History /Real Estate Notes: PSI Exam Prep: Property Disclosures
Standing water present more than 24 hours after heavy rain or ground sloping toward the house may indicate
drainage problems.
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Key Terms
Term
Definition
Standing water present more than 24 hours after heavy rain or ground sloping toward the house may indicate
drainage problems.
Mulch mounded against a house or other structure with wood frame siding can hold moisture against the siding, leading to
wood rot.
A sinkhole or settling beyond what’s typically expected may be a sign of mine subsidence (a gradual sinking or caving in),
underground storage tanks
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A vent pipe protruding from the ground may also be a sign of
an underground storage tank.
Soft spots and mounds may indicate that the property was used for
waste disposal.
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It can help determine easements, encroachments, boundaries, and lot size.
An on-site survey
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| Term | Definition |
|---|---|
Standing water present more than 24 hours after heavy rain or ground sloping toward the house may indicate | drainage problems. |
Mulch mounded against a house or other structure with wood frame siding can hold moisture against the siding, leading to | wood rot. |
A sinkhole or settling beyond what’s typically expected may be a sign of mine subsidence (a gradual sinking or caving in), | underground storage tanks |
A vent pipe protruding from the ground may also be a sign of | an underground storage tank. |
Soft spots and mounds may indicate that the property was used for | waste disposal. |
It can help determine easements, encroachments, boundaries, and lot size. | An on-site survey |
It occurs when someone illegally places an object or structure on another person’s property. | An encroachment |
What is an easement? | Essentially this means that someone other than you could have access to the land |
How do you find known easements? | property’s deed and title history as well as subdivision maps |
What can encroachments and/or easements cause? | property’s enjoyment, use, and value. |
The presence of mud tunnels in walls may indicate | termite infestation. |
They leave behind a sawdust-like material called frass when they burrow through wood | Carpenter ants |
Many small holes through wooden beams could indicate the presence of | wood-boring beetles. |
Interior environmental hazards may include | radon, asbestos, and mold |
It occurs naturally in the environment and can be found in soil and well water. | Radon |
A fibrous material that becomes dangerous when it deteriorates and becomes friable (easily crumbled) was used in many materials before the 1970s because of its fire-retardant qualities. Inhaled particles can damage the lungs over time. Only licensed professionals should handle it | Asbestos |
It is promoted by excessive moisture and lack of air circulation. | Mold growth |
It can be found in paint, plumbing, dust, soil, and drinking water. It causes many health issues, particularly among infants, children, and the elderly. In children, lead-related issues can include behavioral problems, learning disabilities, seizures, and even death. | lead |
This program lowers the property’s taxes for a set amount of time. These are typically offered for new construction or when a property lies in an area designated for rehabilitation or renovation. These are for elderly homeowners are also common. | tax abatements |
External environmental hazards may be difficult to detect. Most states require that sellers disclose known environmental issues, including | Underground storage tanks Groundwater contamination The presence of former waste disposal sites Mining activities Use of agricultural pesticides |
It is most often found in water and paint. | LEAD |
It is negative property information that could reduce the property’s value. | An adverse material fact |
It is a hidden property condition that’s not likely to be discovered through a general review or inspection. | A latent defect |
What does caveat emptor mean? | “Buyer Be Aware” Non-Disclosure state |
What does disclosure of latent mean? | not visible or easily detected in a cursory inspection |
These are locations where a death (either homicide or suicide), crime, or haunting or other paranormal activity occurred. Most states do not consider these disclosable issues, but a few states do. | Stigmatized properties |
What does MAAP mean? | material, adverse, actually known, and related to physical condition. |