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Real Estate Principles > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Civil Rights Act of 1866

A

A federal law that prohibits all discrimination on
the basis of race

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2
Q

Civil Rights Act of 1964

A

A law that prohibited discrimination on the basis
of race, color, national origin, or gender in any housing program receiving
federal money.

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3
Q

Department of Housing and Urban Development (HUD)

A

A federal agency
that administers funding for projects related to housing.

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4
Q

Blockbusting

A

The use of prejudice to instill fear, or panic (also known as
panic selling), in order to motivate individuals in a particular area or
neighborhood to sell or dispose of their property because of the entrance,
or potential entry, of a protected class.

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5
Q

Redlining

A

The refusal to lend money within a specific area for various
reasons.

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6
Q

Steering

A

Using racial, ethnic, or religious criteria in suggesting,
recommending, and/or influencing individuals regarding locations for the
purchase or rental of a single family residence or rental dwelling.

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7
Q

Americans with Disabilities Act (ADA)

A

A federal law protecting the rights
of individuals with physical or mental impairments.

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8
Q

Fraud

A

The intentional and successful employment of any cunning ,
deception, collusion, or artifice, used to circumvent, cheat or deceive
another person whereby that person acts upon it to the loss of property and
to legal injury.

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9
Q

Deceit

A

Making a statement of fact that you know not to be true. Making a
statement of fact in which no one has the grounds to believe it is true, or
failing to disclose a “material fact”.

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10
Q

Material Fact

A

Any fact that would influence the decision of a reasonably
prudent person.

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11
Q

Trust Funds

A

Funds held by a real estate broker, in trust, for clients and/or
customers.

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12
Q

Commingling

A

To mingle or mix, for example, a client’s funds in the
broker’s personal or general account.

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13
Q

Blind Advertising

A

An ad that remains anonymous as to who is advertising.

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14
Q

Real Estate Settlement Procedures Act (RESPA)

A

A consumer protection
statute, first passed in 1974. The purpose of RESPA are:
1) To help consumers become better shoppers for settlement services and
2) To eliminate kickbacks and referral fees that unnecessarily increase the
costs of certain settlement services.

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15
Q

Creditor

A

A person who regularly extends consumer credit that is subject to
a finance charge, or is payable by a written agreement in more than four
installments, not including the down payment, and to whom the obligation
is initially payable, either on the face value of the note or contract, or by
agreement where there is no note or contract.

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16
Q

Good Faith Estimate

A

The lender’s estimate of the borrower’s settlement
costs; RESPA is required to furnish it to the borrower at the time of loan
application.

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17
Q

Regulation Z

A

The Truth in Lending Act of 1968 is United States federal law
designated to promote the informed use of consumer credit, by requiring
disclosures about its terms and cost to standardize the manner in which
costs associated with borrowing are calculated and disclosed.

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18
Q

Annual Percentage Rate (APR)

A

The relative cost of credit as determined in
accordance with Regulation Z of the Board of Governors of the Federal
Reserve System for implementing the Federal Truth in Lending Act.

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19
Q

Generally speaking, which law prevails over State law…?

A

Federal Law

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20
Q

This states that the stricter law (Federal vs. State) will prevail and take precedent…?

A

Strictest Standard Rule

21
Q

This states that the stricter law (Federal vs. State) will prevail and take precedent…?

A

Health, Safety, and Welfare of the Public

22
Q

This Civil Rights Act prohibited discrimination on the basis of race only…?

A

Civil Rights Act of 1866

23
Q

This Civil Rights Act expanded the protected classes beyond race to include color, religion, sex, and national origin…?

A

Civil Rights Act of 1964

24
Q

The HUD Fair Housing Equal Opportunity poster is required to be posted in a prominent position in any business that is related to housing…?

A

True

25
Q

If the HUD Fair Housing Equal Opportunity poster is prominently displayed in a place of business relating to housing, the burden of proof for any discriminatory act falls on who…?

A

The Accuser

26
Q

If the HUD Fair Housing Equal Opportunity poster is NOT prominently displayed in a place of business relating to housing, the burden of proof for any discriminatory act falls on who…?

A

The place of business

27
Q

All federal fair housing complaints should be filed with who…?

A

HUD

28
Q

The use of prejudice to instill fear or panic in order to motivate individuals in a particular area or neighborhood to sell or dispose of their property because of the entrance, or potential entry, of a protected class is known as…?

A

Blockbusting

29
Q

The refusal to lend money within a specific area is known as…?

A

Redlining

30
Q

Lenders must perform what when determining if an individual qualifies for a loan, which is based on objective measures…?

A

Credit Based Lending

31
Q

Using racial, ethnic, or religious criteria in suggesting, recommending, and/or influencing individuals regarding locations for the purchase or rental of a single family residence or rental dwelling is known as…?

A

Steering

32
Q

Steering is the opposite of this illegal discriminatory act, which encourages individuals to sell…?

A

Blockbusting

33
Q

Which of the following is exempt from Federal anti-discrimination laws…?

A

The principal of an owner-occupied 1-4 unit residence

34
Q

A principal of an owner-occupied 4 family residence is exempt from Federal anti-discrimination laws if they use a licensed broker to help find a new tenant…?

A

False

35
Q

In the State of California, race is NOT a material fact…?

A

True

36
Q

Which of the following is a California counterpart to the Federal anti-discrimination laws…?

A

Holden Act, Rumford Act, Unruh Civil Rights Act

37
Q

Which of the following is a California counterpart to the Federal anti-discrimination laws with regards to redlining…?

A

The Holden Act

38
Q

Which of the following is a California counterpart to the Federal anti-discrimination laws with regards to blockbusting…?

A

The Rumford Act

39
Q

Which of the following is a California counterpart to the Federal anti-discrimination laws with regards to discrimination in commercial and business establishments…?

A

The Unruh Civil Rights Act

40
Q

This Federal law requires that private entities, including business establishments, are accessible to individuals who are disabled, and that those business establishments that are accessible to the public make reasonable accommodations…?

A

Americans with Disabilities Act

41
Q

Any fact that would influence the decision of a reasonably prudent person is known as a/an…?

A

Material Fact

42
Q

Stating an inaccurate square footage of a property is an example of…?

A

Misrepresentation

43
Q

Funds held by a real estate broker, in trust, for clients and/or customers are known as…?

A

Trust Funds

44
Q

To mingle or mix, for example, a client’s funds in the broker’s personal or general account is known as…?

A

Commingling

45
Q

An advertisement that remains anonymous as to who is advertising is known as…?

A

Blind Advertisement

46
Q

This court case determined that sellers, and their agents, must disclose all facts that they knew, or should have reasonably known…?

A

Easton vs. Strassburger

47
Q

Sellers and agents should use this form to disclose any known defects with the property…?

A

Transfer Disclosure Statement

48
Q

This consumer protection statute helped eliminate kickbacks and referral fees that unnecessarily increased the costs of certain settlement services…?

A

RESPA

Real Estate Principles (14 decks)

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