Derek is purchasing a 1960s-era home in Denver, Colorado. After the contract is executed, the seller discloses on the CREC Seller's Property Disclosure form that lead-based paint was used throughout the interior. Derek's broker explains that Colorado and federal law both impose obligations in this situation. Which statement accurately describes the combined federal and Colorado disclosure requirements for lead-based paint in this transaction?
Correct Answer
D) Both federal law (HUD/EPA Lead Disclosure Rule) and the CREC Seller's Property Disclosure form require disclosure of known lead-based paint, and Derek has a 10-day federal inspection period
For pre-1978 residential properties, both federal law (HUD/EPA Residential Lead-Based Paint Hazard Reduction Act / Lead Disclosure Rule, 42 U.S.C. § 4852d) and Colorado's Seller's Property Disclosure Act (C.R.S. § 38-35.7-101 et seq.) apply simultaneously. Federal law requires sellers to complete the Lead-Based Paint Disclosure addendum and provide any known records, and buyers must be given a 10-day period to conduct a lead inspection (which can be waived). Colorado's CREC Seller's Property Disclosure form also requires disclosure of known lead-based paint conditions. Both sets of requirements must be satisfied.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Fair housing laws apply to a broad range of activities related to housing, including sale, rental, financing, and advertising.
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
Many states and localities have fair housing laws that expand upon the protections offered by the federal Fair Housing Act.
More Mandated Disclosures Questions
Sandra is selling her three-unit residential building in Newark, New Jersey. Her listing agent, Tom, advises her that she must complete a Property Condition Disclosure Statement before accepting any offer. Sandra asks Tom what types of conditions the disclosure statement is required to cover. Which of the following best describes the scope of required disclosures under the New Jersey Residential Property Condition Disclosure Act?
Agent must disclose all EXCEPT:
Karen is selling her single-family home in Sioux Falls. Her listing agent, Tom, hands the completed seller disclosure statement to the buyer's agent during the showing. The buyer, Lisa, reviews and signs the acknowledgment form three days later. Under South Dakota law, which statement best describes whether this process was handled correctly?
ND seller disclosure covers:
Under the Idaho Property Condition Disclosure Act, the Property Condition Disclosure Form requires sellers to disclose information about various aspects of the property. Which of the following is NOT typically a category of information required to be disclosed on the Idaho Property Condition Disclosure Form?
- → An office manager in Carrboro is preparing an exam-prep note on RPOADS timing, scope, and the "No Representation" choice. Which statement best applies under current North Carolina law?
- → A Minnesota seller is completing a Seller's Property Disclosure Statement for a residential property sale. Which of the following items would the seller be required to disclose under Minn. Stat. § 513.55 if the seller has actual knowledge of it? Select the answer that would NOT typically be included as a required disclosure.
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- → On a North Carolina exam item about lead-based paint and environmental disclosures, which concept is being defined? Description: The federal buyer opportunity period commonly associated with lead-based paint disclosure in covered pre-1978 housing unless the parties agree otherwise.
- → A Georgia licensee is aware that a previous owner of a listed property died by suicide in the home. The licensee also knows the property has significant foundation damage that has not been repaired. How should the licensee analyze these two disclosure issues under Georgia law?
- → A developer in Jefferson Parish is selling brand-new construction homes that have never been occupied. A buyer's agent asks whether the seller must provide the Louisiana Residential Property Disclosure Document for each unit. Which of the following best describes the seller's obligation?
- → Which of the following transactions is typically exempt from Idaho's seller property condition disclosure requirements under Idaho Code § 55-2506?
- → In Vermont, a client refuses to allow a disclosure the licensee believes is necessary. Which statement is correct?
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Previous Question
A Colorado listing broker is completing the CREC-approved Seller's Property Disclosure form with a seller in Jefferson County. The seller has lived on the property for 15 years and has direct knowledge of several environmental conditions. Which of the following is NOT required to be disclosed on the Seller's Property Disclosure form under Colorado law?
Next Question
Sandra is selling her home in Larimer County, Colorado. Three years ago, a licensed contractor confirmed the presence of mold caused by a slow roof leak; the leak was repaired and the mold was professionally remediated. Sandra believes the problem is fully resolved. When completing the CREC Seller's Property Disclosure form, Sandra tells her broker she does not need to disclose the past mold issue because it no longer exists. Which of the following best describes Sandra's disclosure obligation under Colorado law?