Environmental
What is the significance of lead-based paint in residential real estate transactions?
AIt increases property value for older homes
BFederal law requires disclosure of known lead-based paint in homes built before 1978; buyers have a right to a 10-day inspection period✓ Correct
CLead paint is only regulated in commercial buildings
DIt must be disclosed only if the paint is visibly peeling
Explanation
Under the Residential Lead-Based Paint Hazard Reduction Act, sellers and landlords of housing built before 1978 must disclose known lead-based paint hazards and provide buyers/tenants with an EPA lead pamphlet. Buyers of pre-1978 homes have a 10-day period (unless waived) to conduct lead inspections.
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