Unit 3 Environmental Issues In Real Estate

Arsenic

A natural element found in water, soil, air, and has been linked to several types of cancer.

Asbestos

A mineral once used in insulation and other materials that can cause respiratory diseases

Brownfields

Contaminated properties that have long sat idle because of significant pollution associated with their prior industrial use.

Carbon Monoxide(CO)

A colorless, odorless gas that occurs as a natural by-product of combustion that in high concentrations can cause serious health problems and even death. Malfunctioning or improperly ventilated fuel-burning equipment (furnaces, stoves, and fireplaces) are often the culprit.

Chlorofluorocarbons(CFCs)

Nontoxic, nonflammable chemicals used in refrigerators and air conditioners. CFCs are safe in application but cause ozone depletion.

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

A law administered by the Environmental Protection Agency that established a process for identifying waste sites, forcing liable parties to clean up toxic sites, bringing legal action against responsible parties, and funding the abatement of toxic sites.

Electromagnetic Fields (EMFs)

The movement of electrical currents, especially noticable arougd high voltage lines, secondary transmission lines, and transformers, that some people assert is a health hazard.

Encapsulation

A method of controlling environmental contamination by sealing off a dangerous substance

Environmental Impact Statement (EIS)

A statement that details the effect a federally funded 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

A colorless chemical air pollutant used to manufacture building materials and many household products, such as particleboard, hardwood plywood paneling, and urea-formaldehyde foam insulation.

Fracking

The process used to extract natural gas from deep layers of rock in which it is embedded.

Groundwater

Water that exists under the Earth's surface within the tiny spaces or crevices in geological formations

Lead

An element found in oil-based paint and plumbing systems that when ingested in sufficient quantities over time can pose significant health problems. Real estate licensees and certain others are required to comply with the federal Residential Lead-Based Paint Hazard Reduction Act when dealing with housing constructed before 1978

Mold

A form of fungus that can be found almost anywhere and can grow on almost any organic substance, so long as moisture, oxygen, and an organic food source are present. Mold growth can gradually destroy what it is growing on as well as cause serious health problems.

Polychlorinated Biphenyls(PCBs)

Used as an insulating material in dielectric oil. It can linger in the environment for long periods and cause health problems.

Radon

A naturally occurring gas that is suspected of posing a health hazard, especially causing lung cancer.

Small Business Liability Relief and Brownfields Revitalization Act

Federal legislation allowing certain contaminated industrial or commercial properties to become economically viable by allowing prospective purchasers and their lenders relief from liability for past contamination that they did not cause. AKA the Brownfields Act.

Superfund Amendments and Reauthorization Act (SARA)

An amendatory statute that contains stronger cleanup standards for cleanup sites, increased funding for the 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. In resedemtial areas, USTs are used to store heating oil. Overtime neglected USTs may leak hazardous substances into the environment.

Urea-Formaldehyde Foam Insulation (UFFI)

Insulating foam that can release harmful formaldehyde gasses.

Water Table

The natural level at which the ground is saturated. The water table may be several hundred feet underground or near the surface.