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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®



  SALES MEETING TOOL KIT: PROPERTY DISCLOSURE
 

Component 1: Facilitator Talking Points

Component 2: Property Disclosure Agenda

Component 3: Handout 1, What Is Liability

Component 4: Activity 1, Recognizing Improper Disclosure

Component 5: Activity 1, Explanations for Disclosure Scenarios

Component 6: Handout 2, Tips for Reducing Your Risks

Component 7. Handout 3, Disclosure Primer and Your Company’s Property Disclosure Form

Component 8: Activity 2, Identifying Defect Red Flags

Component 9: Activity 2, Answers to Red Flags

Component 10: Activity 3: Lead Out Quiz

Component 11: Activity 3, Answers to Lead Quiz

Component 12: Handout 4, A summary of your state’s disclosure requirements under Megan’s Law

Other Resources		   Component 10: Activity 3, Get the Lead Out Quiz
Use this exercise as a way to review federal lead disclosure regulations. If your state has a law that contains stricter provisions, alter this quiz to reflect the requirements in your state. Contact your state EPA office for specifics on your state’s lead law.

Answer True or False to each question.

1. Only residential properties built before 1965 contain lead paint and are covered by the federal disclosure regulations. T F

2. If the paint in a house covered by the Act is not flaking, peeling, or chipping, I don’t need to give buyers notification because the lead paint is not dangerous. T F

3. The buyers have ten days to have the house tested for lead before the purchase contract goes into effect. T F

4. Owners of older houses must test for lead paint before a sale. T F

5. The best time to inform sellers about their obligations under lead-paint disclosure requirements is when a firm offer is received. T F

6. Brokers and salespeople must keep copies of the form acknowledging the disclosure of possible lead paint hazards for three years from the time the sale is closed. T F

7. The federal regulations impose lead-based paint disclosure duties primarily on sellers and lessors. The real estate salesperson is only required to advise and assist them in fulfilling these obligations. T F

8. The federal lead-based paint disclosure regulations require specific provisions to be included in sales contracts and leases of residential property covered by the laws. T F

Component 11, next page >

Note: This information provides general legal information and should not be relied upon as legal guidance. Before acting, both the relevant laws and legal counsel should be consulted. This information should not be construed as specific legal advice nor as an opinion on particular facts, cases, or situations.