What is 'environmental impairment liability' (EIL) insurance in Delaware commercial real estate?
Why Insurance covering third-party claims for bodily injury and property damage resulting from pollution events at or from a covered property Is Correct
Answer B: Insurance covering third-party claims for bodily injury and property damage resulting from pollution events at or from a covered property
Exam Tip: Environmental
Environmental questions test knowledge of hazards like asbestos, lead-based paint, radon, and mold. Know the disclosure requirements and when a professional inspection is required. CERCLA liability is strict, joint, and several.
Key Environmental Terms in This Question
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
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Key Terms to Know
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Math Concepts
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