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Real Estate > AZ - RE School (A-9) > Flashcards

AZ - RE School (A-9) Flashcards

1
Q

U.S. Constitution (1787)

F.F.H.L.

A

Make sure laws are reaction to society & equal under the law.

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2
Q

Dread Scott vs. Sanford (1857)

F.F.H.L.

A

Slaves can’t vote & they equate to a 3/5 vote

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3
Q

XIII Amendment (1865)

F.F.H.L.

A

Abolished slavery

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4
Q

Civil Rights Act of 1866

F.F.H.L.

A

The 1st civil rights act prohibited racial discrimination in the sale or lease of property

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5
Q

Plessy vs Ferguson (1896)

F.F.H.L.

A

Established “Separate but equal” (institutionalized segregation)

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6
Q

Brown vs Board of Education (1954)

F.F.H.L.

A

Abolished “Separate but equal” (white flight…whites ran to suburbs)

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7
Q

Civil Rights Act - Title VIII (1968)

aka Fair Housing Act

A

A) Race, color religion, national origin

B) Blockbusting: fear or panic selling…“They’re moving in, sell before they get here”

C) Steering: taking a buyer to an area that an agent thinks they’ll be better off

D) Redlining: limiting the number of loans w/out regard to economic qualifications

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8
Q

Fair Housing Exemptions

A

A) Private Owner:

  1. no more than 3 single family homes
  2. no broker services used
  3. no discriminatory advertising
  4. not a dealer (no more than 3 transactions in last 3 months)
  5. “Mrs. Murphy’s Boarding House” rule (if you live in a fourplex and rent 3, you can discriminate)

B. Religious Organizations

C. Private Clubs (100% privately owned)

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9
Q

Jones vs Mayer

A

Bans racial discrimination in both private and public sectors (deed restrictions are illegal & unenforceable when they discriminate)

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10
Q

Fair Housing Act - Amendment (1974)

A

Adds gender/sex

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11
Q

Equal Credit Opportunity (ECOA) (1974)

A

A) Prohibits credit discrimination

B) Race, color, religion, national origin, gender, age, marital status, or dependency on public assistance.

C) What are the questions lenders cannot ask? …anything listed in B

D) Time period to give reason for loan denial (30 days)

E) Borrow can rebut reasons for denial

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12
Q

Changes to Title VIII (1988)

A

A) Include families w/ children & handicapped

B) Familial Status

C) “Housing for Older Persons” exemption

D) Handicap/Disability

E) New Construction

F) Specific Issues

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13
Q

Familial Status

A

1) Family: an adult w/ one child under age of 18yrs old. (pregnant woman qualifies).
2) Specific buildings - no
3) Deposits - no
4) Occupancy standards - 2 per bedroom

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14
Q

“Housing for Older Persons” exemption

A

1) 62yrs old - 100%
2) 55yrs old - 80% (one must be 55yrs +)
3) Facilities and services (no longer required as of 1995) - recreation & medical
4) Who may own vs occupy - anybody can own, restrictions are valid when owning

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15
Q

Handicap/Disability

A

1) Handicap: limitation of one or more daily life functions for an extended period of time (walking, seeing, hearing, breathing, learning, caring for oneself)
2) Exceptions - alcoholism is, drug addiction isn’t
3) Existing Structures - they stay, but don’t have to be brought to code
4) Rights to modify - tenant may make reasonable modifications (which tenant pays for)
5) Landlord rights - The lessor may require lessee to return to original/reasonable condition

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16
Q

New Construction

A

1) Accommodations - 2 stories or more
2) Parking - first available spot to handicap person at no extra charge
3) Accessible to common areas - Fair housing requirement

17
Q

Specific Issues

A

1) Pets vs assistive animals - An assistive animal isn’t a pet…cannot charge extra deposit
2) Real estate agents leasing - concerns is steering

18
Q

Brokerage Advertising Regulations

A

A) Equal housing opportunity logo - visible to general public

  1. Classified vs Display ads - yes
  2. Fliers and promo materials - yes
  3. Internet advertising - yes, logo must appear on every page w/out scrolling

B) Broker office requirements - HUD poster has to be visible to general public

C) Human models - need to reflect the community

D) Publication of general circulation - paper of 2 or more pages (daily/weekly) that has been published at least 6 months

19
Q

Fair Housing Enforcement Provisions

A

A) Administrative law judge ($16,000)

B) Federal court ($37,500)

C) Fines per offense ($65,000)

20
Q

The Americans w/ Disabilities Act (ADA)

A

Strictly commercial - Not residential

A) Title I - Employment

1) Purpose - prohibits intentional discrimination in the workplace
2) Number of employees - 15 or more full time
3) Accommodations for employees - reasonable accommodations that don’t create or undue a hardship

21
Q

AZ Residential Landlord-Tenant Act (Residential)

A

A) Residential is not property mgmt

  1. Purpose - Regulates/governs the relationship between landlord & tenant
    2) Application - this is residential not commercial
22
Q

AZ Residential Landlord-Tenant Act (Landlord Obligations)

A

B) Landlord Obligations

1) Security deposit - is 1.5x the monthly rent…must return within 14 days of deposit.
2) Maintain fit premises - livable by a normal fit human being.
3) Notices required - must be available online,

