Real Estate Law 61

admin 2019.05.11 22:03 Views : 247

Check Your Understanding Answers

  1. List three situations where the Lead-Based Paint Disclosure is NOT required by Federal law. (Additional answers on page 54.)
    • Foreclosed property sales
    • Rental property that has been certified as “lead-based paint free” by a federally certified inspector
    • Renewal of leases
       
  2. Although not mandated by federal or state law, who may require the Structural Pest Control Inspection and Certification Report?

    A lender may require the report.
     
  3. Explain the Military Ordinance Location Disclosure.

    It is a written disclosure required when a property is located within one mile of an area previously used for military training.
     
  4. How does the IRS define a foreign person as it relates to the Foreign Investment in Real Property Tax Act?

    According to the IRS, a foreign person is a nonresident alien, a foreign corporation, or a foreign trust, estate, or other taxable entity. A lawful permanent resident is NOT considered a foreign person.
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