Check Your Understanding Answers
- 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
- 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.
- 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.
- 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.
