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The fact that residential (1-4 family) real estate purchase/sale contracts are similar from state to state and typically contain a variety of mandatory disclosures might best be explained by the public policy or legal concept of: Freedom of contract Consumer protection Caveat emptor (let the buyer beware) Federal preemption Real estate contracts typically call for the conveyance of "marketable title," which means: The seller will convey fee simple title, without any exceptions whatsoever The seller will convey fee simple title, subject to permitted exceptions like public utility easements to provide utilities to structures on the property, the government's authority to tax, etc. The seller makes no warranties regarding title - closing indicates the buyer's acceptance of any defects in title that might exist The property being conveyed is capable of being subdivided If residential real property on which a residence was built before 1978 is being sold, then federal law requires which of the following: For Seller's Agent to inform Seller of their responsibility to make disclosure, but Agent is not responsible for ensuring Seller's compliance Two (but not more) of the other answer choices are correct. For Purchaser to have an opportunity, if they choose, to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards. For Seller to make disclosure regarding lead-based paint and/or lead-based paint hazards to Purchaser