Under the federal lead-based paint disclosure rule, what opportunity is a buyer generally given unless the parties lawfully modify or waive it?
Correct Answer
D) A 10-day opportunity to conduct a lead-based paint risk assessment or inspection.
Under 42 U.S.C. § 4852d and its implementing regulations (40 CFR Part 745 / 24 CFR Part 35), buyers of target housing must be given a 10-day period to conduct a risk assessment or inspection for lead-based paint hazards. This period may be waived in writing by the buyer or modified by mutual agreement of the parties.
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Related Topics & Key Terms
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Related Concepts
Megan's Law requires states to make information about registered sex offenders available to the public. Some states require real estate agents to inform buyers about the availability of sex offender registries.
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.
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