Massachusetts Real Estate License Practice Test

The law known as Superfund, established under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), primarily addresses liability for the cleanup of hazardous waste sites. Under this law, the federal government has the authority to identify parties responsible for contamination and compel them to clean up the sites or reimburse the government for cleanup costs. It sets a legal framework that allows for the recovery of cleanup costs from potentially responsible parties, which can include current and former property owners, operators, and waste generators.

The inclusion of the term "Superlien" refers to the priority that cleanup costs have over other types of liens on a property. This means that if there are financial issues regarding the property's sale or potential foreclosure, the cleanup costs take precedence, thus ensuring that these environmental liabilities are addressed before any other debts.

The other options pertain to different aspects of real estate law. Property tax regulations deal with the assessment and collection of taxes on real property. Disclosure of mortgage obligations relates to the legal requirements regarding informing buyers of existing mortgages or financial encumbrances on a property. Title insurance requirements involve the regulations and practices surrounding title insurance policies, which protect buyers and lenders against defects in a property’s title. None of these options directly involve the significant issues of hazardous