UNIT 22: Environmental Issues and the Real Estate Transaction

What is Asbestos?

-A fire-resistant mineral that was once used as insulation and to strengthen other building materials

-Found in floor tiles, exterior siding, roofing products, joint compounds and wallboard material

-If inhaled, you would develop serious and deadly respiratory diseases

What is Lead?

-A chemical used as a pigment and drying agent in alkyd oil-based paint

-Found on any interior or exterior surface including doors, windows, window-sills and other woodwork

-Children younger than 6 years of age are the most vulnerable if ingested

-Elevated levels of Lead in children can cause learning disabilities, developmental delays, reduced height and poor hearing

What is Encapsulation?

The process of sealing off disintegrating asbestos

What is a Water-table?

Groundwater forms the water table, the natural level at which the ground is saturated

What is the CERCLA?

The Comprehensive Environmental Response, Compensation and Liability Act was put into place in 1980 and it established a fund of $9 billion to clean up uncontrolled hazardous waste sites and to respond to spills

What is the liability under CERCLA?

Strict, joint, several and retroactive

What does HUD (U.S Department of Housing and Urban Development) require from Real Estate agents regarding lead-based paint?

Before a property is rented or sold, known paint hazards must be disclosed on all property built or painted before 1978