(Ch. 16) Vocab (Federal Laws Affecting Real Estate)

Question 1

A law that provides access requirements and prohibits discrimination against people with disabilities in public accommodations, state and local government, transportation, telecommunications and employment (16-205)

Answer 1

Americans with Disabilities Act (ADA)

Question 2

A federal law prohibiting unlawful discrimination in the extension of credit (16-203)

Answer 2

Equal Credit Opportunity Act

Question 3

A federal law intended to ensure that CRAs provide creditor with accurate, up-to-date information about an individual’s credit history, and to ensure that this information is used only for permissible purposes.

Answer 3

Fair Credit Reporting Act (FCRA)

Question 4

Law requiring lenders whose loans are federally related to collect and annually disclose data about mortgage applications in order to prevent mortgages lending discrimination, such as redlining

Answer 4

Home Mortgage Disclosure Act (HDMA)

Question 5

This law requires those engaged in the sale or leasing of 25 or more undeveloped land lots by mail or phone to comply with the Act’s anti-fraud provisions and/or file a statement of record and register the details of the land with HUD.

Answer 5

Interstate Sales Full Disclosure Act

Question 6

Insurance available to property owners in communities that adopt and enforce floodplain ordinances to reduce further flood losses.

Answer 6

National Flood Insurance Program (NFIP)

Question 7

Law designed to ensure that buyers and sellers in residential real estate transactions are informed of all settlement procedures act (16-202)

Answer 7

The Real Estate Settlement Procedures Act (RESPA)

Question 8

A federal law designed to let borrowers know the exact cost of obtaining credit; a disclosure device

Answer 8

Truth in Lending