than removal of which hazardous material?Asbestos A federally funded project requiresan environmental impact statement.The process used to extract natural gas from deep layers of rock is known as fracking A method of sealing off disintegrating asbestos is calledencapsulation.Special disclosure rules apply in the sale or lease of residential dwellings built before 1978 because of the possible presence of lead-based paint At least how much of a tank must be underground for it to be considered an underground storage tank?10% Which of these is a source of polychlorinated biphenyls (PCBs)?Caulking compounds Contamination from underground storage tanks is addressed by EPA regulations.Tombs buried deep underground contain materials such asradioactive waste Under CERCLA, as amended, the rule that regardless of whether hazardous contamination is the result of the landowner's actions or those of others, the owner can be held responsible for the cleanup, does not apply to someone who is an innocent landowner.What causes mold problems in buildings?Chronic moisture problems Defunct, derelict, or abandoned commercial or industrial sites, many of which are suspected to contain toxic waste, are called brownfields The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) was created in 1980 and established the Superfund.

Real estate professionals should always recommend testing the water supply when it is not part of a municipal water supply.What is the purpose of the Brownfields Law enacted in 2002?It distributes funds to clean up polluted industrial sites so they can be restored to productive use.A prospective buyer of commercial or industrial property should include in an offer to purchase a contingency to allow for an environmental site assessment.Underground storage tanks (USTs) are commonly found on sites where petroleum products are used or where gas stations and auto repair shops are or were located.Waste disposal sites arecapped with soil for aesthetic reasons.The natural level at which the ground is saturated is called the water table Which of the following is TRUE regarding asbestos?Improper removal of asbestos can cause further contamination of a building.Which of these would disqualify someone from claiming innocent landowner immunity under the Superfund Amendments and Reauthorization Act (SARA)?The owner had only constructive knowledge of the damage.When a release or a threat of release of a hazardous substance has occurred on a property, under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), the responsible party for cleanup is the landowner The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) uses the Superfund to clean up uncontrolled hazardous waste sites and with the exception of the innocent landowner, imposes strict, joint and several, and retroactive liability on potentially responsible parties.Which of these is the byproduct of fuel combustion that may result in death if such equipment is not properly vented?Carbon monoxide Federal underground storage tank (UST) regulations require that liquid petroleum tanks that store at least 10% of their volume underground be in compliance.Radon poses the greatest potential health risk to people when it is trapped and concentrated in inadequately ventilated areas.With the exception of the innocent landowner, liability under the Superfund is strict, joint and several, and retroactive.The term encapsulation refers tothe method of sealing disintegrating asbestos.Exposure to risk as it relates to environmental hazards is created for individuals involved in other aspects of real estate transactions, such as real estate appraisers The Brownfields Law is officially called the Small Business Liability Relief and Brownfields Revitalization Act.To avoid liability associated with environmental issues, the real estate professional should become familiar with common environmental problems.Real estate professionals and their buyers should be particularly alert to evidence of the presence of an underground storage tank (UST), such as fill pipes and stained soil.

Which of the following might require mitigation? Radon H stores toxic chemical waste in a large steel tank that has only 15% of its volume underground. J lives in the wilderness and has a gas pump connected to a 1,500-gallon tank of gasoline buried ten feet underground near the garage. L keeps three large tanks filled with formaldehyde and battery acid in the basement. Which of these property owners are covered by federal regulations regarding USTs?H and J Tanks that are exempt from federal regulation do NOT include tanks that hold 200 gallons The federal legislation which was passed to protect public health by regulating the nation's public drinking water supply was the Safe Drinking Water Act (SDWA).MOST seller property disclosures are required for only residential properties.The MOST common source of harmful lead in older residential properties is alkyd oil-based paint Groundwater, water that exists under the earth's surface within the tiny spaces or crevices in geological formations, forms the water table Capped landfills have been used asparks and golf courses.Capping is the method oflaying soil over the surface of a landfill and planting vegetation.The natural level at which ground is saturated with water is called the water table How can property owners help avoid carbon monoxide exposure?Have fuel-burning heating systems checked and maintained annually Environmental auditsmay occur at any stage in a transaction.Sealing off asbestos instead of removing it is calledencapsulation Which of the following describes the process of creating a landfill site?Waste and topsoil are layered in a pit, mounded up, and then covered with dirt and plants.The EPA requires that water suppliers report any situation that poses a public health risk within how many hours of its discovery?24 hours According to the U.S. General Accounting Office, brownfields plague communities and often contribute to a decline in property values.