Which of the following is NOT a required disclosure by sellers under certain circumstances?

The identification of demographic change disclosure as not being a required disclosure by sellers under certain circumstances is accurate. In California, sellers are mandated to disclose specific conditions that may affect the desirability or habitability of a property. This includes lead-based paint disclosure for properties built before 1978, market value disclosure which pertains to a property's potential sale amount, and natural hazards disclosure that informs buyers about risks associated with environmental features.

However, demographic change disclosure is not a standard requirement in California real estate transactions. While demographic information might be relevant in certain contexts, it is not an aspect that sellers are obliged to disclose as part of the property transaction process. Thus, distinguishing demographic change disclosure from the other required disclosures underscores its non-mandatory status under California law related to real estate.