Environmental
What is 'lead-based paint' disclosure requirement for Delaware residential properties?
ARequired only for properties sold in Delaware's industrial corridor
BFederal law (Residential Lead-Based Paint Hazard Reduction Act) requires sellers and landlords of pre-1978 housing to disclose known lead-based paint hazards and provide buyers/tenants with the EPA pamphlet; buyers have a 10-day period for inspection✓ Correct
CRequired only if the property has children as occupants
DRequired only for rental properties, not sales transactions
Explanation
The Residential Lead-Based Paint Hazard Reduction Act (RRPHHA, 1992) requires sellers and landlords of housing built before 1978 to: disclose known lead-based paint and hazards, provide available inspection records, and give buyers/tenants the EPA pamphlet 'Protect Your Family from Lead in Your Home.' Buyers receive 10 days to conduct lead inspections.
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Key Terms to Know
Gross Rent Multiplier (GRM)
A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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.
State-Specific Concepts
Disclosure RequirementsDRE Regulation
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