Ch. 11: California Legal Aspects Of Real Estate

Question 1

Annual Percentage Rate

Answer 1

Relative cost of credit expressed as a yearly rate

Question 2

Monopoly

Answer 2

Person or group with exclusive control over a product or service within a given region

Question 3

Horizontal Arrangements

Answer 3

Business agreements between competitors

Question 4

Price Fixing

Answer 4

Agreement of one or more persons to set prices for goods or services

Question 5

Group Boycotting

Answer 5

Deliberate exclusion of a particular business or group from the benefits of the competition

Question 6

Market Division

Answer 6

Two or more competing businesses agree to allocate the market among themselves

Question 7

Tying

Answer 7

Illegal action requiring buyers to purchase one product or service in order to obtain another product or service

Question 8

Sherman Antitrust Act

Answer 8

Basic federal antitrust statute

Question 9

Clayton Antitrust Act

Answer 9

Antitrust act enacted to supplement the Sherman antitrust act

Question 10

Federal Trade Commission Act

Answer 10

Federal law enacted to protect the public from anti-competitive acts

Question 11

Unfair Competition Law

Answer 11

California’s most Frequently used consumer protection statute found in the B & P code, section 16720

Question 12

Established Business Relationship

Answer 12

Caller had a transaction with the receiver within the last 18 months; or the customer has made an inquiry with the caller’s firm in the last 3 months

Question 13

Commercial Email Message

Answer 13

Any electronic mail message with the primary purpose of which is the commercial advertisement or promotion of a commercial product or service

Question 14

Transactional Email Messages

Answer 14

Emails sent as part of an ongoing commercial transaction

Question 15

Equal Credit Opportunity Act

Answer 15

Act ensuring the consumers have an equal chance to obtain credit

Question 16

Regulation B

Answer 16

Regulation that implements the provisions of the equal credit opportunity act

Question 17

Fair Credit Reporting Act

Answer 17

Act promoting the accuracy of information collected by credit reporting agencies

Question 18

Truth in Lending Act

Answer 18

Federal law requiring consumer loan agreements in which a security interest is acquired by the lender to contain certain disclosures

Question 19

Regulation Z

Answer 19

Regulation the implements the Truth in Lending Act

Question 20

Creditor

Answer 20

Lender who regularly makes real estate loans secured by a dwelling and who’s loans are subject to a finance charge

Question 21

Finance Charge

Answer 21

Amount charged to the consumer for the credit

Question 22

Right to Rescind

Answer 22

Right to cancel a real estate loan

Question 23

Holden Act

Answer 23

California law I referred to as the “fair and lending law”

Question 24

Redlining

Answer 24

Illegal use of a property location to deny financing or insurance

Question 25

Settlement

Answer 25

Process by which ownership of Real property or title to the property is passed from seller to buyer