Final answer:
A licensee must adhere to the Lead-Based Paint Hazard Reduction Act when listing homes built before 1978 by providing buyers with an EPA-approved pamphlet, disclosing known lead hazards, and allowing time for inspection.
Step-by-step explanation:
When a licensee takes a listing on a home built prior to 1978, they must ensure compliance with the Lead-Based Paint Hazard Reduction Act, which aims to protect the public from exposure to lead from paint, dust, and soil. Under this act, the seller must provide an EPA-approved lead hazard information pamphlet to the buyers or renters.
Furthermore, sellers and their agents are also required to disclose any known lead-based paint and lead-based paint hazards in the home, and provide any available reports to buyers or lessees. Buyers must also be given up to 10 days to conduct a paint inspection or risk assessment for lead-based paint or lead-based paint hazards at their own expense before being obligated to proceed with the purchase.