A listing agent learns that the seller of a 1968 home failed to disclose known lead-based paint to the buyer, which was later discovered during inspection. What are the potential consequences for this failure to disclose?
Correct Answer
B) Possible federal penalties and civil liability under the Residential Lead-Based Paint Hazard Reduction Act
Lead-based paint disclosure is a federal requirement under the Residential Lead-Based Paint Hazard Reduction Act of 1992 (Title X) and EPA/HUD regulations at 24 CFR Part 35. Violations can result in federal civil penalties of up to $19,507 per violation, treble damages in private civil actions, and potential criminal penalties for knowing violations. In Georgia, agents who facilitate non-compliance may also face GREC disciplinary action, but the primary enforcement mechanism and penalties are federal.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Violating fair housing laws can lead to significant penalties, including fines, civil liability, and professional discipline.
Death on property disclosure addresses whether sellers must inform buyers about deaths that occurred on the property, including natural deaths, suicides, and murders. Requirements vary significantly by state.
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
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