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Chapter 3

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300 Real Estate Quiz on Chapter 3, created by Ryan Fryer on 15/09/2015.
Ryan Fryer
Quiz by Ryan Fryer, updated more than 1 year ago
Ryan Fryer
Created by Ryan Fryer over 9 years ago
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Resource summary

Question 1

Question
Under the federal Lead-Based Paint Hazard Reduction Act, which statement is true?
Answer
  • All residential housing built before 1978 must be tested for the presence of lead based paint before being listed for sale or rent
  • A disclosure statement must be attached to all sales contracts and leases involving properties built before 1978
  • A lead hazard pamphlet must be distributed to all prospective buyers, but not to tenants.
  • Purchasers of housing built before 1978 must be given five days to test the property for the presence of lead-based paint

Question 2

Question
What do UFFI, lead-based paint, and asbestos have in common?
Answer
  • All pose a risk to humans because they may emit harmful gases
  • All were banned in 1978
  • All three were used in insulating materials
  • All were used in residential housing built in the 1970's

Question 3

Question
The law that contains the broadest liabilities for the environmental cleanup is the
Answer
  • CERCLA
  • Resource Conservation and Recovery Act
  • Clean Air Act
  • Occupational Hazard Administration Act

Question 4

Question
Which people do not have liability under the environmental law?
Answer
  • Real estate licensees selling property
  • Mortgage lenders
  • Real estate educators
  • Appraisers

Question 5

Question
When attempting to discover environmental hazards in real estate transactions, licensees can do several things to minimize their professional liability. Which of the following is not advisable?
Answer
  • Using licensed environmental inspectors
  • Using environmental inspectors
  • Conducting their own environmental inspections
  • Encouraging buyers to have professional inspections conducted

Question 6

Question
The Residential Lead-Based Paint Hazard Reduction Act requires
Answer
  • the seller or the seller's agent to distribute a federal lead hazard pamphlet
  • the seller to remove any known lead paint
  • the buyer to purchase the property after inspections are performed
  • a lead warning statement to be included in a listing agreement

Question 7

Question
The most common sources of lead poisoning in a home are
Answer
  • auto emissions
  • paint and plumbing
  • flooring and insulation
  • refrigeration equipment

Question 8

Question
Which of the following is true regarding asbestos?
Answer
  • All asbestos-containing materials must be removed in all commercial buildings
  • Asbestos causes a health problem only when ingested
  • The level of asbestos in a building is affected by weather conditions
  • The removal of asbestos can further contaminate a building

Question 9

Question
Among the most common sources of carbon monoxide in a house
Answer
  • are malfunctioning air conditioners
  • is crumbling insulation
  • are leaking heating fuel tanks
  • are malfunctioning furnaces

Question 10

Question
Which of the following is true about radon?
Answer
  • It can be reduced in a building with proper ventilation
  • It is commonly found in building materials
  • It is easy to detect because of its odor
  • It is commonly found around landfills

Question 11

Question
Which of the following can protect a buyer from unexpected environmental problems after closing?
Answer
  • Environmental impact statement
  • Environmental site assessment
  • Seller property disclosure statement
  • Assurances from real estate licensees

Question 12

Question
The most important step involved in managing the risk of environmental hazards is to
Answer
  • cancel any listing with a potential environmental hazard
  • purchase an umbrella coverage insurance policy
  • gather and disseminate authoritative information
  • have the seller sign a hold-harmless letter

Question 13

Question
What environmental problem is often the cause of the decline of urban values?
Answer
  • Lead-based paint
  • Underground storage values
  • Adhesives in pressed wood
  • Brownfields

Question 14

Question
The purpose of the laws concerning asbestos is to
Answer
  • require that it be removed from public buildings immediately
  • regulate its removal from apartment buildings with fewer than ten units
  • minimize the release of asbestos fibers during construction and removal
  • fine owners of buildings containing the mineral

Question 15

Question
A colorless, odorless gas that is significant health hazard that occurs as a natural byproduct of combustion is
Answer
  • ethanol
  • oxygen
  • hydrochloric acid
  • carbon monoxide

Question 16

Question
The term encapsulation refers to the
Answer
  • process of sealing a landfill with three to four feet of topsoil
  • way in which insulation is applied to pipes and wiring systems
  • method of sealing disintegrating asbestos
  • way in which lead-based paint particles become airborne

Question 17

Question
Which of the following describes the process of creating a landfill site?
Answer
  • Waste is liquefied, treated, and pumped through pipes to tombs under the water table
  • Waste and topsoil are layered in a pit, mounded up, and then covered with dirt and plants
  • Waste is compacted and sealed in a container, then placed in a tomb designed to last several thousand years
  • Waste is buried in an underground concrete vault

Question 18

Question
Where is urea-formaldehyde most often found in residential properties?
Answer
  • Lead-based paint
  • Off-gassing from pressed wood adhesives
  • Kitchen appliances
  • Furnace filters

Question 19

Question
Contamination from underground storage tanks (USTs) is
Answer
  • found only in petroleum stations
  • addressed by EPA regulations
  • only caused by tanks currently in use
  • easily detected and eliminated

Question 20

Question
CERCLA regulations for administration of the Superfund, which helps pay for cleanup of uncontrolled hazardous waste sites,
Answer
  • include listed exemptions from responsibility for those sites that contaminate neighboring properties
  • release from liability those owners of contaminated property who did not actually cause the contamination
  • make no provision for recovering Superfund expenses incurred in cleanup operations
  • impose strict, joint and several, and retroactive liability on potentially responsible parties
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