Question

Rita fell in love with a home built in 1905. She was surprised when the listing broker gave her a lead-based paint disclosure form at closing. Which of the following is TRUE?

a) The lead-based paint disclosure is unnecessary for homes built before 1978.
b) Rita should refuse to sign the disclosure form, as it doesn't apply to her.
c) The disclosure is required for homes built before 1978, not 1905.
d) The listing broker is in violation of lead-based paint regulations.

Answer 1

The lead-based paint disclosure is a legal requirement for homes built before 1978 as part of the United States Residential Lead-Based Paint Hazard Reduction Act of 1992 to inform potential buyers of the possible presence and risks of lead-based paint.

Step-by-step explanation:

The question concerns regulations regarding the disclosure of lead-based paint in real estate transactions, particularly for homes built before the year 1978. Understanding these regulations is crucial as lead paint can pose serious health risks, especially in older homes. In this situation, Rita received a lead-based paint disclosure form for a home built in 1905 which she is interested in purchasing. According to United States law, specifically the Residential Lead-Based Paint Hazard Reduction Act of 1992, such a disclosure is a legal requirement for the sale of any property built before 1978 because of the potential presence of lead-based paint. The purpose of this disclosure is to inform potential buyers of the risk of lead-based paint, which can result in exposure leading to health issues. Therefore, the correct answer to Rita’s situation is option (c): The disclosure is required for homes built before 1978, not 1905, meaning all homes built before 1978, including the 1905 house Rita loves, must comply with this disclosure requirement.