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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More Mandated Disclosures Questions
The Truth in Lending Act (TILA) requires disclosure of:
Which disclosure is required under the Real Estate Settlement Procedures Act (RESPA)?
Which federal law requires disclosure of known lead-based paint hazards in residential properties built before 1978?
A seller's agent who is aware of a material defect that the seller has not disclosed should:
For properties built before 1978, buyers must be given how many days to conduct a lead-based paint inspection?
- → What property requires Texas Seller's Disclosure?
- → Environmental hazard disclosures may include information about:
- → Property disclosure forms should be completed:
- → The buyer's right to receive disclosures typically includes:
- → Water intrusion or past flooding must be disclosed:
- → Megan's Law disclosures relate to:
- → The purpose of property disclosure requirements is to:
- → The doctrine of 'caveat emptor' (buyer beware) has been largely replaced by:
- → The majority of homes built before _____ used lead paint.
- → Lead-based paint disclosure is required for residential properties built before:
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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?