Environmental
The Residential Lead-Based Paint Hazard Reduction Act requires sellers and their agents to:
ATest all pre-1978 homes for lead paint before listing
BDisclose any known lead-based paint hazards and provide the EPA pamphlet to buyers✓ Correct
CRemediate all lead paint before a buyer can obtain an FHA mortgage
DInstall lead paint detectors in all pre-1978 homes at closing
Explanation
The law requires sellers of pre-1978 homes to disclose any known lead-based paint hazards, provide buyers with available records or reports, and give the EPA pamphlet 'Protect Your Family from Lead in Your Home.' Buyers get a 10-day period for lead inspections.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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