PSI New Jersey Real Estate State Practice Exam

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What must a buyer be provided with before waiving the right to a lead paint inspection when purchasing certain older homes?

General inspection report
Lead paint addendum
Home warranty information
Property disclosure statement

The correct answer is: Lead paint addendum

A buyer must be provided with a lead paint addendum before waiving the right to a lead paint inspection when purchasing certain older homes. This addendum is a critical document that informs buyers of the potential risks associated with lead-based paint, which is commonly found in homes built before 1978, the year the federal government banned its use in residential paint. The lead paint addendum serves to disclose the presence of lead paint and provides the buyer with necessary information about lead exposure risks. It also includes details about the buyer’s right to conduct an inspection for lead paint hazards, which is important for their safety and decision-making process. By presenting this addendum prior to the buyer waiving their inspection right, real estate professionals fulfill their obligation to ensure that buyers are fully informed about lead-related risks associated with older homes. While other options might contain relevant information in the context of home buying, they do not specifically address the legal requirements associated with lead paint inspections that are pertinent to older homes. Therefore, the lead paint addendum is essential in this scenario.