Unit 21 Environmental Issues And The Real Estate Transaction Vocabulary

asbestos

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

carbon monoxide (CO)

A colorless, odorless gas that occurs as a by-product of fuel combustion that may result in death in poorly ventilated areas.

chlorofluorocarbons (CFCs)

Nontoxic, nonflammable chemicals containing atoms of carbon, chlorine, and fluorine, such as air conditioners and refrigerators.

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

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

encapsulation

A method of controlling environmental contamination by sealing off a dangerous substance, such as asbestos.

environmental impact statement (EIS)

A statement that details the impact a 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

An air pollutant that is a colorless chemical used to manufacture building materials and many household products, such as particleboard, hardwood plywood paneling

lead

Used as a pigment and drying agent in alkyd oil-based paint in about 75% of housing built before 1978

Lead-Based Paint Hazard Reduction Act (LBPHRA)

Federal legislation requiring disclosure of the presence of any known lead-based paint hazards to potential buyers or renters. The law does not require that anyone test for the presence of lead-based paint, however.

mold

A form of fungus that can be found almost anywhere and can grow on almost any organic substance, so long as moisture and oxygen are present.

polychlorinated biphenyls (PCBs)

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

radon

A naturally occurring gas that is suspected of causing lung cancer.

Superfund Amendments and Reauthorization Act (SARA)

An amendatory statute that contains stronger cleanup standards for contaminated sites, increased funding for Superfund, and clarifications of lender liability and innocent landowner immunity. See Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA).