New York Real Estate Salesperson ExaminationNew York State Specific Laws and RegulationsMedium
A New York real estate salesperson is assisting a buyer who is interested in a property built before 1978. The salesperson provides the buyer with a lead-based paint disclosure form. Which of the following statements about this disclosure is TRUE?
- AThe seller is required to remediate any lead-based paint hazards before closing.
- BThe salesperson must guarantee the property is free of lead-based paint.
- CThe buyer has a 10-day period to conduct a lead-based paint inspection or risk assessment.
- DThe disclosure requirement only applies if the property is located in New York City.
Show answer & explanationAnswer & explanation
Correct answer: C. The buyer has a 10-day period to conduct a lead-based paint inspection or risk assessment.
Federal law, specifically the Residential Lead-Based Paint Hazard Reduction Act of 1992 (Title X), requires sellers and landlords of properties built before 1978 to disclose known lead-based paint hazards and provide buyers with a 10-day opportunity to conduct an inspection.
Why the other options are wrong
- A. The seller is required to disclose, not necessarily remediate, unless negotiated.
- B. Salespersons are not responsible for guaranteeing the absence of lead-based paint; their role is disclosure.
- D. This is a federal regulation, applicable nationwide, not limited to New York City.
Lead-Based Paint Disclosure (NY/Federal)
For properties built before 1978, federal law mandates sellers and landlords to disclose known lead-based paint hazards and allow buyers a 10-day inspection period.
- Applies to pre-1978 housing
- Seller must disclose known hazards
- Buyer gets 10-day inspection option
Memory trick: Lead paint? 1978 is the date, 10 days for the buyer to investigate!