unit 21 real estate Flashcards


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1

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.

2

MOST seller property disclosures are required for

only residential properties

3

Special disclosure rules apply in the sale or lease of residential dwellings built before 1978 because of the possible presence of

lead-based paint.

4

Defunct, derelict, or abandoned commercial or industrial sites, many of which are suspected to contain toxic wastes, are called

brownfields.

5

Asbestos dust can cause

lung disease.

6

Capped landfills have been used as

parks and golf courses

7

With the exception of the innocent landowner, liability under the Superfund is

strict, joint and several, and retroactive.

8

Regarding the federal Lead-Based Paint Hazard Reduction Act, which statement is TRUE?

A disclosure statement must be attached to all sales contracts and leases involving residential properties built before 1978.

9

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.

10

Federal underground storage tank (UST) regulations require that

liquid petroleum tanks that store at least 10% of their volume underground be in compliance.

11

Tombs buried deep underground contain materials such as

radioactive waste.

12

A method of sealing off disintegrating asbestos is called

encapsulation.

13

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.

14

All of the following may contribute to the growth of mold EXCEPT

low humidity.

15

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.

16

The EPA requires that water suppliers report any situation that poses a public health risk within how many hours of its discovery?

24 hrs

17

Environmental audits

May occur at any state in a transaction

18

If environmental hazards are discovered and the landowner had no previous knowledge of their existence,

the landowner might still be held responsible.

19

Federal and state laws regarding storage of hazardous substances or liquid petroleum products apply to underground storage tanks that have at LEAST what percentage of their volume underground?

10%

20

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.

21

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.

22

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.

23

The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) is administered and enforced by

the Environmental Protection Agency.

24

Groundwater that exists under the earth's surface forms the water table, which is

the natural level at which the ground becomes saturated.

25

A federally funded project requires

an environmental impact statement.

26

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.

27

The EPA requires that water suppliers report any health risk situation within

24 hrs

28

All of the following are true about underground water contamination EXCEPT

it is a minor problem in the United States