A. copy of landlord-tenant act available online (azhousing.gov)
B. bed bug education materials

4) Move-in inspection sheet
5) Name of owner or manager (provide person to speak to in-case of emergency

23
Q

Tenant Obligations

A

1) Use of unit (for dwelling not a business)
2) Rules and regulations
3) Access - have to give if they provide 24-48hr notice
4) Payment of rent - considered delinquent as of the 1st day it was due (if not states in lease, the due 1st of month)

24
Q

Remedies for non-compliance by Landlord

A

1) Failure to return security deposit - landlord must deliver within 14 days or twice the amount deposited.
2) Failure to deliver possession - 5 days & terminate lease if landlord fails to deliver unit
3) Self-help for minor defects - 10 calendar days to repair $300 or 1/2 rent (whichever is greater)
4) Failure to supply essential services - 5 days (heat, water, air)
5) Fire and casualty damage - 14 calendar day notice
6) Constructive eviction - tenant moves out to which it was no fault of their own.

25
Q

Remedies for non-compliance by tenant

A

1) Failure to pay - 5 day notice given to tenant
2) 5-day notice - first step when tenant doesn’t pay, must give proof of delivery
3) Court date - show judge 5 day notice and proof of delivery
4) Forcible entry and detainer - eviction notice 5 days to obey (tenant)
5) Writ of restitution - if the tenant doesn’t comply…the judge gives sheriff or officer the right to physically remove tenant
6) Actual eviction - moving tenants personal belongings to curve
7) Distraint provisions - always/only applies to commercial

26
Q

Termination Notice

A

1) Month to month - 30 days
2) Week to week - 10 days
3) illegal activity - immediately

27
Q

Residential Rental Property Registration

A

A) Purpose - the assessor knows who owners are vs renters

B) Classification - changes property from residential to income

C) Slumlord provisions - provide protection to tenants from slum lords

D) City requirements - must notify the city within 10 days of acquisition (close of escrow)

E) Penalties - $1,000 plus $100 per month until it’s registered

28
Q

Property Management Regulations (MGMT Agreements)

A

A) Management agreements - must be in writing, must include ago of building, doesn’t have t include appraisal

1) Parties - can be signed by licensees or brokers
2) Prop. Manager as general agent - owe fiduciary duties to the client
3) Beginning & ending date
4) Cancellation provisions - any time parameters are allowable…agreement terminates if brokerage license is lost
5) Disposition of monies
6) Status reports - must have bak reconciliation & client balance monthly
7) Repair amounts - any repair up to $300
8) Listing agreement for MGMT -
9) Record of retention - 1 yr from expiration (broker needs to keep record)

29
Q

Trust Account

A

Broker needs to put all the money (not brokers $) into trust account i.e. security deposits

1) Property MGMT accounts
2) Account signatory - broker, employees of broker, licensees under broker (not property owner)
3) Payment monies
4) Interest bearing account - interest must be removed every 12 mos.

30
Q

Property MGMT Functions

A

Not required to tell owner buildings’ value

1) Budgeting - mgmt fees, utilities, maintenance, but not large one-time capital expediters.
2) Setting rental rates - yes
3) Payment of finder fees - yes up to $200 credit to rent reduction only 5 times in 12 month period…(can’t pay finder fees to unlicensed agent)
4) Selecting tenants
5) collecting rents
6) Maintenance

A. preventative - fix something before it becomes a problem
B. corrective - fix something already a problem
C. routine -

7) Comply w/ Fair Housing and Americans w/ Disabilities Laws

31
Q

Interests in Buildings (Apartments)

A

A) Apartment rental

  1. Interest - tenant has a legal interest to possess but not ownership
  2. Responsibility - tenant can use property
  3. Renters insurance - tenants need this to protect their own property
32
Q

Interests in Buildings (Co-operative)

A

B) Co-operative (this is stock)

  1. Form of ownership - purchase of stock w/ long-term lease called security interest (buying only a percentage of interest)
  2. Property lease
  3. Undivided interest
  4. First right to purchase
  5. Stock transfer - if you have a interest in building, then you have right to transfer stock or sell lease
  6. Approval of new stockholders
  7. Annual assessment
33
Q

Interests in Buildings (Condominiums)

A

(Purchasing cubage only)

  1. Definition - ownership in the condo and you have tendency in common for the common areas
  2. Separate titles & taxation - each would receive a separate tax bill
  3. Assessments - are charged for common are maintenance
  4. Condominium association / corporation - CC&R is the corporation
34
Q

Interests in Buildings (Lofts)

A

Big apartments w/ no walls

35
Q

Interests in Buildings (Townhouses)

A
  1. Definition - purchasing cubage, own everything above & below… commonly 2-stories, aka vertical regime w/ zero lot line
  2. Common areas - zero lot line
  3. Homeowners association
    4) Separate titles
36
Q

Interests in Buildings (Patio Homes)

A

Zero lot lines, w/ little bit of dirt

37
Q

Interests in Buildings (Timeshares) T.Q.

A

Interval ownership

  1. Definition - two or more owners w/ interval ownership
  2. Types of ownership - tenants in common
  3. Right of recession of contract - 7 days
  4. Advertising material - contents must be honest/truthful

Real Estate (6 decks)

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