Final answer:
The statement that is NOT TRUE is the assumption that option 3) the seller must remove all lead-based paint upon selling a property built before 1978. Sellers are only required to disclose known lead-based paint hazards and provide a warning statement, not remove the paint.
Step-by-step explanation:
In regard to lead-based paint regulations for residential properties listed before January 1, 1978, the statement that is NOT TRUE is that the seller is obligated to remove all lead-based paint. Federal law requires that sellers disclose any known lead-based paint hazards and provide buyers with a lead warning statement and any relevant records.
Furthermore, the broker is required to ensure the lead-based paint disclosure is available and accompanies any offer. However, sellers are not mandated to remove existent lead-based paint; they must only disclose its presence if known.
It's important to note that exposure to lead-based paint can lead to serious health issues, especially in children. The Centers for Disease Control and Prevention (CDC) and the U.S. Environmental Protection Agency (EPA) recommend taking preventive measures to minimize lead exposure, such as maintaining painted surfaces in good condition and using lead-safe certified professionals for renovations.