Ch 33 - 40 Flashcards
Which of these classes are protected by the Fair Housing Laws of Illinois?
Middle Income Renters
Criminal Record Holders
Military Status
Employment Status
Military Status
Military status is protected by fair housing laws of IL
(A person’s active or retired military status is not a protected class under federal guidelines.)
If a person believes he or she has been discriminated against, how long does he or she have to file a HUD complaint?
1 Year
The injured party has up to 1 year to file a discrimination complaint with HUD.
What practice helps move low-income persons into previously-owned higher income owner properties?
Filtering Down
This is the practice known as filtering down.
Which Fair Housing Law added sex to the list of protected classes?
Housing and Community Development Act
Housing and Community Development Act added sex to list of protected classes
Does the ADA apply to ppl with AIDS
Yes
This act applies to people with an AIDS disease diagnosis who are considered members of a protected class under Fair Housing.
Which Fair Housing Law added handicap individuals to the list of protected classes?
Fair Housing Amendments Act of 1988
T/F: According to the TRID rule, lenders must provide:
A copy of the booklet Your Home Loan Toolkit.
A Loan Estimate of settlement costs at the time of loan application or within three business days.
A Closing Disclosure at least three days before closing.
True
lenders must provide all of these
T/F: RESPA permits sharing commissions and the payment of referral fees among cooperating brokers or multiple-listing services.
True
RESPA permits sharing commissions and the payment of referral fees among cooperating brokers or multiple-listing services.
T/F: Regulation Z (Truth in Lending Act) applies to all loans that are secured by a residence.
True
Regulation Z (Truth in Lending Act) applies to all loans that are secured by a residence.
T/F: Regulation Z (Truth in Lending Act) applies to all loans that are secured by a residence. It also applies to Commercial loans.
False
Applies to loans secured by a residence. But not:
Commercial loans
or
Agricultural loans over $25,000
T/F: In most cases the borrower has a right to cancel the transaction by notifying the lender within three days. This does not apply to residential first mortgage loans, but does apply to refinancing and home equity loans.
True
In most cases the borrower has a right to cancel the transaction by notifying the lender within three days. This does not apply to residential first mortgage loans, but does apply to refinancing and home equity loans.
T/F: Any advertising is subject to Regulation Z (truth in lending) disclosure
True
Any advertising is subject to Regulation Z disclosure
T/F: According to the equal credit opportunity act, Lenders are required to inform an applicant who was rejected of the reasons for the denial, in writing and within 30 days
True
Lenders are required to inform an applicant who was rejected of the reasons for the denial, in writing and within 30 days
The Community Reinvestment Act was passed to prevent ____ and to encourage banks and thrifts to help meet the credit needs of all segments of their communities.
Redlining
The Community Reinvestment Act was passed to prevent redlining and to encourage banks and thrifts to help meet the credit needs of all segments of their communities.
To which of the following transactions does RESPA NOT apply?
Seller-financed loans
Residential property
First or second mortgage loans
A loan that is insured by a federal agency
Seller-financed loans
RESPA (Real Estate Settlement Procedures Act) does not apply to seller financed loans
Which document is required by RESPA to detail the costs that the buyer and seller will pay at closing?
Summary of Accounts
Estimate Monthly Payments
HUD-1
Closing Disclosure
Closing Disclosure
Closing Disclosure is the document
Regulation Z (truth in lending) applies to which of these situations?
$35,000 farm loan
$50,000 restaurant loan
$75,000 condominium loan
$85,000 warehouse loan
$75,000 condominium loan
One broker says to another “I’ll take the east side of town and your company can take the west side.” What is this an example of?
Market allocation
Tie-in arrangement
Group boycott
Price fixing
Market Allocation
This is a common example of market allocation where two or more licensees or firms agree to work in different targeted areas near their offices.
All of the members of one board of REALTORS agree that they will not show the properties of the members of another board of REALTORS. What is this an example of?
Price fixing
Tie-in arrangement
Group boycott
Market allocation
Group boycott
This is a prime example of a group boycott by all members of a REALTORS board.