Hazardous Waste

A solid waste or combination of solid wastes that, because of quantity, concentration or physical, chemical or infectious characteristics, may cause or significantly contribute to an increase in mortality or an increase in serious, irreversible, or incapacitating reversible illness or pose a substantial hazard to human health or the environment when improperly treated, stored, transported, disposed, or otherwise managed.

Some common hazardous waste you may find in properties are household chemicals, feces, rotten foods, tires, batteries, petroleum products, paints, asbestos, etc.

Home Inspection

An examination of the structure and mechanical systems to determine a home’s safety; makes the potential homebuyer aware of any repairs that may be needed.

This term is often confused with the term “Mortgage Inspection” which is the business of obtaining and/or verifying information for lenders.

HUD

Department of Housing and Urban Development. Federal agency responsible for encouraging housing development.

HUD Homes

HUD-owned houses are often referred to as HUD Homes. These are homes that had an FHA-insured mortgage and the homeowners defaulted. The lender then deeded the home to the Secretary of HUD in exchange for an insurance claim payment.

HYPERLINK “http://www.hud.gov” \t “_blank” See HUD site

HUD REAC
The Real Estate Assessment Center (REAC) is an organization within HUD Public and Indian Housing (PIH) that is responsible for capturing, standardizing, improving and evaluating data from the portfolio of properties for which HUD has a financial interest or statutory obligation to monitor. HUD requires periodic physical property inspections conducted by HUD/REAC certified inspectors in conformance with HUD’s Uniform Physical Condition Standards (UPCS). To ensure consistency and uniformity of inspections, inspectors must utilize a laptop computer “data collection device” (DCD) and UPCS inspection software to capture inspection results, which are uploaded via the Internet to PASS. The system then facilitates numerous functions including ordering, reverse auctioning and review of inspections as well as publication of inspection results.