In a residential sale transaction subject to the federal lead-based paint disclosure regulations, the disclosure requirements must be satisfied by:
All real estate professionals involved in the transaction in any manner.
The listing agent.
Sellers and any listing agents they hire to market the property.
Sellers and their listing agents, but never buyer's agents.
Almost all of the provisions of the federal lead-based paint disclosure regulations call for lead-based paint disclosures to be made to both purchasers and lessors of target housing. However, one provision of the federal regulations requires that the following information be disclosed only to purchasers:
Any available records or reports pertaining to lead-based paint on the property.
An approved lead-based paint information pamphlet.
Information about the opportunity to have the property tested for lead-based paint.
Other information that may be available, such as the basis for any determination that lead-based paint is present on the property, the location of any known lead-based paint hazards, or the condition of any lead-based painted surfaces.
The federal lead-based paint disclosure regulations require that sellers (or their agents) provide lead-based paint disclosures to purchasers and lessees in what time frame?
At any time before closing or move-in, in the case of rental property.
At least 10 days before closing or move-in, in the case of rental property.
Before the purchaser or lessee is obligated under a contract for sale or lease.
At the earliest possible time after the purchaser or lessee expresses serious interest in purchase or lease of the property.
The federal lead-based paint disclosure regulations require sellers (or their agents) to provide to purchasers a lead-based paint information pamphlet published by:
U.S. Environmental Protection Agency/U.S. Department of Housing and Urban Development only.
EPA/HUD or by a state or local health agency approved by the National Institutes of Health.
EPA/HUD, or by a state or local health agency that contains comparable information approved by EPA/HUD.
EPA/HUD or by a state or local health agency, so long as the latter includes a disclaimer indicating it is not approved by EPA/HUD.
In additon to providing purchasers or lessees with the lead-based paint information pamphlet, sellers (or their agents) also must provide other lead-based paint disclosures regarding a residence, including:
Any known lead-based paint or lead-based paint hazards, as well as copies of all available records or reports regarding lead-based paint or lead-based paint hazards.
Any lead-based paint or lead-based paint hazards that are known or reasonably should be known, as well as copies of all available records or reports regarding lead-based paint or lead-based paint hazards.
Any known lead-based paint or lead-based paint hazards, as well as copies of all recent (within the past 12 months) records or reports regarding lead-based paint or lead-based paint hazards.
Any known lead-based paint or lead-based paint hazards affecting other properties within "reasonable proximity," as well as copies of all available records or reports regarding lead-based paint or lead-based paint hazards.
The lead-based paint "Warning Statement" prescribed in the federal disclosure regulations and required to be included in sales contracts and leases reminds purchasers/lessees that properties built prior to 1978 may have lead-based paint present, reminds them of the health hazards associated with lead-based paint, especially to children and expectant mothers, and reminds sellers/landlords of their duty to provide information about lead-based paint hazards affecting the property. This Warning Statement may be revised:
So long as it is not shortened and no substantive content is "materially altered."
For the limited purpose of making it more "reader friendly" to consumers.
To add explanatory language to make it less "frightening" to first-time homebuyers and renters.
The Warning Statement may not be revised.
Any existing state or local lead-based paint requirements and disclosure obligations:
Are preempted by the federal lead-based paint disclosure regulations.
Are not preempted by the federal lead-based paint disclosure regulations, and are in full force and effect notwithstanding the federal regulations.
Are preempted by the federal lead-based paint disclosure regulations to the extent they impose more burdensome requirements than do the federal regulations.
May be disregarded so long as sellers or lessors (or the agents of either party) comply fully and completely with the federal disclosure regulations.
Which of the following residential properties does NOT have to comply with the federal lead-based paint disclosure regulations?
Housing for the elderly where fewer than two children per unit are permitted to reside.
Property sold at foreclosure.
Long-term vacation rentals from September to March in warm climates.
Automatic lease renewals on the same terms and conditions as the original lease, for leases signed prior to Jan. 1, 1994.
The penalties for failure to comply with the federal lead-based paint disclosure regulations include:
A civil penalty of up to $500 per disclosure violation.
An injunction against further violations, but no monetary penalties.
Three times the actual damages to any person injured by the violation.
Rescission of the real estate transaction in which the disclosure violation occurred.