Final answer:
The Federal Lead-Based Paint Law requires property owners to disclose known lead, provide educational materials, and allow inspections, but it does not mandate removal of lead-based paint in good condition.
Step-by-step explanation:
The Federal Lead-Based Paint Law requires owners of properties with improvements built prior to 1978 to take certain actions to address the presence of lead-based paint. This includes disclosing the presence of lead paint to tenants or buyers before leasing or selling, providing an EPA-approved pamphlet on identifying and managing lead hazards, and allowing potential buyers a 10-day period to conduct lead-based paint inspections or risk assessments at their own expense. However, the law does not require property owners to remove existing lead paint that is in good condition.