Chapter 07 - Federal and State Housing Laws Flashcards
Annual percentage rate (APR)
The interest rate and other loan costs; represents the true yearly cost of credit.
Blockbusting
To use entry, or rumor of entry, of a protected class into a neighborhood to persuade owners to sell.
Civil Rights Act of 1866
A federal act that prohibits any type of discrimination based on race in any real estate transaction (sale or rental) without exception.
Concurrency
The concurrency provision contained in Florida’s Growth Management Act requires that the infrastructure be in place before new development can begin.
Fair Housing Act
Act that creates protected classes of people and prohibits discrimination when selling or renting certain residential property.
Good-faith estimate
List of the charges the buyer is likely to pay at closing.
Property report
A disclosure document required under the federal Interstate Land Sales Full Disclosure Act.
Public accommodations
Public accommodations are facilities open to the public, including sales and rental establishments, hotels, and shopping centers.
Redlining
To deny loans or insurance coverage by a lender or insurer or presenting different terms or conditions for homes in certain neighborhoods.
Servicing disclosure statement
A disclosure statement given to borrowers that discloses whether the lender intends to service the loan or transfer it to another lender or servicing company.
Special information booklet
A booklet containing consumer information regarding closing costs the borrower may be charged at closing.
Steering
Channeling protected-class home seekers away from areas that are not mixed with that class into areas that are.
Triggering terms
Certain credit terms or specific financing information that are included in an advertisement. Triggering terms include the amount or percentage of down payment, number of payments, period (term) of repayment, amount of any payment, and the amount of any finance charges.
