A listing agent learns that a property built in 1965 is located in a federally designated flood zone, contains asbestos materials in the basement, and may have lead-based paint. The seller instructs the agent to disclose only the flood zone status. How should the agent respond?
Correct Answer
B) Inform the seller that all known material conditions must be disclosed and that federal lead-based paint disclosure is independently required
Under BRRETA (O.C.G.A. § 10-6A-5), agents must disclose all known material facts affecting property value or desirability, which includes flood zone status and asbestos presence. Additionally, the Residential Lead-Based Paint Hazard Reduction Act (Title X) independently mandates lead-based paint disclosures for all homes built before 1978. The agent cannot comply with the seller's request to limit disclosures without violating both state and federal law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
Protected classes are groups of people who are legally shielded from discrimination based on specific characteristics.
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