The flashcards below were created by user
leakinmysoul
on FreezingBlue Flashcards.
-
Material Fact
Any fact about a property that might influence the decision of a purchaser
-
Stigmatized Property
Any property where there has been a murder, alleged haunting, or in the vicinity of the residence of a known sexual offender
-
Megan's Law
A federal law requiring all states to release information to the public about known convicted sex offenders when necessary to protect the public's safety
-
Puffing
Marketing using adjectives an opinions - not facts or details
-
Seller's Disclosure
A statement of property condition provided to prospective buyers by the seller
-
Federal Interestate Land Sales Full Disclosure Act
A federal law regulating the sale of land in one state to buyers in another state with the purpose of preventing fraud in the marketing of land - developers must provide a property report to prospective buyers and tenants
-
HOW program
A 10 year warranty plan from the home owners warranty corporation covering defects in material, faulty workmanship and structural problems, available on new contruction
-
Home Warranty Insurance
A one year renewable policy for home buyers of existing homes covering such items as heating, air conditioning, electrical, plumbing and appliances
-
Radon
A naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground
-
Mitigation
The term that describes methods used to lower levels of radon in homes and other buildings
-
Asbestos
An insulating material used on pipes, chimneys and in roof, siding and flooring - the dust is extremely hazardous
-
Abatement
The term that describes methods used to handle the control of asbestos found in a property
-
Encapsulate
To contain, as in an asbestos abatement plan
-
UFFI
Urea formaldehyde foam insulation - moisture causes the release of hazardous gas
-
Lead
Contaminant found in paint, pipes and soil - hazardous when eaten or inhaled
-
Lead Paint Disclosure
Notice to prospective buyers and tenants that there may be lead on a property - must be provided for all properties built before 1978
-
Underground Storage Tanks
A possible cause of groundwater contamination - licensees should disclosure what they know and recommend water testing
-
EMF's
Electro magnetic fields - high tension pwer lines - must be disclosed to prospective buyers
-
CERCLA
Comprehensive Environmental Response Compensation and Liability Act - created the superfund to help pay for spills and set guidelines for liability for cleanup of hazardous materials - strict, joint and several, and retroactive
|
|