Chapter 22 Environmental Issues

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9th. Edition

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Slide1:

Chapter Twenty Two Environmental Issues and the Real Estate Transaction ON LINE Program 75 Hr. Real Estate Broker Principles Course Copyright Sarrett 2018

ENVIRONMENTAL AGENCIES:

ENVIRONMENTAL AGENCIES EPA - Environmental Protection Agency IEPA - Illinois Environmental Protection Agency Maintains States Air, Land and Water quality through education, regulation, enforcement ,and prevention Pollution Control Board Hazardous Materials Advisory Board All Illinois property Sellers must make full disclosure Page 414 Chapter 22 Environmental Issues and the Real Estate Transaction

HAZARDOUS SUBSTANCES:

HAZARDOUS SUBSTANCES Asbestos ( Currently no guidelines or Disclosure Forms) Lead-Based Paint ( Houses built prior to 1978 ) ( require Forms) Radon ( Require Forms) Urea-Formaldehyde Foam Insulation (UFFI) Mold ( Require Forms) Page 404-423 Chapter 22 Environmental Issues and the Real Estate Transaction

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Page 414 Chapter 22 Environmental Issues and the Real Estate Transaction

LEAD PAINT DISCLOSURE ( properties built prior to 1978):

LEAD PAINT DISCLOSURE ( properties built prior to 1978) Seller Landlords and Agents must Disclose Before a sales contract or lease is signed Lead Hazard Pamphlet to Buyer and Tenants Disclosure Form to Buyer and Tenants Records ( 3 years) Some Exceptions Page 416-417 Real Estate Agents also Signs The Lead Based Paint Disclosure Form ( Page 418) Chapter 22 Environmental Issues and the Real Estate Transaction

RADON:

RADON Sellers Make this Disclosure Before a sales contract or lease is signed Radon Testing Guidelines Pamphlet to buyers and Tenants Disclosure Statement to Buyer ( page 447) Records ( 3 years) Properties Above the third Floor are Exempted (i.e. condos) Real Estate Agents also Sign The Lead Based Paint Disclosure Form ( Page 447) Page 445-447 Chapter 22 Environmental Issues and the Real Estate Transaction

MOLD:

MOLD No Federal Requirements Sellers must disclose with this State of Illinois form if they know ( Page 451) However Agents should Let buyer know its there duty to discover if they suspect mold maybe present If not sure then hire a an approved testing company Page 422 Chapter 22 Environmental Issues and the Real Estate Transaction

Residential Property Disclosures Report:

Residential Property Disclosures Report Page 38

Other Environmental Concerns:

Other Environmental Concerns Groundwater Protection Protect water from possible contamination (i.e. runoff from disposal sites, landfills, pesticides etc. Water Table is the level at which the land becomes saturated by water. LUST Underground Storage Tanks (UST) IEPA has strict procedures for removal of these (i.e. gasoline stations) Waste Disposal Sites Landfills (big hole filled with waste disposal) Capping ( adding a “cap” of topsoil to create a use ( i.e. golf course or park) Brownfield's Abandon Industrial Sites ( i.e. old factories) Page 424-426 Chapter 22 Environmental Issues and the Real Estate Transaction

Licensees Liability:

Licensees Liability Become familiar with common environmental problems in your area Look of signs of contamination Advise for testing if not sure Ask the Experts Don't give advice on environmental issues Be familiar with and Use disclosure forms and disclosure materials and pamphlets. Page 428 Chapter 22 Environmental Issues and the Real Estate Transaction

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ON LINE Program 75 Hr. Real Estate Broker Principles Course Chapter Twenty Two Chapter Quiz Questions Copyright Sarrett 2018

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