unit 6 property disclosures and environmental issues Flashcards Preview

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Flashcards in unit 6 property disclosures and environmental issues Deck (10)
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1

radon, mold, and asbestos may require mitigation, cleanup, or abatemnet

true

2

asbestos encapsulation is often a safer and better solution than abatement or removal

true

3

real estate professionals need to be aware of issues about wetlands, floodplains, and protected species

true

4

the EPA regulates most environmental issues, including lead-based paint

true

5

a seller of a property that was built in 1988 will need to give the buyer a lead-based-paint disclosure

false
it would not be illegal for the seller to provide the disclosure. however, only properties built before January 1, 1978, are required to disclose

6

radon and carbon monoxide are colorless and odorless gases that can cause harm or death

true

7

CERCLA is a fund used to clean up large hazardous waste areas

true

8

federal flood insurance is available for all properties

false
properties must be in a floodplain and in community that is part of the NFIP

9

a seller has knowledge of an environmental impact report that is being done on a nearby industrial park. because the report is not complete, the seller does not have to disclose the report

false
because the report may impact the value and the buyer's decision, this is a material fact that must be disclosed

10

real estate professionals do not have to disclose material facts if the seller is selling "as is"

false
known material facts must be disclosed to all parties.