Federal law requires sellers to disclose known lead-based paint hazards in homes built before which year?
Correct Answer
C) 1978
The Residential Lead-Based Paint Hazard Reduction Act of 1992 (Title X) and the implementing HUD/EPA rule require sellers and landlords to disclose known lead-based paint hazards in residential properties built before January 1, 1978. Buyers must receive the EPA pamphlet 'Protect Your Family from Lead in Your Home' and are entitled to a 10-day period to conduct a lead-based paint inspection or risk assessment before becoming obligated under the contract. This federal requirement applies in Oklahoma and all other states.
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A material defect is a condition that significantly affects the value, desirability, or safety of a property and that would likely influence a reasonable buyer's decision to purchase or the price they would pay.
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