All of the following are associated with federally required lead-based paint procedures in covered pre-1978 housing EXCEPT
Correct Answer
D) Seller-paid removal of lead-based paint before closing
The federal lead rule is a disclosure and opportunity rule. The seller must deliver the EPA-approved pamphlet, disclose known lead-based paint together with any records or reports in hand, and allow 10 days for the buyer to arrange a risk assessment or inspection unless the parties agree otherwise. It does not require the seller to test the property, to certify it lead-free, or to abate or remove anything. Abatement is a matter for negotiation between the parties or for a separate state, local, or housing-assistance program.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Protected classes are groups of people who are legally shielded from discrimination based on specific characteristics.
Radon disclosure involves informing buyers about the presence or potential presence of radon gas in a property. Radon is a naturally occurring radioactive gas that can accumulate in buildings and is the second leading cause of lung cancer.
Fair housing laws apply to a broad range of activities related to housing, including sale, rental, financing, and advertising.
More Property Disclosures Questions
A seller who fails to provide required disclosures may be liable for:
HOA disclosure requirements typically include:
Potential buyers lose interest in a house because local media repeatedly called it haunted even though inspections reveal no physical problem. What issue is this?
A seller knows that a prior occupant died peacefully in the home several years ago, and there is no physical defect. Which special disclosure issue is presented?
The doctrine of 'caveat emptor' (buyer beware) has been largely replaced by:
- → In a state that requires a written disclosure of a home's condition to the buyer, the disclosure form is filled out by:
- → Under TRID, the Loan Estimate replaced which older disclosure form that was previously provided to borrowers early in the loan process?
- → The Closing Disclosure must be received by the borrower at least three business days before closing. If closing is scheduled for Friday and no federal holiday falls during that week, when is the latest the borrower can receive the Closing Disclosure?
- → The Closing Disclosure replaced which two older disclosure forms that were previously used in residential mortgage transactions?
- → Under TRID, all of the following are included on Page 1 of the Loan Estimate EXCEPT.
- → A borrower compares the Loan Estimate with the Closing Disclosure and sees that government recording fees rose from $350 to $400. Under the TRID tolerance rules, is that increase permitted?
- → A borrower receives a Loan Estimate and notices that the estimated title insurance fee is $1,200. At closing, the Closing Disclosure shows the title insurance fee is $1,400. The borrower was allowed to shop for title insurance from a list provided by the lender. Under TRID tolerance rules, is this increase permissible?
- → A lender's origination charge on the Loan Estimate is $2,000. At closing, the origination charge on the Closing Disclosure is $2,300. Under TRID, what must the lender do?
- → A borrower submits a mortgage loan application on Monday. Under TRID, by when must the lender provide the Loan Estimate?
- → The Closing Disclosure includes a section showing how much total interest the borrower will pay over the life of the loan. A borrower sees that for a $300,000 30-year fixed-rate loan at 6.5 percent, the total interest exceeds $382,000. What purpose does this disclosure serve?
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Previous Question
A developer purchases an old gas station site to build condominiums. He performs reasonable due diligence, including a Phase I environmental review, and finds no obvious contamination. Two years later, underground fuel tanks beneath the site begin leaking into the groundwater, and federal regulators determine cleanup will cost $2 million. Even though the developer did not cause the contamination and had no actual knowledge of it at purchase, the federal liability scheme applicable to contaminated property may hold him strictly responsible for cleanup costs as a current owner. Which federal liability framework applies to the developer's situation?
Next Question
All of the following disclosures are required by federal law in a covered residential transaction EXCEPT: