Environmental Issues and the Real Estate Transaction Practice Flashcards

Comprehensive vocabulary flashcards covering environmental hazards, federal regulations, and liability issues important for real estate professionals.

Asbestos

A fire-resistant mineral once used extensively as insulation and to strengthen building materials until it was banned in 1978; it becomes a health hazard when it is friable and inhaled.

Friable

A state in which a substance, such as asbestos, easily breaks down into tiny, light filaments that can remain in the air for a long time when disturbed.

Encapsulation

The sealing off of disintegrating asbestos as an alternate method of control that may be preferable to removal in certain circumstances.

Lead-Based Paint Hazard Reduction Act (LBPHRA)

A 1992 federal law requiring disclosure of known lead-based paint hazards to potential buyers or renters for residential dwellings built before 1978.

Radon

A naturally occurring, colorless, odorless, tasteless, radioactive gas produced by the decay of other radioactive substances, measured in picocuries ($pCi/L$).

Action Level for Radon

The threshold of $4\,pCi/L$ suggested by the EPA at which point a radon mitigation system should be installed.

Formaldehyde

A colorless chemical with a strong odor used in building materials and household products; it is a VOC and is classified as a probable human carcinogen.

Urea-Formaldehyde Foam Insulation (UFFI)

A type of insulation that, if incorrectly mixed, fails to cure and results in strong formaldehyde emissions shortly after installation.

Carbon monoxide (CO)

A colorless, odorless, and tasteless gas occurring as a by-product of burning fuels that inhibits the blood’s ability to transport oxygen.

Polychlorinated biphenyls (PCBs)

Flame-resistant chemical compounds not found naturally; they were used in electrical equipment and were banned in 1979.

Chlorofluorocarbons (CFCs)

Nontoxic, nonflammable chemicals used as refrigerants that deplete the ozone layer when they rise into the upper atmosphere.

Mold

Organisms that can grow on organic substances when moisture, oxygen, and food are present, potentially causing respiratory diseases and allergic reactions.

Groundwater

Water that exists under the earth's surface within tiny spaces or crevices in geological formations to form the water table.

Water table

The natural level at which the ground is saturated by groundwater.

Safe Drinking Water Act (SDWA)

A 1974 federal law that authorizes the EPA to set national health-based standards for the public drinking water supply.

Hydraulic fracturing (fracking)

The process used to extract natural gas from deep layers of rock, which has raised environmental concerns regarding groundwater contamination.

Wetlands

Areas where water covers the soil all or part of the time, including swamps, marshes, and bogs, which serve as wildlife habitats and water storage.

Underground storage tanks (USTs)

Tanks containing hazardous substances or petroleum that store at least $10\%$ of their volume underground; they are regulated under the Resource Conservation and Recovery Act (RCRA).

Capping

The process of laying two to four feet of soil over a waste disposal site and planting grass to enhance its aesthetic value and prevent erosion.

Brownfields

Defunct, derelict, or abandoned commercial or industrial sites that may contain toxic waste.

Small Business Liability Relief and Brownfields Revitalization Act

A 2002 law that provides funds to clean up brownfields and shields innocent developers from liability for toxic wastes existing prior to purchase.

Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)

Federal law created in 1980 that established the Superfund to clean up uncontrolled hazardous waste sites and identify potentially responsible parties.

Strict Liability

A legal standard where the owner is responsible to the injured party for cleanup without excuse.

Joint and several liability

A legal standard where each individual owner is personally responsible for the total damages of a project.

Retroactive liability

Liability that includes prior owners of a property during the time the site was contaminated, not just current owners.

Superfund Amendments and Reauthorization Act (SARA)

An amendment defining "innocent landowner" immunity, exempting owners from liability if they had no knowledge of the pollution and used due care when purchasing.

Environmental site assessment (ESA)

An assessment performed in phases (Phase 1 and Phase 2) to determine if environmental impairments exist on a property.

Environmental impact statement (EIS)

A detailed statement required for federally funded projects that outlines the impact the project will have on the environment.