What is the significance of lead-based paint in residential real estate transactions?
Why Federal law requires disclosure of known lead-based paint in homes built before 1978; buyers have a right to a 10-day inspection period Is Correct
Answer B: Federal law requires disclosure of known lead-based paint in homes built before 1978; buyers have a right to a 10-day inspection period
Exam Tip: Environmental
Environmental questions test knowledge of hazards like asbestos, lead-based paint, radon, and mold. Know the disclosure requirements and when a professional inspection is required. CERCLA liability is strict, joint, and several.
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Key Terms to Know
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
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