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Details

Real Estate Law Test 3
28-Environmental Liabilities and Land Ownership, 29-Building Restrictions
10
Real Estate & Planning
Undergraduate 4
11/04/2009

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
CERCLA x
Definition

Comprehensive Environmental Response, Compensation, and Liability Act of 1980

 

SUPERFUND

 

Term
Who is the liability of CERLCA imposed on?
Definition

  1. Owners and operators of the property or facility at the time of the release
  2. the parties who owned and operated the property or facility at the time of the release
  3. the generator of the hazardous substance
  4. the transporter who took the hazardous substance from the site

Term

Under CERLA...the government does not need to be involved if a private firm cleans up and then brings up the suit, and also the one who is most likely to pay the funds will be the one liable.

T/F

Definition
TRUE
Term
Phase I audit
Definition
not involve testing or sampling....due diligence to see if measures are necessary..looking for a reason to inspect
Term
When can a PRP be off the hook...
Definition

  • due care with respect to waste and taken precautions against foreseeable acts or omissions of third parties
  • if transfered...the transferee must be fully aware

Term

If one is not involved in the contamination...he is not liable.

T/F

Definition
False
Term
To qualify as an innocent transferee, what must be done?
Definition

  • no knowledge anything was disposed
  • made an appropriate inquiry

Term
CERCLA risks for lenders x
Definition

 

  • borrower may not be able to pay if found contaminated
  • decline in value
  • loss of priority

 

Term
Private restrictions fall into 5 categories: x
Definition

 

  1. Whimsical
  2. Benefits for retained land
  3. Keeping development attractive
  4. Affirmative covenants
  5. Condition's with reversions if violated

 

Term
It is unlikely the courts will enforce a covenant if the violation is minor....meaning
Definition

  1. value not lowered
  2. no intent
  3. minor

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