medium · National Real Estate Exam disclosures
A buyer's agent is preparing a transfer disclosure on a 1975 home and notes that a federal lead-based-paint pamphlet and disclosure were delivered, signed, and the 10-day inspection opportunity was offered. After the disclosure is signed but before closing, the seller mentions to the agent that a contractor recently found and partially scraped peeling paint in a closet not previously noted.
Under the federal lead disclosure regime, what is the agent's correct obligation regarding this newly surfaced information?
- No further action is required because the lead disclosure and pamphlet were already properly delivered and the 10-day inspection period was fully satisfied before this new information arose.
- The seller's knowledge of newly identified peeling paint is a known lead-based-paint hazard that must be disclosed, requiring the disclosure to be supplemented before the buyer becomes obligated at closing.
- The agent need only note the peeling paint informally in an inspection report, since the federal lead rule governs solely records and reports already in the seller's possession at the time of listing.
- The new information need be disclosed only once a certified risk assessor confirms lab-tested lead content, since unconfirmed peeling paint alone is not treated as a legally 'known' hazard.
Sign up free to see the explanation and track your rank →
More National Real Estate Exam disclosures practice
- The agent must:
- A buyer is interested in a parcel of land for a new housing… — What is the primary purpose
- According to federal law, which of the following is true?
- A buyer's 'innocent landowner' defense against liability under CERCLA generally requires t
- What is the agent's professional responsibility?
- A seller's agent knows that the roof is at the end of its us… — Is the agent required to d
- Carbon monoxide is a hazardous substance most commonly produced by which source in a resid
- What is the seller's obligation regarding the paint itself?