3-Hour Real Estate Disclosure Laws
Real estate agents are subject to a broad range of legal and ethical requirements that are designed to protect buyers, sellers and the community at large. While disclosure laws are in place to protect the consumer, they constitute a legal framework that real estate professionals must comply with. There are a number of areas that require disclosure in real estate; seller’s property condition, agency relationships, lead-based paint presence, mineral/subsurface rights, and finally consumer financing requirements. This course covers the disclosure laws that real estate professionals must adhere to, the transactions in which they will come across these requirements, and case law to illustrate real life scenarios.
After completing this course participants will be able to:
- Recognize and implement the broad range of disclosure requirements that protect buyers and sellers.
- Be able to describe and integrate the agency relationships that are created during a real estate transaction.
- Outline the different types of agency and the standards of practice associated with each.
- Know when and under what circumstances lead-based paint disclosure must be provided.
- Have a good understanding of what mineral/subsurface rights are, and how they can impact a real estate transaction.
- Be able to share with clients the necessary requirements outlined under the integrated disclosure rule “Know Before You Owe.”
REAL ESTATE DISCLOSURE LAWS
3. Common Defects and Examples
1. Stigmatized Properties
1. As-Is Clauses
3. CLUE Report
1. Case Study
2. Recent Changes to Statutes and Regulations
1. Agency Disclosure Overview
2. Fiduciary Duties
3. Disclosed Dual Agency
1. Case Study
1. Case Study
1. Case Study
LEAD PAINT DISCLOSURE
1. Seller and agent duties
2. Pamphlets and forms
4. Case Study
5. EPA and HUD Notification and Disclosure Rule FAQs
MINERAL RIGHTS DISCLOSURE
2. Impact on homeowners
4. Case Studies
2. NAR Position
3. Loan Estimate
4. Closing Disclosure
5. Best Practices
3-Hour Lead Paint Awareness Course Description – Instructor: Scott Corbat
Chapter 1. Lead Paint Concerns
*Learning Objectives: 1) Explain what lead-based paint is. 2) Explain why lead-paint is a problem for renovators. 3) Describe the health risks of lead to children and adults. 4) Explain why we are concerned with lead-contaminated dust.
1. Lead-based Paint
B. Health Risks
C. Exposure Pathways
D. Clearance Standards
Chapter 2. Regulation
*Learning Objectives: 1) Describe the regulatory requirements that affect renovation work. 2) Identify EPA and HUD rules.
1. The RRP Rule
A. Firm Certification
B. Individual Certification
2. HUD Lead Safe Housing Rule
A. Safe Practices
Chapter 3. Before Beginning Work
*Learning Objectives: 1) Educate residents according to the Pre-Renovation Education Rules. 2) Describe how widespread lead-based paint use was in housing. 3) Determine if lead-based paint is present. 4) Use EPA-recognized test kits to check for lead-based paint. 5) Use decision logic charts to decide which rules apply.
1. Educate Owners and Residents:
A. Renovate Right Pamphlets
C. Child-Occupied Facilities
D. Common Areas
2. Determining Lead Paint Presence
A. Test Kits
B. Other tests
C. Decision Logic Charts
Chapter 4. Containing Dust
*Learning Objectives: 1) Establish containment systems that will keep dust inside of the work area to allow you to clean more efficiently at the end of the day and at completion of the job. 2) Identify containment requirements for interior renovations. 3) Identify containment requirements for exterior renovations.
1. What is Containment?
2. Interior Containment
D. Entry to work area
3. Exterior Containment
A. Work Area
Chapter 5. During the Work
*Learning Objectives: 1) Describe work practices prohibited under the RRP Rule because they create dangerous amounts of dust and paint chips. 2) Identify practices to use to control dust, debris or paint chips. 3) List tools you will need during the work. 4) Identify personal protection equipment and procedures.
1. Prohibited Practices
2. Specialized Tools
A. HEPA vacuums
3. Personal Protection Equipment
4. Controlling the Dust
A. Vacuuming the dust
Chapter 6. Cleaning and Checking Your Work
*Learning Objectives: 1) Know how to conduct an effective cleaning. 2) Identify tools needed to conduct cleaning. 3) State effective techniques to clean up after interior and exterior jobs. 4) Describe safe disposal practices. 5) Indicate how to check your work.
1. Effective Cleanup
A. Top to Bottom
B. All Surfaces
C. Checking your work
2. Interior Requirements
A. Visual Inspection
B. Cleaning Verification
C. Dust Clearance Exam
3. Exterior Requirements
Chapter 7. Recordkeeping
*Learning Objectives: 1) Identify how to keep required records for a job. 2) Determine what records Certified Renovators and Certified Firm Managers must retain for each job
1. On-the-job Records
C. Common Areas
D. Child Occupied Facilities
2. Non-Certified Worker Training
3. Sample Reporting
1. EPA’s Renovation, Repair and Painting Program Final Rule
2. U.S. Department of Housing and Urban Development (HUD) Requirements
3. Renovate Right: Important Lead Hazard Information for Families, Child Care Providers and Schools
4. Small Entity Compliance Guide to Renovate Right
5. Steps to LEAD SAFE Renovation, Repair and Painting
6. Hands-on Exercises
7. State and Local Regulations
8 . Regulatory Status of Waste Generated by Contractors and Residents from Lead-based Paint Activities Conducted in Households
9. For More Information
Course instructors will be available by email or telephone between 9am and 5pm Eastern Standard Time. They will assist you with questions regarding course content.
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