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COURSE SCOPE
The agencies of the Rural Development mission area are currently preparing regulations that will implement an environmental risk management strategy for all loan processing and servicing activities. These regulations will establish a standard procedure for evaluating the environmental condition of real property with regard to releases of hazardous substances and petroleum products in the context of a real estate transaction. This evaluation process is commonly referred to as "due diligence." The regulations are proposing to incorporate by reference a standard developed by the American Society of Testing and Materials (ASTM), E-1528 - 96, Environmental Site Assessment: Transaction Screen Process (TSP) and E-1527, Phase I Environmental Site Assessment. This course describes how to evaluate the environmental condition of real property by using the Transaction Screen Questionnaire (TSQ) developed by ASTM as part of the TSP. The TSP and the TSQ have been developed for use by non-environmental professionals in screening properties under consideration for real estate transfers for potential problems. If potential problems are encountered then environmental professionals will assist the agencies in determining the potential magnitude and extent of contamination with the ultimate goal of evaluating the financial impact these problems may have on market or collateral value of real estate taken as security for the agencies' loan and grants programs. In order to complete the TSQ, field staff will physically inspect all property offered or held as security. An additional purpose of this course is to sensitize and educate field staff as to the health and safety hazards that may be encountered when conducting due diligence and what actions to take if a release or threatened release of hazardous substances or petroleum products are encountered.
COURSE OBJECTIVES
At the conclusion of the Transaction Screen Process Course, you will be able to:
COURSE LENGTH
Approximately four (4) hours.